Soybean ending stocks were seen at 530 million bushels, USDA said, up from the government’s January outlook for 470 million bushels. The government lowered its U.S. soy export forecast to 2.100 billion bushels from 2.160 billion bushels.
USDA also raised its U.S. wheat ending stocks view to 1.009 billion bushels from 989 million bushels due to lower exports. Wheat exports were put at 950 million bushels compared to 975 million bushels in January.
Corn ending stocks for the 2017/18 marketing year at 2.352 billion bushels, down from its January estimate of 2.477 billion bushels.
Soybean exports were left unchanged for Argentina, at 8.50 million tonnes, despite the smaller harvest view. The Brazilian soybean export outlook was raised by 2 million tonnes to 69 million tonnes.
Buenos Aires Grains Exchange reduced its estimate for Arg soybeans to 50 million tonnes from previous forecast of 51 million tonnes.