Corn production: 1.5 bu./acre yield decrease outweighs a 2010 acreage increase 183,000.
Corn carryover is now dropped to 745 mil. bu. This is 87 mil. fewer than the December 2010 report.
This is a stock-to-use ratio of 5.5%, the lowest since 1995-96.
U.S. wheat ending stocks for 2010/11 are projected 40 million bushels lower this month as a reduction in expected feed and residual use is more than offset by higher projected exports.
Global 2010/11 wheat supplies are raised slightly this month as increased beginning stocks are mostly offset by lower foreign production.
World wheat imports and exports for 2010/11 are both raised slightly.
Global 2010/11 wheat consumption is projected 1.2 million tons lower, mostly reflecting reduced wheat feeding in EU-27, the United States, and Kazakhstan.