News
13.12.2012
USDA raised its forecasts of US and global wheat inventories above trade expectations
The US Department of Agriculture raised its forecasts of US and global wheat inventories above trade expectations.
The US Department of Agriculture on Tuesday raised its estimate for US 2012/2013 wheat ending stocks to 754 million bushels, 50 million more than its estimate in November and surpassing market expectations.
The USDA also raised its forecast of global wheat inventories for 2012/13 to 176.95 million tonnes, up from 174.18 million in November and above trade estimates ranging from 170 million to 175.68 million, following estimates of larger crops from Australia, Canada and China. Traders noted that the USDA had raised its forecast of Australia's wheat crop to 22 million tonnes from 21 million in November, and left its forecast of the Argentine wheat harvest unchanged at 11.5 million tonnes despite heavy rains that have swamped fields in that country.
USDA left its forecast of US 2012/13 corn ending stocks unchanged at 647 million bushels, a 17-year low that was below the analysts' average estimate of 663 million, reflecting the impact of the worst drought in half a century earlier this year.
The agency trimmed its estimate of soybean ending stocks by 10 million bushels to 130 million bushels, the lowest in nine years but in line with markets expectations.
