USDA lowered global corn production 9.3 million tonnes in the January Supply and Demand report to 1,438 million metric tons. The crop declines in Argentina and Brazil will more than offset increased production in China and India. USDA lowered global soybean production 1.3 million tonnes to 84.3 million with lower production in Argentina and the U.S. being partly offset by higher production in China. The global wheat outlook is also for smaller supplies. USDA lowered global wheat stocks by 1.6 million tonnes to 1,073 million tonnes on reduced production in China and Argentina more than offsetting an increase in Russian production.
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