Canada Markets
Cliff Jamieson Canadian Grains Analyst
Tue Feb 9, 2016 04:27 PM CST

According to the USDA report released Tuesday, global wheat fundamentals are more bearish than previously thought, driven by a combination of both higher supplies and reduced consumption, although there was a muted response in futures trade Tuesday.

Global ending stocks were increased by 6.8 million metric tons given an increase in beginning stocks due to prior-year adjustments of 1.7 mmt (mostly China), a 400,000 metric ton increase in 2015-16 production seen in Argentina and Ukraine, along with a 4.7 mmt drop in consumption, again, largely focused on China.

As seen on the attached chart, ending stocks for 2015-16 are pegged ...

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