The latest World Agricultural Supply and Demand Estimates Report (WASDE) published 10 Oct.

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Global 2014/15 wheat supplies are raised 0.3 million tons with increased production offsetting lower beginning stocks. World production is raised 1.2 million tons led by a 3.0-million-ton increase for EU and 0.5-million-ton increases for both Pakistan and Ukraine. Decreases are led by a 1.0- million-ton reduction for Kazakhstan, a 0.8-million-ton reduction for Algeria, 0.5-million-ton reductions for both Australia and Canada, and a 0.3-million-ton reduction for Argentina. Changes for Northern Hemisphere countries reflect updated harvest reports and government statistics. For the Southern Hemisphere, Australia is lowered on continued dryness in portions of the southeast, and Argentina is lowered on wet conditions that have limited planting.

Global wheat consumption for 2014/15 is raised 4.1 million tons to a record 714.1 million reflecting both higher food and feed use. Global wheat trade is raised with exports up 1.2 million tons to 156.0 million. The largest increase is 2.0 million tons for EU due to the larger crop. Mexico exports are raised 0.5 million tons on large durum supplies and strong international demand. Offsetting decreases are made for Kazakhstan (down 1.0 million tons), Australia (down 0.5 million tons), and Argentina (down 0.3 million tons) on smaller crops. Projected consumption rises faster than supplies lowering global ending stocks 3.8 million tons to 192.6 million.

Global coarse grain supplies for 2014/15 are projected 3.0 million tons higher with a small reduction in beginning stocks more than offset by a 3.2-million-ton increase in world production. Global corn production is raised 3.2 million tons with increases for EU and the United States partly offset by reductions for FSU. EU corn production is raised 2.7 million tons with increases in a number of countries based on the latest data and harvest results. Corn production is lowered 1.0 million tons for Ukraine and 0.5 million tons each for Belarus and Russia, also on the latest harvest results, which reflect the impact of hot, dry, late summer growing conditions.  

Global barley production is higher with increases for EU and FSU offsetting a reduction for Australia. EU mixed grain increases add to world coarse grain supplies. Foreign sorghum and millet production are lowered with reductions for India and several Sub-Saharan Africa countries.

Global coarse grain consumption for 2014/15 is raised slightly, mostly due to increased corn use in the United States. Corn feed use is also increased for Egypt and Iran with higher imports this month. Sorghum feed use is raised for China, also with higher imports. Global sorghum consumption, however, declines with lower production and food use for Sub-Saharan Africa and lower U.S. domestic use. Barley consumption is raised with higher feed use in China and EU.

Global corn trade is lowered this month, mostly reflecting a 3.0-million-ton reduction in expected imports by EU. Exports are lowered for Canada and Russia. Global corn ending stocks for 2014/15 are projected 0.7 million tons higher with larger stocks in the United States.   

Global oilseed production for 2014/15 is projected at 528.4 million tons, up 0.4 million from last month as higher soybean, peanut, and cottonseed production more than offset reduced sunflowerseed and rapeseed production. Global soybean production is projected at 311.2 million tons, up 0.1 million. Small reductions in soybean production for China and Russia partly offset increases for the United States and EU. Rapeseed production is reduced for Canada based on lower yields reported in the most recent survey from Statistics Canada. Rapeseed production is increased to a record 23.5 million tons for EU. Global sunflower seed production is reduced on lower estimates for both Argentina and Russia. Other changes include increased cottonseed production for China, India, and Pakistan. 

Global oilseed stocks for 2014/15 are projected at 103.6 million, a 29 percent increase from 2013/14. Oilseed stocks are virtually unchanged from last month as lower rapeseed stocks in Canada offset an increase in soybean stocks. Higher soybean stocks in Argentina offset a reduction in the United States.