Latest WASDE Report Released
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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 November report finds that global wheat supplies decreased marginally in October due to lower ending stocks. However, increased production, particularly in Russia and the EU, mitigated that decline. Wheat exports also increased slightly, by 0.6 million tons. Due to decreased supplies and slightly increased global use, total global ending stocks fell by 0.6 million tons but remain at record highs.
Total global coarse grain production rose by 3.2 million tons in October. Global corn production, however, fell based on decreased production in Ukraine, Russia, and Vietnam. Trends for corn trade are varied this month, with exports declining for Ukraine and increasing for the United States and imports increasing in Mexico and Canada and falling in South Korea. Total global corn ending stocks rose 2.9 million tons from September.
Global rice supplies fell in October to 619.3 million tons, based mainly on a smaller anticipated crop in India. Global rice trade increased based on higher exports from Thailand, Vietnam, Burma, and China; however, trade remains below the record high seen in 2016-2017. Global ending stocks declined in October but remain at the highest level seen since 2000-2001.
Global oilseed supply and demand forecasts report higher production, exports, and ending stocks this month. In particular, Brazil is expected to see soybean production of 108 million tons due to increased planting area. Soybean exports from Brazil and Paraguay are anticipated to increase, as are imports from China. Total soybean ending stocks are up from September.