The USDA raised the ending stocks projection for U.S. wheat, while lowering the estimate for soybeans and leaving corn unchanged on the month.
Wheat came out at 648 million bushels, up 20 million from January, with the USDA cutting expectations for food, seed, and export demand. The average estimated farm price for wheat is $7.30 per bushel, up $.15.
Soybeans are pegged at 325 million bushels, down 25 million following an increase in crush demand, possibly in response to a lower production estimate for Argentina, the world’s biggest exporter of soybean products.
