| The August USDA WASDE cut a broad range of global production estimates. Corn Long overdue cuts to the 2020/21 Brazilian corn production estimates were released by the USDA, cut from 93Mt in July to 87Mt in the August estimates. US corn production estimates were also cut, from 385.2Mt to 374.7Mt with yield estimates cut from 11.27t/Ha to 10.96t/Ha. Overall, following the cuts, US ending stock estimates were cut to 31.6Mt, down from 36.4Mt while Chinese corn import projections were left unchanged at 26Mt. While Brazilian and US corn production estimates were cut, estimates for Ukraine were increased, as too were Russian production estimates. Wheat Russian production estimates were cut from largely disregarded 85Mt July estimates to a below expectation 72.5Mt alongside a cut in export forecasts. Canadian production estimates were also cut, down from the 31.5Mt July estimate to 24Mt due to the drought and extreme temperature conditions. US production estimates were also further cut, down from 47.5Mt to 46.2Mt. Ukraine production estimates were increased from 30Mt to 33Mt, alongside minimal increases for EU production outlooks and the USDA’s estimate for a 15Mt UK wheat crop. Oilseeds Changes to global soybean production estimates were very minimal in the August WASDE, with US production trimmed slightly to 118.08Mt, down from 119.88Mt while Chinese demand was trimmed slightly. Rapeseed production estimates were however cut significantly. Canadian canola production estimates were cut from 20.2Mt to 16Mt due to cuts in both area and yield. Read the full USDA WASDE here |
