A DTN analyst says the USDA's world ending stocks estimates should be considered neutral to bearish for the corn market, neutral for soybeans and bearish for wheat.
Todd Hultman's comments follow the release of this month's World Agricultural Supply and Demand Estimates report.
That report set global ending wheat stocks 1 point 7 million tons higher than the March forecast - a record large number for wheat.
The USDA says supplies are rising and usage is declining world-wide.
Global ending corn stocks are bumped up 1 point 9 million tons from a month ago.
Lower ending stocks in China are expected to be more than offset by larger stocks in Japan, the U-S, Vietnam, Serbia and Argentina.
And global soybean ending stocks are nudged up by 0 point 2 million tons.
The USDA says gains for Argentina and China will be mostly offset with reductions for Brazil and the United States.
