Last night the USDA delivered the monthly WASDE report which was pretty much in line with market expectations, except for a drop in the US corn yield.

Summary of Key Points are –

• Global wheat production was down 1.3 Mmt due to revisions to production out of Australia, Egypt & Kazakhstan to 719.86 Mmt.
• Global wheat consumption was down by 1.4 Mmt with global ending stocks raised 0.3 Mmt to 192.9 Mmt.
• US Corn yields dropped to 173.4 bu/ac and Chinese corn production revised down, lowering global production to 990.32 Mmt.
• World barley production was raised 0.6 Mmt with barley feed use raised in China too.
• Global oilseed production projected to be a record 528.9 Mmt with global soybean production also at a record 312.1 Mmt reflecting a strong increase in US production.

Nov USDA 111114

Information courtesy of USDA.