USDA: Global Wheat Stocks Heading Up
The USDA’s latest World Agricultural Supply and Demand Estimates report says global wheat ending stocks for 2014-15 will be up just under a million tons from 2013-14.
The report expects world wheat production to be down 2 per cent from this year – while consumption will be down 1 per cent.
The department says wheat production increases for countries like Argentina, China and Brazil are more than offset by reductions in Canada, Ukraine and Australia, among others.
Global corn ending stocks for 2014-15 are expected to hit a 15-year high of 181 point 7 million tonnes.
That’s up over 13 million from 2013-14.
The USDA says a year-to-year increase in world beginning stocks will more than offset a reduction in world output.
And the WASDE report pegs global soyobean production to be up 5 point 6 per cent for 2014-15.
That’s mostly due to an expected larger U-S crop.
Global oilseed ending stocks for 2014-15, including soybeans, are projected to increase by 14 point 6 million tons to 94 point 8 million.