Corn use for ethanol is projected 100 million bushels lower with higher expected corn prices and continued weakening in the outlook for U.S. gasoline consumption.

Projected global corn production for 2011-12 was lowered 5.9 million tons. World corn ending stocks are projected up 2.9 million tons.

Soybeans

Soybean production is forecast at 3.09 billion bushels, up 1 percent from August but down 7 percent from last year. Yields are expected to average 41.8 bushels per acre, up 0.4 bushel from last month but down 1.7 bushels from last year. Soybean ending stocks are projected at 165 million bushels, up 10 million. 

Wheat

Projected U.S. wheat ending stocks for 2011-12 were raised 90 million bushels this month. Imports were raised 10 million bushels with larger supplies in Canada.

Exports for 2011-12 are projected 75 million bushels lower with larger supplies and exports expected for Canada and the EU-27.

World wheat trade was raised slightly for 2011-12 with increased imports projected for the United States and Uzbekistan.

World wheat ending stocks for 2011-12 are projected 5.7 million tons higher at 194.6 million. At this level, global stocks would be up from 2010-11 and the second largest in the past decade.

Peanuts

USDA dropped estimated U.S. peanut yields from last month by 130 pounds per acre. Production, at 3.457 billion pounds, is a decline of 698 million pounds from last year.

Rice

U.S. rice production in 2011-12 is forecast at 190.9 million hundredweight, up 2.8 million from last month due entirely to an increase in yield. Harvested area is estimated at 2.62 million acres, down 20,000 acres. The average yield is estimated at a record 7,273 pounds per acre, up 159 pounds per acre from last month.

Long-grain production is estimated at 119.2 million hundredweight, down 4.9 million from last month, and the smallest crop since 1996-97. Combined medium- and short-grain production is estimated at a record 71.6 million, an increase of 7.7 million from last month.

Exports for 2011-12 are projected at 93 million hundredweight, down 4 million hundredweight from last month, and down 18.6 million from last year. All rice ending stocks for 2011-12 are projected at 38.3 million hundredweight, up 5.1 million from last month.

Global rice production is projected at a record 458.4 million tons, up 2.1 million tons from last month, primarily due to larger expected crops in Brazil, China, the Philippines, and the United States. Global ending stocks for 2011-12 are projected at 98.7 million tons, up 700,000 from last month, and the largest stocks since 2002-03.

erobinson@farmpress.com