Corn-for-ethanol was raised 100 million bushels with record October ethanol production due to favorable ethanol producer margins. Higher ethanol exports and lower imports are also expected to add to corn use for ethanol with high sugar prices limiting the availability of ethanol from Brazil.

Corn ending stocks for 2010-11 are projected 75 million bushels lower at 827 million bushels, the lowest since 1995-96.

Global corn production was reduced 1.1 million tons due to declines in U.S. production. Projected corn production for China was raised 2 million tons based on area increases.

Global corn ending stocks were lowered 3.2 million tons to 129.2 million tons, the lowest since 2006-07, the first year of the rapid expansion in U.S. ethanol production and use.


U.S. soybean production is forecast at 3.375 billion bushels, down 33 million bushels from last month. Soybean yield is projected at 43.9 bushels per acre, down half a bushel from the previous estimate. Projected soybean exports were raised 50 million bushels to a record 1.57 billion due to increased global import demand and a record sales pace, especially to China. Soybean ending stocks are projected at 185 million bushels, down 80 million from last month.

Global soybean production was projected higher with increases for Brazil, Argentina, India, and South Africa. Projected Argentina soybean production was raised 2 million tons to 52 million due to increased area. Brazil soybean production is projected at 67.5 million tons, up 500,000 hundredweight from last month.


U.S. wheat ending stocks for 2010-11 were projected 5 million bushels lower this month. Imports were raised 10 million bushels. World production was raised 1.5 million tons for 2010-11. Global wheat consumption for 2010-11 was raised 2.5 million tons. Global ending stocks for 2010-11 were projected 2.2 million tons lower with the largest reduction for China.