The latest USDA World Agricultural Supply and Demand Estimates (WASDE) report has projected U.S. and global wheat stocks trending slightly higher. The outlook for corn has exports trending higher, along with reduced stocks. And soybeans face increased stocks amid lower exports.
Futures were little changed Thursday, following release of a USDA report that had something for both bulls and bears.
The government cut its forecast of corn ending stocks by 125 million bushels due to stronger exports, though at 2.352 billion bushels, carryout would still be large. Soybean stocks went up 60 million bushels, more than expected, due to weaker exports.
Wheat inventories also climbed, rising 20 million bushels thanks to weak exports.
USDA cut its forecast of Argentine corn production more than expected, and also trimmed soybean output in the drought-hit country.