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Prior to this change, USDA had already projected a record Australia yield. However, the new yield is up 18 percent from the previous record. Production increases for China, the EU, and Brazil are due to updated official data. Global exports are increased 2.6 million tons. Australia exports are raised 3.5 million tons reflecting the large crop. Russia exports are lowered 1.0 million tons due to a slower-than-expected pace. Total consumption is raised 3.3 million tons with higher food and feed and residual use. With supplies growing faster than use, ending stocks are raised 2.9 million tons and remain record large. 

Global coarse grain production for 2016/17 is forecast 9.7 million tons higher to 1,329.4 million. This month’s 2016/17 foreign coarse grain outlook is for greater production and consumption, increased trade, and larger stocks relative to last month. China corn production is increased reflecting the latest information released by the National Bureau of Statistics. Corn production for Brazil is raised this month on increases in both area and yield and if realised would be record-high. In the Centre-West, first-crop corn has had a good start to the growing season while conditions for crop development in most of southern Brazil were generally favourable during the month of November. The latest information from the Government of Brazil also indicates an area level above previous expectations, and the soybean crop is progressing ahead of schedule in the Centre-West. Russia corn production is higher based on harvest results to date. Canada corn production is raised based on the latest data from Statistics Canada. Indonesia corn production is increased, primarily reflecting updated information indicating a government- supported expansion in area on previously idle land. Australia barley production is raised and is projected to be record high. 

Major global trade changes this month include larger projected corn exports for Brazil and Russia. Notable increases in corn imports are forecast for Vietnam, Iran, Taiwan, Colombia, and Egypt. Partly offsetting are reductions in projected imports for Canada, the EU and Indonesia. Foreign corn ending stocks for 2016/17 are raised 4.1 million tons this month, with the largest stock increases projected for China, Vietnam, Brazil, and Russia. 

The 2016/17 global oilseed supply and demand estimates include higher production, exports, and ending stocks compared to last month. Global oilseed production is projected up 3.4 million tons to 554.7 million on increases for soybeans, peanuts, sunflower seed, and cottonseed partly offset by a reduction for rapeseed. Global soybean production is raised 1.9 million tons to 338.0 million on higher projected yields for India and Canada. Peanut production is raised 0.7 million tons to 42.5 million mainly on increased production in India. Sunflower seed production is raised 0.6 million tons to 44.3 million on increased production in Russia and South Africa. 

Global oilseed trade for 2016/17 is projected at 159.9 million tons, up 0.1 million from last month. Soybean exports account for most of the change with a higher projection for Canada partly offset by a reduction for Argentina. Soybean imports are raised for the EU. Global oilseed ending stocks are projected at 94.6 million tons, up 1.7 million mainly on increased soybean stocks in Argentina and higher soybean and peanut stocks for India. Global 2016/17 soybean and product supply and use changes include increased soybean crush for the EU and India, increased soybean meal exports for India, and reduced soybean meal exports for Argentina, Brazil, and the United States.