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.
Oilseed production is down 1.2% at 100.5 million tons.
Soybean production is estimated at 3.329 bil. bu., down 46 mil. bu.
Lower yield and reduced harvested acreage are to blame.
Livestock, Poultry and Dairy
The estimate of 2010 red meat and poultry production is raised from last month, reflecting higher production of beef, pork, broilers, and turkey.
The forecast of production for 2011 is also raised for beef and broilers, but lowered for pork.
The milk production estimate for 2010 and forecast for 2011 are unchanged from last month.
Ending stocks for 2010 are reduced due to expected low stocks of butter and nonfat dry milk (NDM) at the end of the year.