USDA forecast record global production for both rice and soybeans in its Dec. 10 World Agricultural Supply and Demand Estimates. Here’s more on the report:

Global rice crop a record

U.S. rice imports were lowered 1 million hundredweight (all in long-grain) to 21million hundredweight. Production is unchanged at 188.7 million hundredweight. Rice ending stocks at 30.2 million hundredweight are down 3 percent from a month ago.

Global rice production is projected at 470.6 million tons, still a record, but down 2.6 million from last month due primarily to lower forecasts for India and Thailand.

India’s 2013-14 rice crop was lowered 2 million tons to 103 million, still the third largest crop on record, due to the impact of torrential rains from a number of tropical cyclones and flooding in northeastern and southeastern regions. Thailand’s 2013-14 rice production is lowered 600,000 tons to 20.5 million, still a record, due to an expected decline in the dry-season or off-season rice crop. The Philippine rice crop is still a record, but was lowered less than 100,000 tons to 11.6 million due to the impact of a typhoon.

World rice ending stocks for 2013-14 are projected at 104.3 million tons, down 2.2 million from last month, and a decrease of 2.3 million from the year earlier.

Soybean ending stocks fall

Soybean production remains unchanged at 3.26 billion bushels. The estimate for soybean exports was increased 25 million bushels to 1.475 billion bushels.

Soybean ending stocks for 2013-14 are projected at 150 million bushels, down 20 million from last month.

Global soybean production is projected at a record 284.9 million tons, up 1.4 million due to increases for Argentina and Canada. Argentina production is projected at 54.5 million tons, up 1 million due to higher projected area.

Record corn in Canada

The estimate for U.S. corn production of nearly 14 billion bushels, is unchanged from the November estimate. U.S. corn use for 2013-14 is projected higher with increases for food, seed, and industrial use and for exports. Corn used in ethanol production is projected 50 million bushels higher reflecting the strong pace of weekly ethanol production since mid-October.

Corn exports were also projected 50 million bushels higher. Projected U.S. ending stocks were lowered 95 million bushels. With a record corn crop now estimated for Canada, additional quantities of Canadian corn are expected to find their way into the U.S. market.

Cotton crop declines slightly

Cotton production is estimated at 13.1 million bales, as decreases for the Southeast were mostly offset by increases in the Delta. The forecasts for domestic mill use, exports, and ending stocks also are unchanged.

Wheat supplies higher

Projected U.S. wheat supplies for 2013-14 were raised 10 million bushels this month on higher projected imports and record production. Projected ending stocks were raised 10 million bushels.

Global 2013-14 wheat supplies were raised 5.3 million tons to 887.3 million tons, up 32.1 million tons from last year, but 9 million tons below the record supplies of 2011-12. Global production for 2013-14 was raised 5 million tons.