April 11, 2012

USDA lowers 2011/12 global wheat supplies forecast by 0.5 million tonnes

The USDA lowered its 2011/12 global wheat supplies forecast by 0.5 million tonnes and raised its view of global wheat consumption by 2.8 million tonnes on higher expected feed ad residual usage, according to the latest World Agricultural Supply and Demand Estimates report.

The USDA on Tuesday (Apr 10) pegged US corn ending stocks in the 2011/12 marketing year (September/August) at 801 million bushels, above trade estimates for 721 million and unchanged from its March estimate.

USDA estimated US soy ending stocks at 250 million bushels, above trade estimates for 246 million but down from its March estimate of 275 million bushels.

The department estimated Argentine corn production at 21.50 million tonnes, above trade estimates for 21.46 million tonnes; the soy crop was pegged at 45 .00 million tonnes, below estimates for 45.19 million tonnes.

USDA estimated Brazil corn production at 62.00 million tonnes, above estimates for 61.71 million tonnes. The soy crop was forecast at 66.00 million tonnes, below trade estimates for 67.11 million tonnes.

Projected ranges for the season-average corn and sorghum farm prices were both narrowed US$0.10 on each end to US$6-6.40 and $5.90-6.30 per bushel, respectively. Global coarse grain supplies for 2011/12 are projected 4.3M tonnes lower and global corn production is seen as nearly unchanged.