Not a report full of surprises on Friday night, more just in line with expectations. Wheat saw big increases in production, but nothing that we didn’t know beforehand. HRW wheat also got a boost of production. Beans and Corn ending stocks cut in the US, but as global figures were cut less than expected, no real change there.
Wheat           Neutral to Bearish – CBOT SRW JUL Down 15c
- World production for 16/17 up nearly 4 million mt, comprising mostly of the US, EU and Russia.
- World consumption up 3.4mmt, mainly India, the EU and the US.
- World stocks to use ratio down slightly to 36%
Barley                       Neutral to Bearish
- World production up 3.1 million mt, mostly EU and Ukraine
- World demand up 2.7mmt, mostly EU, Saudi Arabia and Iran
- World stocks up .6mmt
- World stocks to use ratio up slightly to 16.41%
Corn              Neutral to Bearish – CBOT Corn JUL Down 3c
- World production up 0.7 million mt – All Mexico
- US ending stocks below traders estimates
- World demand up 1.2mmt – mostly US
- World stocks down 2 million mt
- World stocks-to-use ratio down to 20.25%
Soybeans       Neutral to Bullish – CBOT Soybeans JUL Up 1c
- World production down 0.5mmt
- World demand up 0.6mmt
- World stocks down 2mmt
- Stocks to use ratio down a considerable 72 points to 23.12%
Nic Sewell