Photo Credit: Kannan Muthuraman

The November edition of the USDA's World Agricultural Supply and Demand Estimate (WASDE) report was recently published. Released monthly, this report provides data on global and US production and trade of staple commodities, including wheat, coarse grains, rice, and oilseeds.

The October edition of the USDA's World Agricultural Supply and Demand Estimate (WASDE) report Released monthly, this report provides data on global and US production and trade of staple commodities, including wheat, coarse grains, rice, and oilseeds.

According to the most recent World Agricultural Supply and Demand Estimates (WASDE) Report, global wheat supplies for 2017-2018 are up significantly due to an 8.6-million-ton production increase in the Former Soviet Union (FSU). Russian wheat production surpassed last year’s record by 5.0 million tons. Even though there are reduced production forecasts in Canada, EU, and U.S. the increased production from FSU more than offsets these conditions; as a result, foreign trade has increased from the FSU as well.

According to the June WADSE Report, global wheat supplies for 2017-2018 are up 2.8 million tons. These projections are greatly influenced by a higher production forecast for Russia, which is projected to be 69.0 million tons. Wheat production in India is forecast to be lower by 1 million tons, but remains 9 million tons higher than 2016-2017 production. Similarly, EU wheat production forecasts declined slightly this month but remains 4 percent higher than the previous year’s levels.

Photo Credit: Neil Palmer (CIAT)

According to the May WASDE report, total global wheat production is projected at 737.8 million tons, the second highest total on record. Projections for global wheat consumption declined slightly this month, with increased food use being offset by reduced feed use. Global ending stocks are up from 2016-2017, at a record 258.3 million tons. U.S. ending stocks, on the other hand, are projected to decline 245 million bushels to 914 million, the lowest in three years.

The USDA’s latest World Agricultural Supply and Demand Estimate was released this week, citing larger-than-predicted US surpluses for corn and wheat. Increased competition from Canada and South America have slowed US exports of those commodities by 25 million bushels, the lowest since 1971-1972. These 25 million bushels have also pushed US wheat ending stocks to the largest volume since 2009-2010. For corn, US ending stocks increased by 35 million bushels this month.

Share