Not a report full of surprises on Friday night, more just in line with expectations. Wheat saw big increases in production, but nothing that we didn’t know beforehand. HRW wheat also got a boost of production. Beans and Corn ending stocks cut in the US, but as global figures were cut less than expected, no real change there.

Wheat            Neutral to Bearish – CBOT SRW JUL Down 15c

• World production for 16/17 up nearly 4 million mt, comprising mostly of the US, EU and Russia.
• World consumption up 3.4mmt, mainly India, the EU and the US.
• World stocks to use ratio down slightly to 36%

Barley                        Neutral to Bearish

• World production up 3.1 million mt, mostly EU and Ukraine
• World demand up 2.7mmt, mostly EU, Saudi Arabia and Iran
• World stocks up .6mmt
• World stocks to use ratio up slightly to 16.41%

Corn               Neutral to Bearish – CBOT Corn JUL Down 3c

• World production up 0.7 million mt – All Mexico
• US ending stocks below traders estimates
• World demand up 1.2mmt – mostly US
• World stocks down 2 million mt
• World stocks-to-use ratio down to 20.25%

Soybeans        Neutral to Bullish – CBOT Soybeans JUL Up 1c

• World production down 0.5mmt
• World demand up 0.6mmt
• World stocks down 2mmt
• Stocks to use ratio down a considerable 72 points to 23.12%

Nic Sewell