World Wheat Production at Record Levels

USDA lowered global wheat supplies by 2.2 million metric tons to 1.05 million tonnes. Global wheat production is projected at a record 798 million tonnes but lower carry-in projection from several countries more than offset the production increase. World Corn production is forecast to decline to 1.22 billion metric tons, partially offsetting larger production for South America, the E.U., China and Mexico. Global soybean production is forecast to increase 28.9 million tonnes on larger crops in South America, the United States and South Africa.