"Searing droughts in the United States and Russia will deplete harvests of wheat, corn and soybeans, the U.S. government said on Wednesday, but global food supplies were not hurt as badly as many had feared."
"With the U.S. harvest off to a fast start, the Agriculture Department said the country's corn crop would be the smallest in six years and the soybean crop would be the smallest in nine years. But even though USDA lowered its crop estimates for the United States and Russia, they are bigger than expected.
USDA's estimates of the corn and soybean stockpiles at the end of this marketing year were also larger than traders expected. One factor: high corn prices have prompted cutbacks in livestock production, reducing demand for feed and keeping more corn in stockpiles."