USDA July 2019 estimate for cereal crop 2019-20 - Limited evidence for corn The highly anticipated July 19 estimate of the US Department of Agriculture (USDA) was a disappointment, who expects a correction of the US-cultivation figures for corn for those. This will be done in the August issue after a separate acreage survey. Estimates for US corn continue to be based on increased acreage, although sowing restrictions due to continued rainfall in the Cornbelt could have been expected to be the opposite. As a result, less convincing rising US corn crops were expected. According to this preliminary report, the global corn market lacks approx. 40 million t measured in terms of higher consumption for current production. The final amount will be reduced by the same amount.If one China in the global market accounting for lack of export activity ausklammer t, remain only 107 million tonnes in inventories for the rest of the world. Anticipating further cuts in the US, potential offsets will be even smaller. For the global wheat balance , however, robust estimation results are available. The wheat harvest 2019/20 is expected to fall by -9 million t to 771 million t compared to the previous month's estimate. Compared to the very weak previous year, however, it is around. +40 million t higher. Recent cuts are related to drought-related crop losses in Australia and Canada . The Russian and Ukrainian harvest results will also be reduced by a total of 5 million tonnes due to the low-precipitation May. Global wheat consumption is estimated at 760 million t . This will result in a total stocking of 294 million tonnes worldwide.However, if China is excluded from the balance sheet due to the lack of export activities, only 140 million t of stocks remain, which are available for any further losses in the rest of the world. The supply ratio falls from 24% final inventory to consumption in 2017/18 to 22.2% for 2019/20. Compared with the previous year, this market constellation can not justify an improvement in the supply situation in the wheat market without China. There were hardly any significant price changes on the Chicago Stock Exchange in response to the USDA report.
