Over the past two weeks, this column has tried to outline global wheat fundamentals based on the most recent United States Department of Agriculture World Agricultural Supply and Demand Estimates. Global wheat stocks-to-use are projected to be tight and as such should be supportive to wheat prices, particularly with poor US winter wheat conditions and supply uncertainty from the Black Sea. The drag on wheat prices has been favourable crop conditions through Canada and the European Union, and the USDA expecting a significant replenishing of corn stocks, a substitute for wheat into feed demand. At current projections, the USDA is expecting US corn production to lift 39 million tonnes or 11.2 per cent from the year prior. It would be the largest US corn crop ever and is 7.7pc above the five-year average, according to USDA numbers. US corn was estimated at 81pc planted by the USDA as at May 23, and so has some way to go to realise the big crop being projected. Historically strong corn ...
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