USDA Highlights

11/05/11 -- The USDA appeared to take note of the recent drop-off in US exports for corn and soybeans, cutting their estimations for foreign sales for both commodities, raising US 2010/11 corn ending stocks by 54 million bushels from last month and soybeans by 30 million.

Brazilian soybean production was raised a million to 73 MMT, with Argentine output unchanged at 49.5 MMT.

For 2011/12 EU-27 wheat production was estimated at 138.62 MMT.

Russia are seen producing 53 MMT of wheat in 2011/12, with a further 15 MMT from Kazakhstan and 19 MMT from Ukraine. For the coming season Russian exports were estimated at 10 MMT, with Kazakhstan at 7.5 MMT and Ukraine at 8.5 MMT.

Relative to the current 2010/11 season that pegs Russian output up 28%, Kazakhstan up 55% and Ukraine up 13%. Export increases equate to 150%, 50% and 143% respectively.

On the back of that US wheat exports are seen falling from 35.5 MMT this season to 29 MMT in 2011/12, with EU-27 exports down from 22 MMT to 18 MMT.