Latest Updates: Related to Inflation

May WASDE Report Estimates Tight Supplies of Global Cereal and Feed Grains

  • The USDA’s May World Agricultural Supply and Demand Estimates (WASDE) report estimates tight supplies of global cereal and feed grains for marketing year (MY) 2022/23.
  • We focus on the USDA’s global corn and wheat supply and demand estimates which we believe are essential for formulating ideas about global trade flows, downstream pricing, and inflation expectations.
  • The USDA’s data confirms that a Ukraine driven global corn and regional wheat supply shock will persist.
  • Inside the data, we see a material corn supply gap developing in Africa and the Middle East which should exacerbate the region’s inflationary pressures.

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