In the December WASDE, USDA made no changes to either the U.S. corn or soybean balance sheets. U.S. wheat 2021/22 ending stocks saw a slight increase as exports were cut 20 million bushels to 840 million bushels, and imports were lowered from 115 to 110 million bushels.
Globally, higher 2021/22 corn production is seen for Ukraine, at 40.0 MMT vs. 38.0 MMT in November, and for EU, at 70.4 MMT vs. 67.9 MMT. Higher domestic consumption and exports nearly offset the larger crop in Ukraine and more than offset EU’s larger crop.
Chinese 2021/22 soybean production was lowered 2.6 MMT to 16.4 MMT, but estimated Chinese soybean imports were unchanged at 100.0 MMT.
Looking at global 2021/22 wheat production, modest increases in Australia, Russia, and the EU were partially offset by smaller Middle East crops, putting world output at 777.9 MMT, up 2.6 MMT from November’s estimate.
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