- USDA is projecting smaller crops for cotton, rice and soybeans and bigger production for corn.
- Cotton's reduction in estimated production is accompanied by an expected decline in exports, due to weakening demand.
- World cotton stocks are recovering from the tight situation of the last two years, but the stocks to use ratio is still the lowest in 15 years.
U.S. soybean production is projected at 3.225 billion bushels, down 60 million due to reduced harvested area. Harvested area, estimated at 74.3 million acres, is 1.4 million below the June projection. Soybean yield is projected at 43.4 bushels per acre, unchanged from last month.
Exports for 2011-12 were reduced 25 million bushels to 1.495 billion reflecting lower U.S. supplies, increased supplies in South America this fall, and reduced global imports. U.S. soybean ending stocks are projected at 175 million bushels, down 15 million.
Global soybean production is projected at 261.5 million tons, down 1.3 million mostly due to lower production in the United States.