The United States Department of Agriculture (USDA) released its World Agricultural Supply and Demand Estimates (WASDE) report at the end of last week. The report placed world wheat, corn and soya bean stocks down for 2023/2024.

The October update reported a global outlook for wheat of lower supplies, but lower consumption and decreased trade as well.

Supply is reduced by 3.5 million tonnes due to smaller crops in Australia, Kazakhstan and Ethiopia, while higher production in the US does not make up for these losses.

Australian production is estimated down by 1.5m tonnes as a result of dry conditions in most production regions, while the report said that production in Kazakhstan is estimated down 2m tonnes because of “suboptimal growing conditions this season”.

Ethiopia’s production is estimated down 2m tonnes due to a “reduced harvested area, dry conditions in August and September, and less input use”.

Maize and barley

Coarse grain production, which includes maize and barley, is estimated down by 2m tonnes in the report to 1,494.6m tonnes.

Maize production is forecast to be higher for 2023/2024 as production is expected to increase in Argentina, Moldova, the EU and Paraguay.

However, barley production is forecast down because of reductions in Australia and Kazakhstan. EU production is up slightly. In the US, corn production is estimated down and exports are expected to decline as a result.


In the US, soya bean production is expected to be down due mainly to lower yields.

Oilseed production is also forecast down in India and Canada. However, rapeseed production is estimated up in Poland and sunflower production is up for Argentina.

Global soya bean stocks are estimated down in the report and this is said to be mainly due to lower stocks for China, Brazil and India.


On Friday, French wheat for December increased in price by €4/t to €237.25/t. November rapeseed climbed €9.75/t to €424.75/t. In the US, nearby wheat increased. However, corn and soya bean prices declined.