USDA lowered global wheat supplies by three million tonnes in Friday’s Supply and Demand report to 270.5 million tonnes. That’s down three percent from last year. Global corn production was lowered slightly to 1.4 billion tonnes with Brazil’s production unchanged. Global corn ending stocks are placed at 308.5 million tonnes, down 1.3 million tonnes from last month’s estimate. Global soybean production was reduced 900,000 tonnes to 360 million tonnes. However, global ending stocks are higher than February’s estimate on lower crush primarily in China. Global soybean ending stocks are at 107.2 million tonnes.
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