USDA’s July Supply and Demand Report was mixed. The agency projected lower than expected corn ending stocks at 1.701 billion bushels for old crop and 2.08 billion bushels in the new crop carryover. Jack Scoville with The PRICE Futures Group says domestic corn stocks came in close to last month.

However, he says many projections for new crop corn carryover were much higher than USDA’s actual as they were working in the larger acreage figure of 94.2 million acre from the June Acreage report. He also thinks a 7.5 million metric ton drop in Brazil corn production was constructive.

U.S. soybean ending stocks came in slightly lower on the old crop category at 350 million bushel, down 20 million from June. New crop carryover was 20 million bushels above June at 290 million bushel, but in line with estimate.

Scoville says U.S. wheat production and ending stocks were bearish, but USDA lowered world ending stocks for the 16/17 marketing year by over 4 million metric tons, which was positive.

He says the lower world wheat carryout reflects higher feed wheat demand.