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Canadian Wheat Production Highlighted In USDA Report
Canada's wheat crop had a number of mentions in Tuesday's USDA World Agricultural Supply and Demand Estimates (WASDE) Report.
The report raised Canada's wheat crop by three million metric tons, bringing the number to 30 million tons. That brought the world wheat ending stock total to a record large 268 million metric tons.
Dan Basse, president of Ag Resource Company in Chicago, noted the report showed that the USDA had been overstating U.S. export demand, adding we did see a reduction in U.S. wheat and soybean exports of 25 million bushels each.
He added these comments about the report.
"I think as we look towards the new crop season, we're looking at the Russians, which have planted a good amount of crop. We do see a record U.S. corn yield occurred on less than good weather in the United States. Canada had a 30 million metric ton wheat crop, at one point the private trade was talking of a crop as small as 25. We are amazed at the ability of these crops to withstand adverse weather and I think that's something the producer and the trader needs to remember as we go down the road and think about the upcoming crop that will come at us as we turn the calendar to 2018."
Global corn stocks came in at 204.1 million tons, up slightly from last month.
Global soybean stocks are up 0.4 million tons to 98.3 million, with lower stocks in South America offset by higher stocks in the United States, Canada, and the EU.
Source : Steinbachonline