The USDA has released its February World Agricultural Supply and Demand Estimates (WASDE) Report.

Projected 2017/18 U.S. wheat ending stocks were raised this month by 20 million bushels, as higher food use is more than offset by lower exports, while export forecasts for several major competitors are increased.

Global 2017/18 wheat supplies increased, primarily on higher production forecasts for Argentina and Ukraine.

World 2017/18 trade is raised this month as higher exports from Russia, Argentina, and Canada more than offset reduced exports from the EU and the United States. Projected imports are increased for Indonesia and several African countries while reduced for India, the EU, Iran, Brazil, and Mexico.

Projected global ending stocks are 1.9 million tons lower this month at 266.1 million but remain significantly higher than a year ago.

This month’s 2017/18 U.S. corn outlook is for increased exports and reduced stocks. Exports are raised 125 million bushels, reflecting U.S. price competitiveness and reduced exports for Argentina and Ukraine. With no other use changes, U.S. corn ending stocks are lowered 125 million bushels from last month.

Global corn production is lowered 2.8 million tons largely reflecting reductions for Argentina and Ukraine.

Global corn ending stocks, at 203.1 million tons, are down 3.5 million from last month.

This month’s 2017/18 U.S. soybean outlook is for reduced exports and increased ending stocks. Soybean exports for 2017/18 are projected at 2,100 million bushels, down 60 million from last month, reflecting shipments and sales through January and increased export competition on larger supplies in Brazil. With soybean crush unchanged, soybean ending stocks are raised 60 million bushels to 530 million.

Global oilseed production for 2017/18 is projected at 578.6 million tons, down 1.5 million with lower soybean production partly offset by higher cottonseed. Soybean production is reduced 1.7 million tons to 346.9 million. Soybean production for Brazil is projected at 112.0 million tons, up 2.0 million, as favorable weather throughout the growing season has raised yield prospects. Argentina production is reduced 2.0 million tons to 54.0 million on lower harvested area and reduced yields resulting from periods of unseasonable warmth and dryness.

 

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