The United States Department of Agriculture released its World Agriculture Supply and Demand Estimates (WASDE) report on 9 November.

In that report, US maize production was estimated up by 170 million bushels to 15.2 billion bushels. This equated to a 1.9bu/ac increase in yield to 174.9bu/acre.

The report stated: “With supply rising more than use, corn [maize] ending stocks are up 45 million bushels to 2.2 billion. The season-average corn price received by producers is lowered 10 cents to $4.85 per bushel.”

Global coarse grain production, which takes maize and barley into account, was forecast up in the report by almost 5 million tonnes. Maize production is forecast up in Ukraine, Russia, Burma and Paraguay, according to the report.

Barley production was estimated up based on increases in Russia, Ukraine and India. Declines in barley production were reported for Argentina, the EU and Turkey.

EU maize imports were reported up and maize imports were also reported up for Canada, a country which Ireland imports large amounts of maize from.


The opening remarks on the global wheat outlook would not make you inclined to think there will be a price rise anytime soon.

The report stated: “The global wheat outlook for 2023/24 is for increased supplies, fractionally lower consumption, less trade and larger ending stocks.”

Beginning stocks are increased and this offsets a decrease in production. World production is down 1.5 million tonnes due to decreases in production in Argentina, Kazakhstan, the UK and Brazil.

Soya beans

The report states that global soya bean production for 2023/2024 is raised 0.9m tonnes to 400.4m tonnes on higher production for Russia, Ukraine and the US.

Global soya bean crush was raised and global ending stocks are reduced by 1.1m tonnes. The report states: “Higher stocks for Brazil and the US are more than offset by lower stocks for China.”

Market reaction

There was no big reaction in European markets to the report. Overall, prices were down slightly or unchanged on Friday following the report.

In the US, wheat - across different contracts - dropped back on Friday by about 4c/bu and dropped another 3c to 4c/bu on Monday. Corn was up 4c to 5c/bu, having dropped by about the same level on Friday 10 November.