The latest World Agricultural Supply and Demand Estimate (WASDE) shows Global wheat production for 2016/17 raised 6.5 million tons.
Article continues below
This is led by a 4.7-million-ton increase for Australia, a 0.9 million-ton increase for China, and 0.4-million-ton increases for both the EU and Brazil.
Higher area estimated by ABARES combined with a USDA yield projection that reflects near ideal weather support the large Australia production increase.
Prior to this change, USDA had already projected a record Australia yield. However, the new yield is up 18 percent from the previous record. Production increases for China, the EU, and Brazil are due to updated official data.
Global exports are increased 2.6 million tons. Australia exports are raised 3.5 million tons reflecting the large crop. Russia exports are lowered 1.0 million tons due to a slower-than-expected pace.
Total consumption is raised 3.3 million tons with higher food and feed and residual use. With supplies growing faster than use, ending stocks are raised 2.9 million tons and remain record large.
Global coarse grain production for 2016/17 is forecast 9.7 million tons higher to 1,329.4 million. This month’s 2016/17 foreign coarse grain outlook is for greater production and consumption, increased trade, and larger stocks relative to last month.
China corn production is increased reflecting the latest information released by the National Bureau of Statistics. Corn production for Brazil is raised this month on increases in both area and yield and if realised would be record-high.
In the Centre-West, first-crop corn has had a good start to the growing season while conditions for crop development in most of southern Brazil were generally favourable during the month of November.
The latest information from the Government of Brazil also indicates an area level above previous expectations, and the soybean crop is progressing ahead of schedule in the Centre-West.
Russia corn production is higher based on harvest results to date. Canada corn production is raised based on the latest data from Statistics Canada.
Indonesia corn production is increased, primarily reflecting updated information indicating a government- supported expansion in area on previously idle land. Australia barley production is raised and is projected to be record high. ■