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Global 2017/18 wheat supplies increased, primarily on higher production forecasts for Argentina and Ukraine. Argentina’s wheat production increased by 500,000 tons to 18.0 million based on higher-than-expected yields from the later harvest stages. Ukraine wheat production increased 481,000 tons to 27.0 million based on updated government data. 

World 2017/18 trade is raised this month as higher exports from Russia, Argentina, and Canada more than offset reduced exports from the EU and the United States. Projected imports are increased for Indonesia and several African countries while reduced for India, the EU, Iran, Brazil, and Mexico. Indonesia’s imports are raised 1.0 million tons to 12.5 million on increases for both food and feed use. Indonesia is now the leading global wheat importer, surpassing Egypt, the traditional leader. Total world consumption is projected 3.1 million tons higher, primarily on greater usage from Indonesia and China. Projected global ending stocks are 1.9 million tons lower this month at 266.1 million but remain significantly higher than a year ago. 

Global oilseed production for 2017/18 is projected at 578.6 million tons, down 1.5 million with lower soybean production partly offset by higher cottonseed. Soybean production is reduced 1.7 million tons to 346.9 million. Soybean production for Brazil is projected at 112.0 million tons, up 2.0 million, as favourable weather throughout the growing season has raised yield prospects. Argentina production is reduced 2.0 million tons to 54.0 million on lower harvested area and reduced yields resulting from periods of unseasonable warmth and dryness. Soybean production is also reduced for several other countries including Paraguay, Bolivia, India, Ukraine, and South Africa. Other changes include reduced sunflower-seed production for South Africa, increased cottonseed production for China, and lower cottonseed production for India. 

Global oilseed crush for 2017/18 is projected at 487.5 million tons, down 1.0 million. Reduced soybean crush for Argentina and India accounts for most of the change. Global oilseed stocks are projected lower with reduced soybean stocks for Argentina, Bolivia, Paraguay, and India more than offsetting an increase for the United States. 

The full report can be seen at https://www.usda.gov/oce/commodity/wasde/latest.pdf