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Global wheat supplies for 2016/17 are raised 1.7 million tons on a 0.3-million-ton production increase and higher beginning stocks. The largest beginning stocks change is for Ukraine on expectations of lower food use more than offsetting higher feeding. Global 2016/17 exports are lowered 0.5 million tons primarily on reduced Canadian exports as unfavourable precipitation at harvest damaged crop quality. Global use for 2016/17 is raised 0.8 million tons led by increases in feed use for Ukraine, Canada, and Russia but partially offset by reduced food use in Ukraine. As global supplies are rising faster than use, ending stocks are raised 0.9 million tons and remain record large.

Global coarse grain production for 2016/17 is forecast 4.9 million tons higher to 1,319.7 million. This month’s 2016/17 foreign coarse grain outlook is for greater production and consumption, increased trade, and lower stocks relative to last month. Historical revisions are made to several countries this month, including Egypt, Tunisia, and Vietnam. Corn production is raised for Ukraine, based on near-record yields reported by the government through early November. Russia corn production is higher this month with a projected record yield, based on harvest results to date. Partly offsetting are corn production reductions for Vietnam and Bolivia.

Corn exports are projected higher for Ukraine and Russia. Notable month-to-month increases in corn imports are forecast for Iran and Saudi Arabia. Partly offsetting are reductions in imports for Indonesia and South Korea. Policy restrictions are expected to limit corn imports by Indonesia, while South Korea’s corn purchase pace has moderated. Foreign corn ending stocks for 2016/17 are lowered 0.7 million tons, with the largest stock declines projected for Vietnam and Indonesia, partly offset by increases expected for Ukraine and Russia.

Global oilseed production for 2016/17 is projected at 551.2 million tons, up 3.1 million from last month led by higher soybean production. Global soybean production is projected at 336.1 million tons, up 2.9 million with larger crops in the United States, Russia, and Mexico. Smaller global production increases in cottonseed, peanuts, and rapeseed are partly offset by a reduction in sunflower seed. Global cottonseed production is raised 0.3 million tons to 39.1 million with increased production in India partly offset by a reduction for Argentina. Global rapeseed and peanut production are raised to 67.8 and 41.8 million tons, respectively, on increased production projected for China. Global sunflower seed production is reduced 0.3 million tons to 43.7 million on lower forecasts for Bolivia and the EU.

Global oilseed trade for 2016/17 is projected at 159.7 million tons, up 0.5 million from last month. Increased soybean exports from the United States, Russia, and Ukraine and increased rapeseed exports from the EU account for most of the increase. Global oilseed ending stocks are projected at 92.9 million tons, up 4.7 million from last month. Soybean stocks account for most of the change with increases for the United States, China, and Argentina.

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