The USDA has increased its U.S. corn and soybean ending stocks estimates, while tightening the balance sheet for wheat.
Wheat ending stocks for the current marketing year are now seen at 571 million bushels, 5 million less than in October following an upward revision for food use against a slight cut in seed use. The average farm price for wheat is estimated at $9.20 per bushel, steady on the month and potentially up $1.57 from last marketing year.
