Neutral November WASDE puts global wheat production up 790,000 mt

In a largely neutral USDA world supply and demand forecast, the global wheat saw modest adjustments to its figures which left markets indifferent.

US production and consumption figures were unchanged on month, with exports up on October’s figure. Production remains at 47.37 million mt with domestic consumption at 30.92 million mt, while imports were adjusted up 680,000 mt to 27.22 million mt.

Outside of the US, Russia saw an additional 1 million mt added to its production, taking the total to 83 million mt. Domestic consumption was amended upwards by 500,000 mt to 44 million mt, with exports up 500,000 mt to 33 million mt.

Elsewhere of note, Pakistan’s production was revised down 700,000 mt to 25.7 million mt and the EU’s production was moved up 450,000 mt to 151.49 million mt.

Global markets seemed unimpressed by the news. The KC HRW December contract was up 1.75 cents on the day at the time of writing, at $4.2925 per bushel. Chicago SRW December was up 1.5 cents on the day at $4.285 per bushel.

In Europe, the Matif December contract was unchanged at €160.50/mt.