7月USDA农产品报告下调全球玉米、水稻、小麦产量，上调大豆产量

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The July report indicates a downward adjustment in global corn, rice, and wheat production for 2025/2026, while soybean production is projected to increase [12] - The USDA's report highlights a reduction in corn production due to a decrease in harvested area in the United States, while an increase in soybean production is attributed to expanded harvested area in Ukraine [12][22] - The report also notes that wheat production is down due to reduced harvested areas in Russia and Mexico, as well as declines in Canada [34][35] - Rice production is expected to decrease due to a reduction in harvested area in the United States [51] Summary by Relevant Sections Corn - The global corn production for 2025/2026 is adjusted down by 2.32 million tons to 126.4 million tons, with a corresponding decrease in consumption [13] - The USDA forecasts a reduction in U.S. corn production to 39.9 million tons, down by 2.92 million tons from the previous report [13] Soybean - Global soybean production for 2025/2026 is projected to increase by 0.86 million tons to 42.8 million tons, with domestic consumption also rising [22] - The USDA reports an increase in soybean production in Ukraine, with an expected output of 7.6 million tons, up by 1 million tons from the previous forecast [22] Wheat - The global wheat production for 2025/2026 is adjusted down by 40,000 tons to 80.9 million tons, while consumption is expected to rise [34] - The report indicates that wheat production in Russia is projected to be 23 million tons, down by 1 million tons from the previous report due to farmers switching to other crops [35] Rice - Global rice production for 2025/2026 is adjusted down by 310,000 tons to 54.1 million tons, while consumption is expected to increase by 550,000 tons [51] - The USDA forecasts a decrease in U.S. rice production to 6.51 million tons, down by 300,000 tons from the previous report [51]