USDA increases 2016-17 Brazilian soybean production by 2.4 million tonnes to a record 114.0 million tonnes

U.S. all wheat ending stocks for 2017/18 are forecast at 924 million bushels. This is up 10.0 million bushels from last month’s report. Global wheat ending stocks are forecast to increase by 2.9 million tonnes to a record 261.2 million tonnes in 2017/18.

USDA forecasts 2017/18 U.S. soybean ending stocks to be 495.0 million bushels. This is up 15.0 million bushels from last month’s report. USDA increased 2016/17 Brazilian soybean production by 2.4 million tonnes to a record 114.0 million tonnes. Argentine soybean production was raised 800,000 tonnes to 57.8 million tonnes.

USDA forecasts 2017/18 U.S. corn ending stocks to be 2.1 billion bushels, which was left unchanged from last month’s report.

We now look for the markets to turn their attention to the weather & crop prospects.

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