AgResource Analysis of the December USDA Report
More important were the USDA’s adjustments to global supply & demand. Total world wheat end stocks were lowered for the first time since July. Major exporter wheat stocks/use was reduced to 15.1% vs. 15.6% in November and 15.4% in 2019/20. The USDA followed Stats Can and ABARES in raising Canadian and Aussie production. Final Russian…