In Canada, the Global Renewable Fuels Alliance said that evidence from a recent World Agricultural Supply and Demand Estimates (WASDE) report stated that farmers globally will harvest the second largest corn crop on record in 2012. This same report concluded that the United States will harvest their eighth largest crop in its history despite a challenging 2012 growing season. In addition, Argentinean production is up more than 30% over last year, while Mexico increased output 19%, South Africa 17%, Canada 9%, and China 4%. Global grain supply is also expected to be the second-largest in history, totalling 2.71 billion metric tons in 2012/2013 with the European Union grain crop to be around average.
More background on the story from the Digest