The USDA today released its latest World Agricultural Supply and Demand Report . The report continues to see reduced global production estimates for wheat, maize, and soybean. Global rice production, on the other hand, is expected to reach a near-record 464.2 million tons. The changes seen in this month's report are relatively small and were anticipated based on recent price trends.
Wheat supplies are expected to decline due mostly to lowered expectation prospects in Russia. Production was also lowered for Kazakhstan. Both areas have been experiencing extended drought, which has negatively impacted harvest of both winter and spring wheat.
Reduced maize production in the EU-27, Serbia, and Canada have combined with the continued low production estimates in the US to lower world maize output by 8.0 million tons. Soybean production was also lowered for the US, Ukraine, and Canada. October's WASDE report will include the first adjustment in planted and harvested area for maize and soybeans released since June. An additional report will be published on September 28, updating global ending stock estimates for maize and soybeans, as well as wheat production estimates.
Global rice production, on the other hand, is expected to reach near-record levels based on increased production in China, the Philippines, the EU-27, and the US.