March USDA WASDE Report

[beaverdam]

https://www.usda.gov/oce/commodity/wasde/wasde0321.pdf https://www.usda.gov/oce/commodity/wasde/wasde0321.pdf

Table of Contents > page #7

U.S. Wheat classes > page #11

[malleefarmer]

#Australia's 20/21 #wheat crop rose 3 mmt from Feb. to 33 mmt, and they are seen exporting +2mmt from Feb. Total Aussie exports are seen at 22 mmt in 20/21, up from 9 mmt in 19/20 and 9 mmt in 18/19. They finally recovered from their string of nasty droughts and crop shortfalls.

#Australia comes up big in 2020/21 with a record large #wheat harvest of 33 million tonnes (1.2 bln bushels), according to USDA. That is actually *slightly* more than the past two harvests combined.

Exports of 22 mmt in 20/21 would be almost 2.5x more than in 19/20.

[errolanderson]

Global wheat carryout for 2020-21 was again well-below average trade estimates and considered bullish.

But corn and soybean ending stocks were left unchanged from last month. This may not be enough to feed-the-bull. Viewed as slightly bearish (IMO). May trigger fund long liquidation.