The USDA has lowered domestic ending stocks projections for corn and soybeans.

Corn ending stocks are seen at 1.502 billion bushels, larger than expected but still down 50 million on the month because of an increase in exports. Soybeans are pegged at 120 million bushels, close to pre-report estimates and 20 million less than last month, also on an increase in exports. The U.S. wheat balance sheet was unchanged from January, with ending stocks at 836 million bushels.

…