Global Wheat Supply Forecast Higher – Despite Record Consumption
The latest USDA report has boosted expected global ending stocks for wheat, corn and oilseeds from a month ago.
The Department’s World Agricultural Supply and Demand Estimates Report boosts expected 2014-15 ending wheat stocks by 3 point 4 million tonnes.
That’s despite expected record consumption – led mostly by higher feed use expected for China.
Global ending corn stocks have been boosted by 2 point 1 million tonnes.
The department says lower stocks expected in China, Argentina and Russia will be more than offset by larger corn stocks in the U-S and Brazil.
And the USDA now expects global oilseed production for 2014-15 to hit a record 528 million tonnes.
The department says it’s expected ending global oilseed stocks are therefore projected to be higher than they predicted last month – mainly on higher soybean stocks in the U-S, China, Argentina and Brazil.