The USDA says American ending wheat stocks will be higher than forecast a month ago while global supplies will be lower.
The department raised it's U-S ending stocks by 55 million bushels, citing expected record high winter wheat yields as one of the major reasons for the change.
It's season-average farm price for wheat has been lowered 20 cents a bushel at the midpoint to a projected range of $3.40 to $4.20.
Global wheat stocks are lowered 4 point 1 million tons, but remain record high.
U-S corn stocks are raised by 73 million bushels with the season-average American corn price down 10 cents to from $3.10 to $3.70 a bushel.
Global corn ending stocks are projected to be 3 point 3 million tons higher than last month's forecast - mostly on a 2 point 1 million ton increase for China.
And the USDA has bumped up it's U-S soybean ending stocks by 30 million from last month but left it's forecast average price unchanged at $8.75-$10.25 a bushel.
The World Agricultural Supply and Demands Estimate report puts global oilseed ending stocks up 1 million tons, with higher soybean, rapeseed and sunflowerseed stocks only partly offset by lower peanut stocks.
