A little more wheat - less corn and soy

The USDA slightly upgraded the glaoble production of wheat yesterday in the WASDE. The plus is mainly due to a significantly better harvest in Australia. However, for some countries in Eastern and Southern Europe, harvests that have already been brought in have also been slightly adjusted upwards. The reduction in global corn production is mainly due to the drought in Argentina. The same applies to global soy production. Here, too, Argentina is putting pressure on the production balance. Despite the cuts in soybean production, global production is above the result of the previous year.