Excluding China, the final stocks for wheat and corn are falling

In the USDA's yesterday's WASDE report, a number was particularly noticeable, namely the world's ending stocks of corn. In October, 159.35 million tonnes of final stock were reported and this month it is expected to be 307.5 million tonnes.
Similarly, but by no means so clearly, it was the wheat. Here it was 260.18 million tons in October and 266.71 million tons in November. And that despite the fact that the UN recently assumed sinking final balances.
The reason is China's statistics. As we reported yesterday and the day before yesterday, the Chinese Bureau of Statistics has revised its figures for the last 10 years in both commodities and found that corn has 20% larger final stocks.
As China barely makes its appearance on the world market with corn and wheat exports, Western market analysts have always spared China in their figures. And by such a cleanup, the wheat stocks are actually sinking and also the corn stock in the world shows a deficit.

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