WASDE: US corn production revised higher

The US Department of Agriculture (USDA) released the November edition of its World Agricultural Supply and Demand Estimates (WASDE)​​ yesterday.

EU corn production estimates were again trimmed in the report, down to just 54.8Mt from an already minimal 56.2Mt forecast, while Chinese supply and demand estimates were virtually unchanged, leaving import projections at 18Mt, according to a review of the data by CRM Agri.

Wheat supply ​

Changes to global wheat supply and demand estimates marginally eased global wheat supplies as Australian production estimates were increased from 33Mt to 34.5Mt, while UK production forecasts were revised from a conservative 14.6Mt to a level more reflective of supply, at 15.4Mt, said the UK analysts.

US production is forecast to hit 44.9Mt, which is unchanged from last month.

EU wheat supply is forecast at 134.3Mt, which is down 0.45Mt from the previous estimate and would represent a decrease of 3.99Mt from 2021/2022’s output, according to the market experts.

Chinese output was projected at 138Mt, which is unchanged from last month, up 1.05Mt from last year and up 3.76Mt relative to its five-year average, they noted.

Soybean estimates ​

World soybean production for 2022/2023 was projected at 390.53Mt, which was down 0.46Mt from last month’s estimate. Nevertheless, the estimate puts global soybean output 34.94Mt higher than last year and an increase of 38.42Mt on its five-year average.

US soybean production was increased from 117.38Mt to 118.27Mt and, despite an increase in consumption, ending stocks were revised higher from 5.44Mt to 5.99Mt.

Brazilian production is expected to reach 152Mt, which is unchanged from last month. In Argentina, production is anticipated to come in at 49.5Mt, which is down 1.5Mt from October’s WASDE.