USDA Nuggets

Posted by Nogger - a legend in his own mind at 11:34 | Categorized as

10/03/12 -- With a bit more time on my hands to sift through the finer detail of Friday's USDA report, here's a few things you maybe haven't spotted mentioned elsewhere.

WHEAT

Projected 2011/12 EU-27 wheat ending stocks were raised 1.5 MMT to 14.2 MMT, courtesy of reduced consumption here. China's wheat ending stocks were cut 3.5 MMT to 61.5 MMT, consumption was up 2.5 MMT to 116 MMT.

Australia, Kazakhstan and Brazil will each export 0.5 MMT more wheat than anticipated last month. Australia is now the world's second largest wheat exporter overtaking Russia.

Iran's wheat imports were upped from 200 TMT to 2 MMT.

CORN

The EU-27 will consume 1 MMT more corn in 2011/12 than predicted last month, imports were increased by 0.5 MMT, cutting ending stocks by 0.5 MMT to 5.4 MMT.

Brazil will export 0.5 MMT more corn that previously thought at 9.5 MMT.

South Africa's corn production was cut 0.5 MMT and India's raised by a similar amount.

SOYBEANS

Lower soybean production in Brazil is forecast to be partially offset by a 1 MMT reduction in the domestic crush from last month and 0.9 MMT fewer exports. Ending stocks there are seen down 1.3 MMT.

In Argentina the 1.5 MMT drop in output comes almost completely straight off the bottom line in ending stocks which are reduced by 1.45 MMT.

Production in Paraguay was cut 1.4 MMT to 5.0 MMT - a 40% reduction on last year.

European imports were reduced 0.5 MMT to 11.0 MMT which is 12% down on last year and 27% less than we were importing four years ago. The EU crush is seen falling 1 MMT from last year in 2011/12.