AMIS Supply and Demand Estimates: Less Wheat & More Corn

[CRM AgriCommodities]

The latest AMIS global Supply and Demand estimates have trimmed production in 2020/21 to below 2019/20 levels on the back of downgrades to the UK, EU and Black Sea. At 758.3MT, this is a 4.3MT reduction from the previous May estimate and over 10MT below the USDA estimate. Global corn production at 1207.1MT however has created an even greater headache for grain markets, at 20.2MT greater production than the USDA forecast and nearly 40MT greater than the IGC forecast. Global soy estimates have also provided a bearish oilseed market outlook, at 364.8MT, 2MT more than the USDA. As the focus for oilseed markets has been ongoing US -China tensions and new crop sales driving volatility, old crop US soybean sales have been disappointing. At 495.2KT last week, US old crop sales were below expectation, and total season sales remain below 36MT, with a further 9.5MT remaining to reach the USDA estimate. US corn export sales last week were also uninspiring at 637KT. Total season US corn exports at 29MT also leave a lot of work left to be done to reach the 45MT USDA forecast. Old crop US wheat sales have also remained minimal at 179.5KT last week and accumulated exports reaching 24.5MT, still short of the 26.4MT target, with the new crop harvest underway now in the US. Latest Blag - Brexit and The UK Agriculture Bill Latest Analysis (Click Article)

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