Corn - No change to production will be made this month. We expect USDA to lower demand moderately on this report, exports and ethanol, with further declines reserved for the January report. Argentina corn production is estimated at 26 million tonnes (USDA 28 mt) and Brazil corn is left equal to USDA's 70 mt.
Soybeans - No change to production will be made this month. Though the trade knows demand will fall sharply in the coming months, for now the pace is better than USDA expectations. Argentina soybean production is lowered to 53 million tonnes (USDA 55 mt) while Brazil is left equal with USDA's latest 81 mt expectation.
Wheat - Though exports are seen picking up in the coming weeks, the increase needed to meet USDA hopes is seen unreasonable. Part of the expected increase in US wheat ending stocks is seen by offsets in Argentina (11.0 mt) and Australia (20.0 mt) production.