The USDA lowered 2022 and 2023 world corn ending stocks by 1.4 percent from one year ago to 305 million metric tons reflecting reductions for Ukraine, the U.S., European Union and China. Global soybean production is estimated at 647 million tonnes. That is up 50 million tonnes from last year when drought impacted the South American crop. Brazil’s production is expected to be up 24 million tonnes. Global wheat stocks are expected to be down five percent from last year at 267 million metric tons and would be the lowest in six years.
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