The United States Department of Agriculture (USDA) has released its latest World Agricultural Supply and Demand Estimates (WASDE) report.

U.S. wheat production for 2017/18 is projected at 1,820 million bushels, down nearly 500 million bushels from the prior year.

Total global wheat production is projected at 737.8 million tons, the second highest total on record.

The U.S. corn crop is projected at 14.1 billion bushels, down from last year’s record high with a lower forecast area and yield.

Global corn production is forecast down from a year ago, with the largest declines in china and the United States.

The U.S. soybean crop is projected at 4,255 million bushels, down 52 million from last year’s record crop.

Global oilseed production is projected at 572.1 million tons, up 6.0 million from 2016/17.