Latest USDA world forecast shows wheat and corn output higher, rice lower

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The U.S. Department of Agriculture released its latest World Agriculture Supply and Demand estimates with following details:

Wheat – Global production is up this month with higher estimates for Australia, Canada, and Russia only partly offset by a downward revision for Iran. Global consumption is raised this month on higher feed and residual use more than offsetting lower food, seed, and industrial (FSI) use. Ending stocks are revised slightly higher but are still the lowest in 5 years. Global trade is forecast at a record with imports raised for Iran, Indonesia, and South Korea. Exports are raised for Australia, the European Union, Ukraine, and India, while lowered for the United States. The U.S. season-average farm price is up 15 cents to $7.05 per bushel.

Rice – For 2021/22, global rice production is forecast lower this month, mostly on decreased area harvested in Bangladesh and Thailand. The global consumption forecast is up primarily for the Philippines, offsetting moderate decreases in Burma and the Middle East. Global stocks are forecast to decline, primarily on significant decreases in Bangladesh and Thailand. Global trade is up overall, with stronger exports from Burma and greater imports for the Philippines.

For 2020/21, global rice production is forecast slightly down due to declines in area harvested in Vietnam. The consumption forecast is projected lower, with declines in Burma and the Middle East. Global stocks are forecast down, driven by declines in Saudi Arabia, Egypt, Burma, and Thailand. GlobalFor trade is up overall, with stronger exports from India, Burma, and Thailand, and higher imports for the Philippines and Bangladesh.

Coarse Grain – Global corn production is up with larger crops in the European Union and Ukraine more than offsetting a smaller crop in China. Global trade is higher than last month as the additional production in the European Union and Ukraine translates to more exports and as Brazil’s volumes exceed expectations. Global imports are up on higher imports for Egypt, Iran, Saudi Arabia, and the United Kingdom. The U.S. season-average farm price is unchanged at $5.45 per bushel.

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