Corn and Wheat WASDE Update

​The USDA left its US corn balance sheet unchanged this month, with production and ending stock estimates left at 15.12b bushels and 1.54b bushels respectively. The agency tigntened it's global wheat balance marginally with ending stocks for 2021/22  lowered by 1.7mt to 278.2mt. 

Corn Updates

​The USDA revised revised down global production estimates by around 1.6mt, primarily becuase of weaker supply prospects from Brazil where production was revised down by around 1mt. Global demand for corn was revised down by around 0.9mt. As a result, global corn ending stocks for 2021/22 were revised down by around 0.8mt to 302.2mt. The market was looking for a number closer to 300mt.  These revisions were less than what the market was expecting, but nevertheless, the global market is still looking marginally tighter than it was last month.

​Corn supply/demand balance
Source: USDA

Wheat Updates

​The USDA tightened its global wheat balance marginally. Ending stocks for 2021/22 were lowered by 1.7mt to 278.2mt. This revision lower comes despite an increase in beginning stocks by around 1.1mt. Global wheat production estimates fell by 2.2mt to 776.4mt, with major downgrades seen from the Middle East due to dry weather. Global demand for wheat increased by 0.6mt to 788.1mt, on higher feed and residual demand mainly from Canada.
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US wheat ending stocks for 2021/22 were revised higher by 20m bushels to 648m bushels, due to weaker consumption and exports. Export estimates were lowered by around 15m bushels to 810m bushels, on slower export sales and shipments.

​Wheat supply/demand balance
Source: USDA