In its latest outlook, the U.S. Department of Agriculture lowered ending stocks for U.S. corn while increasing its estimates for the stockpiles of soybeans and wheat.

Released on March 8, the World Agricultural Supply and Demand Estimates (WASDE) report cut the American corn ending stocks for 2017-18 by 225 million bushels to 2.127 billion bushels. If realized, the agency said the stocks would be down from the prior marketing year. The USDA called for larger exports and increased corn usage for ethanol. Corn used to produce ethanol is raised 50 million bushels to 5.575 billion. Exports are raised 175 million bushels to 2.225 billion, reflecting U.S. price competitiveness, record-high outstanding sales, and reduced exports for Argentina.

According to the report, U.S. soybean supply and use changes for 2017/18 include higher crush, lower exports, and increased ending stocks compared with last month’s report. Soybean crush is raised 10 million bushels to 1.96 billion with increased soybean meal exports. Soybean exports are reduced 35 million bushels to 2.065 billion with increased production and exports for Brazil. Soybean stocks are projected at 555 million bushels, up 25 million from last month. With increased crush, soybean oil production is raised. An increase in food use is more than offset by lower biodiesel use.

U.S. wheat stocks are estimated at 1.034 billion bushels, an increase of 25 million from last month. Wheat exports are reduced by that same 25 million bushels on reduced price competitiveness in some international markets. The stockpiles of Soft Red Winter Wheat are 228 million bushels, unchanged from last month’s estimate.