The USDA has released its October World Agricultural Supply and Demand Estimates (WASDE) report.
Some highlights include:
Wheat: The outlook for 2018/19 U.S. wheat this month is larger supplies, reduced domestic use, unchanged exports, and higher ending stocks. Wheat production is raised 7 million bushels to 1,884 million from the NASS Small Grains Summary, issued on September 28. Projected imports increased 5 million bushels to 140 million on higher than-expected imports of spring wheat and Durum in the first quarter (June-August). Global 2018/19 wheat supplies are reduced, primarily on lower production forecasts for Australia and Russia.
Coarse Grains: This month’s 2018/19 U.S. corn outlook is for lower production, increased exports, reduced feed and residual use and larger ending stocks. Corn production is forecast at 14.778 billion bushels, down 49 million on a reduced yield forecast. Harvested area is virtually unchanged from last month. Global coarse grain production for 2018/19 is forecast down 3.8 million tons to 1,343.4 million.
Oilseeds: U.S. oilseed production for 2018/19 is projected at 138.4 million tons, down 0.1 million from last month with lower soybean and sunflowerseed production only partly offset with higher canola production. Soybean production is forecast at 4,690 million bushels, down 3.5 million with higher yields offset by lower harvested area. Global oilseed production for 2018/19 is projected at 603.9 million tons, down 0.7 million from last month as lower peanut production is partly offset by higher soybean and rapeseed production.
Read the full report here.
