The USDA left unchanged from November its supply and use forecasts for all wheat, corn and soybeans. The average price range of wheat paid to farmers was narrowed to $3.60 to $3.80 a bushel from $3.50 to $3.90 a bushel in November and compared with $4.89 a bushel in 2015-16. The forecast price range of corn was raised 5¢ from November to $3.05 to $3.65 a bushel, which compared with $3.61 a bushel last year. The average price range of soybeans was raised 25¢ from November to $8.70 to $10.20 a bushel, which compared with $8.95 a bushel last year.
The USDA increased its forecast for 2016-17 global wheat production to a record 751.26 million tonnes, up 6.54 million tonnes from the November outlook and up 2% from 735.49 million tonnes in 2015-16, the current record. Notably, the USDA raised its production forecast for Australia to a record 33 million tonnes, up 1.7 million tonnes from November. World wheat consumption in 2016-17 was forecast at a record 739.77 million tonnes, up 3.25 million tonnes from November and up 4% from 712.05 million tonnes in 2015-16, the current record. The USDA forecast 2016-17 world wheat ending stocks at a record 252.14 million tonnes, up 2.91 million tonnes from November and up 11.49 million tonnes from 240.65 million tonnes in 2015-16, the current record.
World wheat exports in 2016-17 were forecast at 176.83 million tonnes, up 2.6 million tonnes from November and up 4.34 million tonnes from 2015-16. The USDA raised its forecast for Australian exports by 3.5 million tonnes, to 24 million tonnes, and lowered the export forecast for Russia by 1 million tonnes, to 29 million tonnes.
The USDA forecast world corn production in 2016-17 at a record 1.039 billion tonnes, up 9.2 million tonnes from the November projection and up 8% from 961.08 million tonnes in 2015-16. The largest increase from November was forecast for China, whose production outlook was raised 3.55 million tonnes, to 219.55 million tonnes. World corn consumption in the current year was forecast at a record 1.026. billion tonnes, up 4.69 million tonnes from November and up 7% from 960.4 million tonnes in 2015-16. World corn ending stocks in 2016-17 were forecast at 222.25 million tonnes, up 4.06 million tonnes from November and up 6% from 208.95 million tonnes in 2015-16.