In its supply/demand report, USDA put new-crop corn ending stocks at just over two billion bushels. That compares to trade expectations of nearly 1.6 billon. Corn exports were reduced in this report based on the current export pace. U.S. soybean ending stocks are estimated at 795 million bushels, which is below trade expectations of 816 million. New crop wheat ending stocks are at one billion bushels, which is just under the average trade guess. World ending stocks for all three crops was in line with trade expectations. The seasonal average corn price was dropped a dime from last month at $3.70 per bushel. For soybeans, USDA forecasts the price at $8.40 a bushel, up 15 cents from last month. The wheat price was put at $5.20 a bushel, ten cents higher than last month.
