The monthly report of September 2016 released by the United States Department of Agriculture (World Agricultural Supply and Demand Estimates Report – WASDE) shows for the season 2016-17 the estimates of a drecreasing global production for Corn (1026.61 Mio t, -0.2% from August outlook) and a slightly increasing global production for Soybean (330.43 Mio t, +0.02 Mio t).
U.S. Corn production is lowered (383.38 Mio t, -0.4% from last month) while Soybeans production is projected at a record 114.33 Mio t, up 3.83 Mio t due to a higher yield forecast, more than offsetting lower beginning stocks.
China imports are raised for Corn (+2 Mio t), reflecting a lower production based on drier-than-normal conditions. Soybeans imports are reduced (-1 Mio t) due to a higher harvested area forecast.
Global Soybean ending stocks are projected higher at 72.17 Mio t, while Corn global stocks are down from last month but still projected to be a record high (219.5 Mio t).
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