USDA expects larger corn stocks remaining from the 2018-19 crop season. The agency pegged U.S. corn ending stocks at 2.035 billion bushels (bb), up from the 1.835 bb predicted by USDA in early March.
Soybean ending stocks were actually trimmed slightly, to 895 million bushels (mb), down from 900 mb last month.
USDA also boosted South American production corn and soybean production slightly, based on reports of good weather.
These numbers and more were released by USDA on Tuesday in the agency's monthly World Agricultural Supply and Demand Estimates (WASDE).
Tuesday's new U.S. ending stocks estimates were neutral for corn, soybeans and wheat, said DTN Lead Analyst Todd Hultman. World ending stocks estimates from USDA were bearish for corn and wheat and neutral for soybeans, he said.