USDA: April World Grain Harvest 2017/18 The US Department of Agriculture (USDA) has corrected the world grain market in only a few points in its April issue. Global production was again cut by 5 million tonnes to 2,074.8 million tonnes due to dry corn losses in Argentina and Brazil. Consumption remains almost unchanged at 2,097 million t. This will reduce the final inventory by more than 22 million tonnes compared to the previous year. The supply number drops from 24.7% to 23.6% final consumption and thus remains above the long-term average of 22%.Excluding China's 42% share of grain inventories due to a lack of exports from the supply balance, the corrected coverage ratio drops from 18.4% to 16.8% and is thus only slightly above average. Global wheat production and consumption have been revised upwards slightly. The global final stock reaches its current high of 271 million t. Of that, however, are approx. 47% in China , which regularly does not provide wheat for export.World-wide maize production was reduced to 1,036 million tonnes due to drought problems in South America. Consumption has also been reduced to 1,069 million t. As a result, the final stock falls to almost 198 million tonnes and is the lowest in 4 years. In China , corn stocks have been systematically reduced. Preparations for corn imports are already being made in the southern coastal area. The Chinese figures are disputed in terms of their absolute size, but the changes suggest helpful tendencies. For the EU , the USDA has confirmed its production estimate of 303 million tonnes .The harvest quantity falls equally on wheat and the rest of the crop. The grain consumption is estimated at 292 million t . EU exports fell to 32.5 million tonnes due to strong competition from Russia. The final stocks are in the lower midfield. USDA results broadly in line with EU COM figures On the stock markets , recent USDA numbers have not changed. The orders of magnitude had been expected. At the moment, the most recent weather developments, with frost in the US and further drought in South America, are playing the crucial roles alongside the trade dispute between the US and China .
