Study tracks global commodity production

Production variability affects the prices for corn, soybeans and wheat each year, and the production average can change significantly.

The University of Illinois at Urbana-Champaign grouped geographically similar countries that account for 10 percent or more of production of the crop. The groups are broad – North America, Europe, Asia, South America and former Soviet Union countries.

Canada and the United States account for the most corn production within the groups and the European Union produces the least. In 2014, the United States produced 97 percent of the corn produced for Canada and the U.S grouping, while 90 percent of the China-India corn production and variability was lowest in China-India.

South America produced 52 percent of the world's soybeans and the United States and Canada produced about a third. China-India produces only 15 percent. Despite the large difference between the three, the variability is about equal.

Finally, wheat production is quite spread out, as the China-India and European Union groups produced 50 percent of the world's supply in 2014. Variability for wheat production is smallest in China-India, and variability for wheat production is quite a bit higher in the former Soviet Union countries.

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