Once a month USDA issues two reports on World Agriculture: One on Supply and Demand and one on Production. USDA does not make it easy to find these reports. It is probably because they are produced by two different parts of USDA and the arrangement may change a bit from time to time. 
I do not publish this article every month since it is difficult to prepare but this is a time of the year when the information is very relevant and important in terms of:A. How production may have been impacted by El Nino which is wet for the U.S. but dry for many parts of the World.B. How Supply and Demand might be impacted by Global Warming andC. The impact from and on the World GeoPolitical situation. 
In this article, I am presenting the summary of the World Supply and Demand Estimates. In a few days, I may publish an article on production which is a component of Supply. Supply takes into account changes in inventory. It is like the difference between a P&L and a balance sheet or as economists express it flows and stocks. People who rely on these reports understand the nuances. In this article, I am simply providing the summary of the WASDE report for July of this year.(Some will need to click on “Read More” to access the full article.)The full report can be accessed HERE. The following is the Summary. The full report contains a lot of additional information. Where I have comments they are in boxes.
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