Brazil will probably import around 500,000 metric tons of U.S. wheat in 2016-17 (Sep-Aug), down from a record 2 million metric tons in 2014, amid an expected recovery in Argentine production and the promise of a good local crop.
Canada's estimated all-wheat production of 30.5 mmt would be one of the largest all-wheat crops produced in the country. Combined with U.S. data, the North American stocks/use ratio is similar to the weak global ratio.
The debate over the exact nature of meat demand has intensified in recent months thanks to the falling price of meat counter beef on one hand and the stubbornly firm price of menu entrees on the other.
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