Turning to USDA ending stock numbers,

US corn ending stock came in at 1.44 billion bushels, that was slightly below what the trade was expecting and down 100 million bushels from last month.

Soybean ending stocks came in at 285 million bushels, that was above what the trade was expecting, and it was down 40 million bushels from last month. The trade was expecting a larger decline in soybean ending stock.

Wheat ending stock came in at 653 million bushels, that was up 5 million bushels from last month, the trade thought it would be down 15. So therefore, the wheat number was considered slightly negative.

World ending came in above expectations, world corn stocks at 301 were 1.4 million above trade expectations. Global soybean stocks at 90, 1.1 above the trade expectations and global wheat at 281.5, 3.5mmt above what the trade was expecting.

Bottom line world ending stocks did come in above expectations and considered lightly negative in todays report.