The USDA has released its June World Agricultural Supply and Demand Estimates Report (WASDE).

Projected 2017/18 U.S. wheat production has slightly increased, while global wheat supplies are raised 2.8 million tons, primarily on higher forecast wheat production for Russia, which is up 2 million tons to 69 million.

Projected US corn production for 2017/18 is unchanged at 14,065 million.

Foreign corn ending stocks are lowered from last month, with reductions for Canada, the EU and Russia more than offsetting increases for South Africa and Ukraine.

Soybean ending stocks for 2017/18 are raised 15 million bushels to 495 million.

The larger beginning stocks combined with a 0.5-million-ton reduction to Argentina soybean exports in 2017/18 results in a 3.4-million-ton increase to 92.2 million to global soybean stocks at the end of the 2017/18 marketing year.