USDA World Supply Highlights

The USDA cut 2010/11 world wheat ending stocks from 193.9 MMT to 187.1 MMT. They cut EU-27 wheat production to 141.8 MMT, Canada to 20.5 MMT and Russia to 53 MMT. None of those were (predictably) by as much as private analysts have been estimating. Chinese wheat production was inexplicably raised by 2.5 MMT to 114.5 MMT.

World 2010/11 soybean ending stocks were increased to 67.76 MMT from 66.99 MMT. World 2010/11 corn ending stocks were cut from 147.3 MMT to 141.1 MMT. Chinese corn production was pegged at an unlikely 166 MMT.