As discussed in this blog earlier in the week, the National Ag Statistics Service doesn't change acreage until its Planted Acreage report late this month. However, the economists on the World Ag Outlook Board are free to change their assumptions, and they reduced U.S. corn plantings by 1.5 million acres and harvested area by 1.9 million to reflect flooding.

They left yield unchanged, leading to a still-record crop of 13.2 billion (down from estimated 13.5 in May).

China's corn production increased by 5 million tons for 2010 and 6 million for 2011, but its corn consumption for feeding and industrial use more than offset the higher expected production. Consumption rose 8 million and 13 million tons, respectively, reducing 2011-crop corn ending stocks 12 million to 51 million tons. China's coarse grain imports were actually trimmed a tad from 2.33 million tons in May to 2.13 million in the June estimate. That compares with 3.08 million for the 2010 crop.

The prolonged drought in France and, to some degree, German, the United Kingdom and Poland has reduced yields and led to a 7.1-million-ton reduction in EU-27 wheat output. World wheat production fell from 670 million tons to 664 (still the third highest on record), but ending stocks rose from 181 to 184 because of reduced expectations for world consumption, especially in the EU-27.

Bottom line: It's easy to focus on a number in a headline, but you really have to dig into these reports because often offsetting factors change the bottom line.