image expired

Global 2014/15 wheat supplies are raised 0.8 million tons with increased production more than offsetting lower beginning stocks. The largest production increase is for EU, up 0.8 million tons for both 2013/14 and 2014/15 on revised country data. The Pakistan crop for 2014/15 is also raised 0.5 million tons. Global beginning stocks are lowered 0.9 million tons mostly on an EU increase in wheat feeding for 2013/14.

World wheat imports for 2014/15 are raised 1.5 million tons mostly on the addition of six African countries (Benin, Malawi, Mali, Namibia, Rwanda, and Uganda) to the official USDA wheat database this month. Global exports are also raised 1.5 million tons with EU having by far the biggest increase. EU exports are raised 2 million tons to a record 33.5 million on the continued fast pace of export licenses and the competitiveness of EU supplies to key markets in the Middle East and North Africa. Canada and Russia are each raised 0.5 million tons. Canada is raised on a strong pace to date and Russia on expectations that small shipments will continue despite export taxes. Argentina is lowered 1 million tons on the slow pace of export licenses.

Global wheat consumption for 2014/15 is raised 1.3 million tons largely on the addition of the six African countries. Global wheat ending stocks for 2014/15 are lowered 0.5 million tons with large decreases for Canada, EU, and Russia and large increases for Pakistan and Argentina.

Oilseed production at record high

Global oilseed production for 2014/15 is projected at a record 532.8 million tons, up 0.6 million from last month. Gains for soybeans, rapeseed, and sunflowerseed more than offset lower projections for peanuts, copra, palm kernel, and cottonseed. Global soybean production is projected at 315.5 million tons, up 0.4 million from last month. Argentina soybean production is forecast at 57.0 million tons, up 1.0 million from last month on higher yields resulting from favorable rainfall and mild temperatures across much of the growing area. India soybean production is reduced 0.7 million tons to 9.8 million reflecting below average yields resulting from an unusually short monsoon season. Uruguay soybean production is raised this month on higher harvested area.

Changes for other crops include higher rapeseed production for India; higher sunflowerseed production for Argentina, Bolivia, and Russia; lower peanut production for Vietnam; lower cottonseed production for India and Australia; and lower copra production for the Philippines. Palm oil production is reduced for Malaysia on excessive rainfall in December and January and also for Thailand on dry conditions in the southern producing areas.

Click here to see WASDE report