In terms of production outlooks, the only major change to production outlooks in the recent WASDE has come from an increase to Russian production estimates, increased from 72.5Mt to 74.5Mt, with a 1Mt increase in export projections. Nearly matching the increase in Russian supplies however was a cut to EU production, down 1Mt to 138.4Mt.
Overall, global ending stocks for this season have been slightly reduced to 275.8Mt, down from 277.18 in October and further tightening supply.
The USDA begun by increasing US production outlooks for corn, up by 1.1Mt to 382.59Mt, however, amid strong domestic consumption and maintained export projections, ending stocks were marginally trimmed, down from 38.1Mt to 37.94Mt.
Another increase to production estimates came from Argentina, with production forecast up 1.5Mt, with a 1Mt increase to export forecasts.
Other corn changes were fairly minimal, with one noticeable point to watch, Chinese import estimates were maintained at 26Mt.
While the USDA increased corn production estimates, soybean production estimates were cut in a surprise move, supporting soybean markets. However, with a trim to export projections, ending stocks were estimated to ease further.
Continuing the theme for trimming production, production estimates for Argentina were also cut, down to 49.5Mt.
Overall, a slightly supportive USDA WASDE, but grains still reliant upon Chinese demand, and soybeans still face a large Brazilian crop later this season.
Read the full USDA WASDE here