US commodity market research group Allendale has released its projections ahead of the USDA WASDE report, due for publication on Friday (11th January).

The Allendale release estimates that, although end stocks will be raised for maize, production will fall on reductions in the US and Argentina. Despite worries caused by inclement weather in parts of South America, soybean ending stocks are expected to increase, based on increased production in the agricultural powerhouses of the US, Argentina and Brazil.

The report forecasts a rise in winter wheat plantings, though it predicts stocks will remain unchanged.

The last WASDE report in December suggested maize stocks would remain unchanged, predicting that neither supply nor demand would tip the balance either way. Allendale analysts suggested this week that a WASDE report in the near future will reveal a decline in demand for maize.   

In the December report, US wheat stocks were raised by just over 1 million tonnes to 20.1 Mt, a figure in the very highest range of estimates made earlier. Overall, global wheat stocks were increased on higher output from Australia, China and Canada. However, the projected end of year stocks of 176.9 million tonnes is still well below the 196 Mt seen at the end of 2011/12.

Though oilseeds fell, production of soybeans rose slightly, and USDA predicted increased trade would continue in 2012/13.