The latest USDA World Agricultural Supply and Demand Estimates has been released, citing sharply lowered US production and supply estimates for both corn and soybeans. The reduction in US supplies is expected to impact global supplies and trade as well.
Global soybean production is projected at 267.2 million tons, a decrease of 3.9 million tons that can be attributed largely to lower production in the United States. US soybean exports for 2012/13 have been reduced 115 million bushels to 1.37 billion.
Corn estimates have been likewise cut, with US production prospects production reduced 1.8 billion bushels from June's estimates. Projected U.S. corn yield has been lowered to 146 bushels per acre due to the rapid decline in crop conditions since early June and the latest weather data.