- 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. wheat production for 2011-12 is forecast at 2.106 billion bushels, up 48 million from last month as higher winter wheat production and higher forecast yields for durum and other spring wheat more than offset lower estimated area.
World wheat production for 2011-12 is projected down 1.9 million tons with reductions in Canada, Ukraine, and Mexico, more than offsetting increases for the United States, Turkey, and EU-27.
Global wheat exports for 2011-12 are projected 2.4 million tons higher, mostly with higher expected exports from the United States and Russia.
Global 2011-12 wheat consumption was raised 3 million tons. Global ending stocks are projected 2.1 million tons lower with most of the decline expected in the Russia, Canada, and the United States.