THE US Department of Agricultures May report, released Thursday (10 May), put 2001/02 world production at 572.35m tonnes against 580.34m in 2000/01.
US wheat production, based on the March Survey of Prospective Plantings, was forecast at 53.38m tonnes, (60.51m tonnes in 2000/01).
Of this, winter wheat production was forecast down 14% on 2000/01 due to a fall in area – the lowest since 1973 – and yields.
The report also made significant historic revisions to Chinas usage and stocks. Wheat, maize and rice stocks were revised up 41m tonnes, 49m tonnes and 75m tonnes respectively.
The market remains uncertain about the scale of the revisions.
- USDA report weighs on maize futures
USDAs report also weighed on US maize futures prices as it lowered 2000/01 US maize exports, which raised end-stocks some 7m tonnes to 51m tonnes.
CBOT maize futures ended Friday (11 May) lower across the board by over $5/t. May and July wheat traded Friday at $69.70/t and $72.40/t respectively.
Taken from HGCA weekly MI Bulletin
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