There was no spring  / durum wheat breakdown in last night’s WASDE report for US spring wheat. The simple maths does tell us that US spring wheat production including durum is expected to fall from a total of 17.366mt last year to around 15.61mt this year. The reduction in total US wheat production from last year to this year is around 9% to about 49.5mt.
On the global front we see world wheat production estimated at 737.83mt, down from 753.09mt last year. The USDA does predict that global ending stocks for wheat will continue to build from 255.35mt to 258.29mt mainly due to a sharply lower volume used in the feed market. In summary the report held little bearish news or little in the way of bullish news thus US futures were generally sideways to firmer as wheat found support from outside markets.
Rain in the US is expected to hinder corn and soybean sowing progress but is likely to assist wheat. US corn also found support from smaller production numbers for this year’s crop and lower carry in.
Soybeans did tend to spoil the party for the oilseed market with higher production estimates putting a cap on any strength garnered from the US weather map. Canola futures were also sharply lower on the nearby contract as old and new crops start the process of price convergence. A stronger Canadian dollar and a better weather outlook pushed losses in canola futures further.