The USDA has increased ending stocks projections for U.S. corn, soybeans, and wheat modestly.
Corn ending stocks are expected be 1.267 billion bushels, 25 million more than in January on a reduction in the ethanol use estimate, while leaving the average estimated farm price unchanged at $6.70 per bushel.
Soybeans are seen at 225 million bushels, 15 million higher than a month ago due to a lower crush use guess, which also lowered the soybean meal and oil production projections.
