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Global wheat supplies for 2014/15 are raised 3.3 million tons with both increased production and beginning stocks. World wheat production remains record high and is raised 1.7 million tons led by 0.5-million-ton increases for both Argentina and Kazakhstan. The Argentina change reflects harvest reports to date; Kazakhstan’s increase is from updated government statistics. Turkey is raised 0.3 million tons based on a multi-year review of production. Ukraine is raised 0.3 million tons on updated government statistics. Beginning stocks are raised 1.7 million tons mostly on back-year revisions to the Turkey production.
 
Global wheat trade for 2014/15 is raised with exports up 0.9 million tons on larger supplies and stronger demand. Exports are raised 1.0 million tons for EU and 0.5 million tons each for Argentina and Brazil. The EU increase stems from a fast sales pace and competitive prices. Argentina is raised on the larger crop, and Brazil is up on pace of shipments to date. A 0.5- million-ton reduction for Australia is partly offsetting. Egypt imports are raised 0.5 million tons; Philippines, Saudi Arabia, and Sri Lanka are each raised 0.2 million tons. Partly offsetting are 0.3-million-ton reductions each for Bangladesh, Brazil, and Turkey. All the import changes reflect the pace of trade to date.

Global wheat consumption for 2014/15 is up 1.5 million tons on both higher food and feed use. The largest increases for food use are for Egypt and Russia, up 0.5 million tons each. Turkey feed use is up 0.4 million tons. Partly offsetting are 0.5-million-ton and 0.3-million-ton reductions, respectively for Canada and Brazil feed use.
Ending stocks are up 1.9 million tons, mostly with a 1.3-million-ton increase for Turkey on back-year revisions to production.

Oilseeds

Global oilseed production for 2014/15 is projected at a record 532.1 million tons, down slightly from last month. Global soybean production is raised 0.7 million tons to a record 315.1 million. Prospects for the Argentina soybean crop have improved with ample moisture and mild temperatures. As a result, the crop is projected at a record 56.0 million tons, up 1.0 million. Soybean production is also raised for China, Russia, and Ukraine. Soybean production for Brazil is projected at 94.5 million tons, down 1.0 million on lower yields reflecting the impact of limited rainfall in eastern growing areas. Sunflowerseed changes this month include reduced production for Russia and India with a partly offsetting increase for Ukraine. India rapeseed production is projected at 6.9 million tons, down 650 thousand tons on lower area. Other changes include reduced peanut production for India, increased peanut production for Argentina, and increased cottonseed production for Pakistan. Palm oil production is reduced for Malaysia as a result of recent flooding.

Global soybean and product supply and use changes this month include increased crush and product exports for Argentina, Bolivia, and Russia; increased soybean imports for Russia and the United States; and reduced soybean meal exports for India. Global oilseed stocks are projected lower, mostly reflecting reduced soybean stocks for Brazil and the United States and reduced rapeseed stocks for Canada and India.

You can download the WASDE report here.