Market reaction

Ahead of USDA’s reports, corn futures were trading around a nickel lower, soybeans were 13 to 15 cents lower, wheat futures were mostly 3 to 6 cents higher and cotton futures were near unchanged.

In reaction to the reports, corn futures are up 20 to 24 cents, with soybeans up 8 to 11 cents. Winter wheat futures are posting gains ranging from 28 to 32 cents, with spring wheat up 16 to 19 cents. Cotton futures have soared 135 to 215 points. Cotton contracts have hit new contract highs, as have some winter wheat contracts.

Global production highlights

Argentina beans: 46.0 MMT for 2020-21; compares with 46.5 MMT in July
— 52.0 MMT for 2021-22; compares with 52.0 MMT in July

Brazil beans: 137.0 MMT for 2020-21; compares with 137.0 MMT in July
— 144.0 MMT for 2021-22; compares with 144.0 MMT in July

Argentina wheat: 17.65 MMT for 2020-21; compares with 17.63 MMT in July
— 20.5 MMT for 2021-22; compares with 20.5 MMT in July

Australia wheat: 33.0 MMT for 2020-21; compares with 33.0 MMT in July
— 30.0 MMT for 2021-22; compares with 28.5 MMT in July

China wheat: 134.25 MMT for 2020-21; compares with 134.25 MMT in July
— 136.0 MMT for 2021-22; compares with 136.0 MMT in July

Canada wheat: 35.18 MMT for 2020-21; compares with 35.18 MMT in July
— 24.0 MMT for 2021-22; compares with 31.5 MMT in July

EU wheat: 125.94 MMT for 2020-21; compares with 125.94 MMT in July
— 138.6 MMT for 2021-22; compares with 138.2 MMT in July

Russia wheat: 85.35 MMT for 2020-21; compares with 85.35 MMT in July
— 72.5 MMT for 2021-22; compares with 85.0 MMT in July

Ukraine wheat: 25.42 MMT for 2020-21; compares with 25.42 MMT in July
— 33.0 MMT for 2021-22; compares with 30.0 MMT in July

China corn: 260.67 MMT for 2020-21; compares with 260.67 MMT in July
— 268.0 MMT for 2021-22; compares with 268.0 MMT in July

Argentina corn: 48.5 MMT for 2020-21; compares with 48.5 MMT in July
— 51.0 MMT for 2021-22; compares with 51.0 MMT in July

Brazil corn: 87.0 MMT for 2020-21; compares with 93.0 MMT in July
— 118.0 MMT for 2021-22; compares with 118.0 MMT in July

Ukraine corn: 30.3 MMT for 2020-21; compares with 30.3 MMT in July
— 39.0 MMT for 2021-22; compares with 37.5 MMT in July

South Africa corn: 17.2 MMT for 2020-21; compares with 17.0 MMT in July
— 17.0 MMT for 2021-22; compares with 17.0 MMT in July

China cotton: 29.5 million bales for 2020-21; compares with 29.5 million bales in July
— 26.75 million bales for 2021-22; compares with 26.75 million bales in July