USDA WASDE Estimates, Russian Wheat Production Cut 4.5 MMT

There were only a few tweaks in today's USDA WASDE report as regards global production numbers. South African corn output was lowered 1 MMT to 10.5 MMT, whilst Chinese and Argy corn production estimates were left unchanged at 162.5 MMT and 15.0 MMT respectively.

For wheat, EU-27 output was raised from 134.65 MMT to 136.29 MMT, Chinese and Ukraine production was also increased by 1 MMT each to 114.5 MMT and 19.5 MMT. Elsewhere in the world Canadian output was lowered by 1 MMT to 22.5 MMT, Argy production lowered by a similar amount to 8.5 MMT, and perhaps the biggest surprise package was Russian output dropped 4.5 MMT to 55.5 MMT.

There were no early changes to 2009/10 soybean production in South America with Brazilian production still seen at 60.0 MMT and Argy output 51.0 MMT.