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Global wheat supplies for 2015/16 are raised 2.1 million tons primarily on increased beginning stocks and slightly larger production. The largest change to beginning stocks is a 2.0 million ton increase for China, which is raised on a multi-year revision in total use. World beginning stocks are raised 1.7 million tons.

World wheat production remains at a record high and is raised 0.4 million tons led by a 0.5-million-ton increase for Argentina and a 0.3-millionton increase for Ukraine. Kazakhstan is lowered 0.3 million tons. Foreign trade is raised 2.3 million tons led by a 1.5-million-ton increase for Canada exports on a fast pace to date. Argentina and Turkey exports are each raised 0.5 million tons. Imports are raised 0.5 million tons for Ethiopia on increased needs stemming from the drought, and 0.3 million tons each for China and South Korea.

World wheat consumption for 2015/16 is lowered 4.7 million tons led by a 4.0-million-ton decrease for China as government policies reduce the food and feed uses of wheat in favor of other grains. India consumption is lowered 2.9 million tons on government stocks data that was larger than expected. With wheat supplies increasing and total usage decreasing, global ending stocks are raised 6.8 million tons to a record 238.9 million tons.

Global oilseed production for 2015/16 is projected at 527.4 million tons, up slightly from last month as an increase in soybean production more than offsets lower forecasts for peanuts and sunflower seed. Soybean production in Argentina is projected up 1.5 million tons to 58.5 million on a higher yield projection. The revised yield forecast is in line with an adjustment to last year’s yield and is also supported by beneficial rain that has improved crop prospects.

Peanut production in India is reduced this month on lower area. Global sunflower seed production is projected lower as a decrease for Russia more than offsets higher production in Ukraine.

Global 2015/16 soybean and product supply and use changes include increased soybean crush for Argentina and Canada, increased soybean meal and oil exports for Argentina, increased soybean oil exports for Canada, and reduced soybean meal exports for India. In addition to the United States, higher soybean meal disappearance is projected for India where soybean meal substitutes for lower peanut meal disappearance. Soybean meal disappearance is also raised for Canada. Global oilseed stocks are projected at 91.2 million tons, up 0.3 million. Higher soybean stocks in Argentina, the United States, and Turkey, more than offset lower rapeseed stocks in the EU and Canada.

Full WADSE report here