Latest USDA ERS Report Sees Increased Global Supplies
US wheat supplies are expected to increase by the end of 2013, in part because of weakened export demand, according to the latest Wheat Outlook from the USDA Economic Research Service. Global wheat production is also forecast to increase by 3.7 tons due to increases in China, Australia, and Canada. World ending stocks are predicted to be 2.8 million tons higher than previously estimated.
The ERS also released outlook reports for rice , corn , and soybeans . Global rice production is forecast to reach a record 465.3 million tons, while global corn production is forecast up to 577 million tons.