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World Wheat Supplies

Global wheat supplies for 2012/13 are projected slightly lower based on reduced production prospects in Argentina and lower reported production in Russia. Argentina production is reduced 0.5 million tons with lower expected harvested area and yields. Heavy December rains have increased expected area losses and harvest reports also suggest lower-than-expected yields. Russia production is lowered 0.3 million tons based on the latest government reports that reduce yields slightly.

Global wheat exports for 2012/13 are reduced slightly. Projected exports are lowered 0.5 million tons each for Argentina, Australia, and Canada, but raised 0.5 million tons for Russia and 0.2 million tons for Ukraine. Imports are raised 0.2 million tons for Iran. Feed and residual use for Russia is lowered 0.5 million tons as available domestic supplies tighten.

Wheat and Corn ending stocks

World wheat ending stocks for 2012/13 are projected slightly lower with increases for Australia, Canada, and Iran mostly offset by reductions for the United States, Russia, and Ukraine.

Global corn ending stocks for 2012/13 are projected 1.6 million tons lower with lower expected stocks in the United States, Brazil, and Argentina. Stocks are raised for Paraguay with the larger
projected crop.


Oilseed production up

Global oilseed production for 2012/13 is projected at a record 465.8 million tons, up 2.8 million due to increases for soybeans, cottonseed, peanuts, and sunflowerseed. Global soybean production is projected at 269.4 million tons, up 1.7 million with gains in the United States and Brazil only partly offset by a lower projection for Argentina. The Brazil soybean crop is increased 1.5 million tons to a record 82.5 million reflecting record area and improving yield prospects. Higher projected yields are the result of favorable moisture throughout the center west and southern growing areas. The Argentina soybean crop is projected at 54 million tons, down 1 million mainly due to lower projected area resulting from excessive moisture throughout much of the central growing area. Other changes include increased cottonseed production in China and Australia, and increased sunflowerseed production in India and the United States.

Ending stocks down

Global oilseed ending stocks are projected at 66.6 million tons, down 0.3 million from last month as reduced soybean stocks in Argentina and China are only partly offset by higher stocks in Brazil and the United States.