Despite the severe drought in South America, world wheat stocks have grown to record amounts this year, corn stocks are larger than expected, and India will also have a record rice crop. Brazil and Argentina both have lowered soybean harvest forecasts, both 2 million tonnes lower than the January estimate, thus bolstering US sales.
http://www.canadiancattlemen.ca/news/record-wheat-stocks-offset-south-american-drought/1000894325/
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