Global Wheat production is up this month with larger crops for Australia, Russia, and Canada more than offsetting production cuts in the European Union and Brazil.
Global Wheat consumption is boosted on higher feed consumption in Australia, China, and the European Union.
Global Wheat trade is also up, driven by higher Australia, Canada, Russia, and United States exports.
China and Pakistan imports are raised for the fourth consecutive month.
The projected U.S. season-average farm price is unchanged at $4.70 per bushel.
Global Corn production is forecast lower as reductions for Argentina, Canada, and the European Union more than offset an increase in Ukraine.
Global Corn trade is up from last month as higher imports for China more than offset cuts to Egypt, the European Union, and Iran.
Global Corn exports are also forecast higher as changes to Brazil and Ukraine outweigh the cuts to Argentina and the European Union. The U.S. season-average farm price is unchanged at $4.00 per bushel.
Global 2020/21 oilseed production is forecast at 596 million tons, down 1 million from November.
Lower soybean, sunflowerseed, and cottonseed production offset higher rapeseed and peanut production.
Exports are up 1 million tons to 192 million on higher rapeseed and soybean trade.
Soybean exports are up with higher production in Canada and Uruguay.
Rapeseed is up on a higher production forecast for Australia and strong Canada exports. Imports soybeans and rapeseed are boosted on stronger demand in Pakistan in the wake of lower cottonseed supplies and inclusion of a new data series for Algeria soybeans. Oilseed crush is up slightly despite a 1-million-ton decline in Argentina.
Soybean crush in Argentina is down in response to a lower soybean production forecast and continued weak crush volumes Larger soybean crush in the United States and other markets, including the addition of Algeria, more than offset the decline. Despite continued strong demand for rapeseed and growing soybean crush in the United States, global ending stocks are marginally lower.
Protein meal and oil trade see small changes this month with meal trade trending lower and oil trade higher.
Argentine soybean meal exports decline 800,000 tons on lower crush but are partially offset by a higher export forecast for the United States.
Rapeseed meal exports are marginally higher, further offsetting the decline in Argentina’s meal exports.
Argentina’s soybean oil exports are slightly higher despite the fall in crush as weak biodiesel demand augments exportable supplies in the food sector.
Rapeseed and palm oil trade are also up slightly on demand factors.
Oil stocks are boosted 1 million tons primarily led by data series revisions to Argentina, Algeria, and Egypt soybean oil.
The projected U.S. season-average farm price for soybeans is raised 15 cents to $10.55 per bushel.
Source: USDA
