Last Friday, the United States Department of Agriculture (USDA) published its first grain balance sheet estimates for next season.
World wheat production is seen higher by 10.5 million tonnes on the year to a total of 798.19 million tonnes, but corn will be lower by eight million tonnes to a total of 1.22 billion tonnes. Increases in consumption for both wheat and corn see stocks falling by 4.2 million tonnes and 800,000 tonnes respectively by the end of next season.
You can also listen to the Frontrunner podcast - press play to hear the latest report. The report this week is read by agronomist, Alex Pope.