The USDA released its latest World Agricultural Supply and Demand Estimates (WASDE) report today. The WASDE report provides monthly comprehensive forecasts of supply and demand for major U.S. and global crops, supplied by the USDA. Crops covered include wheat, coarse grains, rice, and oilseeds. This report can explain past and current global commodities trends, as well as predict trends for the coming year. This month's report estimates 2013/2014 global wheat production at a record 705.4 million tons. Global wheat supply estimated were also raised by 7.5 million tons this month.
Global corn production, on the other hand, fell by 2.7 million tons, as did global rice and soybean production. Despite the slight decrease, global rice production is still estimated to reach record levels.