In the WASDE report published yesterday, the USDA expects global ending stocks for wheat and corn to increase at the end of the 2022/23 season. Soy stocks have been revised down compared to the June estimate. A higher US harvest and production increases in Russia and Canada lead to an increase in ending wheat stocks. In the case of corn, production is somewhat lower than assumed in June, but the USDA has also corrected consumption downwards. This leads to an increase in inventories. Estimates of ending stocks have been revised downwards due to lower US soybean production with roughly the same consumption.
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VR AgrarBeratung AG