USDA is projecting smaller crops for cotton, rice and soybeans and bigger production for corn.
Cotton's reduction in estimated production is accompanied by an expected decline in exports, due to weakening demand.
World cotton stocks are recovering from the tight situation of the last two years, but the stocks to use ratio is still the lowest in 15 years.
Rice production for 2011-12 was lowered 6 percent to 187 million hundredweight due entirely to a reduction in acreage. Harvested area for 2011-12 was lowered 185,000 acres to 2.65 million. Area in 2011-12 is the lowest since 1987-88, and the crop size would be the lowest since 1997-98.
Total use for 2011-12 was lowered 5 million hundredweight to 227 million due to lower exports of long grain rice. Ending stocks for 2011-12 are projected at 29.6 million hundredweight, down 12.5 million, or 30 percent from a month ago, and 21 million, or 42 percent below 2010-11.
Global rice production is projected at a record 456.3 million tons. Global exports in 2011-12 were lowered slightly due mostly to an expected decline in U.S. exports. Global consumption in 2011-12 was lowered 1.7 million tons. World ending stocks for 2011-12 are projected at 96.3 million tons, up 1.4 million from last month, and nearly the same as the previous year.