Despite the growth of the offer of wheat will not increase
a New balance of supply and demand USDA was released under pressure from Chinese data by which the key performance indicators of the global balance was increased despite the decline in production in major exporting countries.
In comparison with the October report estimate initial stocks of wheat in China increased by 4.44 million tonnes, the harvest forecast by 4.5 million tonnes, Marginally, to 1 million tons, will increase domestic consumption, thereby ending stocks will grow to 7.45 million tonnes to a record level 143,57 million tons, accounting for 53.8% of total world reserves.
Despite the growth of production and the remnants of the forecast of wheat imports to China remained at the level of 4 million tons.
For Australia, the forecast of wheat production was reduced 1 million tons to 17.5 million tons, while the estimate of exports decreased by 1.5 million tons to 11.5 million tons.
For Argentina and Canada, where as a result of frosts and rains during harvest reduced yields, forecasts of production has remained unchanged.
For Ukraine, and Pakistan to assess the production of wheat decreased, whereas Russia was left at the level of 70 million tons, while according to the operative data the country has produced 73.4 million tons.
Report USDA November was neutral for the market as the indicators of change for China will have almost no impact on world trade.