The USDA's latest World Agricultural Supply and Demand Estimate has been released, predicting low global wheat and corn stocks for 2012/2013. Global wheat supplies are projected to be slightly lower due to reduced production prospects in Argentina and lower reported production in Russia. US corn ending stocks are projected to be 44 million bushels lower; higher US wheat disappearance will leave the balance sheet historically tight and is expected to support continued strong and volatile prices. A combination of lower stocks in the US, Brazil, and Argentina are expected to lower global corn ending stocks by 1.6 million tons.
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Read also the latest USDA World Agricultural Production report and USDA reports on World Grain Markets and World Oilseed Markets.