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Home >> Market >> News >> News Details

Commodity Futures - Pre-session commentary
12-Jul-2018     08:50

Commodities Buzz: USDA Reduces China's Corn and Wheat Production For MY 2018/19

As per latest United States Department of Agriculture (USDA), China's MY2018/19 corn production is forecast at 222 million tons, down 1.3 percent from USDA's June estimate due to unseasonably cool spring weather and drought-related declines in harvested area and yield potential. MY2018/19 corn consumption is forecast at 248 million tons, down 1 million tons from USDA's June estimate as lower feed use is partly offset by expanding FSI use. MY2018/19 corn imports are forecast at 5 million tons, unchanged from USDA's June estimate, up 1.5 million tons from USDA March Annual, as government inventories contract.

MY2018/19 wheat production is forecast at 126 million tons, down by 3 million tons from USDA's June estimate on policy and weather driven declines in area and yield. Wheat stocks are estimated at 134 million tons, 4.5 million tons lower than USDA's June estimate, and up 7.3 million tons from MY2017/18 as large carry-in volumes outpace government efforts to drawdown stocks. MY2018/19 rough rice production is forecast at 204.3 million tons, up 1.14 million tons from USDA's June forecast on higher yield. MY2018/19 sorghum production is forecast at 3.45 million tons, unchanged from USDA's June estimate on expanded planted area due to weather and policies.

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