This month’s World Agricultural Supply and Demand Estimates (WASDE) report from the USDA proved slightly bearish for corn and soybeans and neutral for wheat. Brazil’s corn estimates were cut by a whopping 3 million metric tons while U.S. production forecasts held steady at 15.342 billion bushels with the same yield as last month’s report of 177.3 bushels per acre.

Soybean ending stocks for the 2023-24 marketing year were increased to 315 million bushels, 35 million higher than last month due to a 35-million bushel cut to export estimates. Meanwhile, wheat estimates increased to 658 million bushels from 648 last month while exports were unchanged at 725 million bushels.

Read more from the latest WASDE report here.