The monthly report of July 2017 released by the United States Department of Agriculture (World Agricultural Supply and Demand Estimates Report – WASDE) presents the estimates for a slightly increasing global production both for Corn and Soybean for 2017/18, respectively 1036.9 Mio t (+0.5% from June estimates) and 345.1 Mio t (+0,1%).
Corn production is projected higher in the U.S. (362.1 Mio t, +1.4%) and in the Southeast Asia (30.2 Mio t, +2%), more than offsetting the decrease expected for the EU (61.6 Mio t, -0.6%). EU Corn production is down mainly reflecting a lower projection for Spain, where the heat and dryness during grain fill hurt yield prospects.
Soybean production is raised for the U.S. (115.9 Mio t, +0.1%) and China (14 Mio t, +1.4%).
The production in China (the world’s largest Soybean importer) is expected higher due to increased harvested area. This increase, combined with higher import (94 Mio t, +1.1%), leads to an ending stocks projection of 18.9 Mio t (+8.6%).
Global Corn ending stocks are raised (200.8 Mio t, +3.3% from last month) but they are lower compared to the previous three market years.
Soybean ending stocks are forecasted higher (93.5 Mio t, +1.4% ), with largest increases for Argentina (33.1 Mio t, +2%) and China (18.9 Mio t, +8.6%), more than offsetting the decrease for the U.S. (12.5 Mio t, -7.1%).
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