The USDA made no changes to its ending stocks projections for U.S. corn, soybeans, and wheat. Most analysts were expecting modest month to month reductions for beans and corn, while wheat was expected to hold steady.
The USDA did tighten the global ending stocks outlook for soybeans, raising the production guess for Brazil while lowering the estimate for Argentina, increased the world carryout and production projections for corn, but left expectations for South American corn unchanged, and lowered world wheat ending stocks with increased feed and export demand cancelling out higher production.
