Corn (CORN +2.6%) moves sharply higher after the latest USDA projection has corn ending stocks at just 1.631B bushels vs. trade expectations for 1.861B. The agency pegs production at 13.93B bushels - few had expected this number to come in below 14B.
The wheat (WEAT -4.2%) numbers are more bearish however, with ending stocks of 608M bushels vs. expectations of 557M. Winter wheat seedings, though, are less than expected - 41.892M acres vs. 43.501M.
Soybean (SOYB +0.1%) ending stocks of 150B bushels are about inline with expectations.