Compared to last week, cash bids for corn, sorghum, and soybeans were higher, while wheat was mixed.  USDA lowered its estimate of U.S. ending corn stocks from 1.813 billion to 1.736 billion bushels (bb), based on a lower yield of 178.9 bushels per acre (bpa), but increased its estimate of world ending corn stocks from 159.4 million to 307.51 million metric tons (mmt) after a Chinese revison.  USDA increased its estimate of U.S. ending soybean stocks from 885 million to 955 million bushels (mb), more than expected after cutting the export estimate by 160 mb to 1.900 bb. The production estimate was reduced from 4.69 bb to 4.60 bb, based on a lower yield estimate of 52.1 bpa.  USDA also increased its estimate of world ending soybean stocks from 110.0 mmt to 112.08 mmt.  USDA reduced its estimate of ending wheat stocks slightly, from 956 mb to 949 mb.  However, wheat exports were left unchanged. USDA increased its estimate of world ending wheat stocks from 260.2 mmt to 266.71 mmt.  Overall, world wheat production is expected to be down four percent in 2018-19 and world ending stocks are expected to be down a little more than four percent.  Wheat was from four cents lower to 13 cents higher.  Corn was 4 3/4 to 17 cents higher.  Sorghum was 11 to 39 cents higher.  Soybeans were 10 to 20 cents higher.
Source: USDA-MO Dept of Ag Market News Service, St. Joseph, Mo.