In its latest report, the USDA increased global wheat ending stocks for the 2023-24 marketing year by another 1.8 million tonnes to 260 million tonnes. On the supply side, opening stocks increased by 1.7 million tonnes to 271.6 million tonnes and production by 1.9 million tonnes to 784.9 million tonnes.

On the demand side, feed consumption rose by 2.1 million tonnes to 161.1 million tonnes. World trade also rose by 2.3 million tonnes to 209.5 million tonnes.

The European wheat balance worsened, with imports up 2.5 million tonnes to 11 million tonnes and exports down 1 million tonnes to 36.5 million tonnes. An increase of 1 million tonnes for animal feed to 45.5 million tonnes is not enough to offset the overall figure. As a result, carryover stocks rose by 2.5 million tonnes to 15.3 million tonnes.

Global corn stocks at the end of the 2023-24 marketing year rose sharply. The USDA raised them by 10 million tonnes to 325.2 million tonnes, mainly due to an upward revision in world production from 13.7 million tonnes to 1,253.7 million tonnes.

This was mainly due to the Chinese harvest revised up by 11.8 million tonnes to 288.8 million tonnes and the US harvest revised up by 2.7 million tonnes, while Brazil was revised down by 2 million tonnes to 127 million tonnes . World consumption rose by just 4.1 million tonnes to a new record of 1.211 million tonnes.

Finally, world soybean stocks rose very slightly to 114.6 million tons from the 114.2 million tons estimated by the USDA last month. Maize production in Brazil was reduced by 4 million tons to 157 million tons, i.e. above expectations, while Argentina's harvest rose 2 million tons from last month to 50 million tons, again above expectations.