Corn and beans were mostly unchanged overnight while wheat found modest support on a 3-cent improvement.
On Monday, the USDA trimmed its forecast for domestic soybean stocks by 5 MB to 145 MB for the close of 2013-14, a smidgen smaller than analysts had expected but, with the export number upgraded, this factored in downgrade to the domestic crush, which may imply some price rationing required. And it is not exactly certain that even this export number, at 41.6 MMT might not require further upward revision given that the US has already sold 44.27 MMT for 2013-14.
For corn, there was some bearish talk remaining about Wasde revisions to corn too. USDA increased world corn ending stocks by some 1.2 MMT to 158.5 MMT more than the market had expected. And there were no changes to Brazilian or Argentinean corn production forecasts. Furthermore, US corn export projections were not raised by much as feared. Still, the latest weekly US corn export data, at 934,000 MT, exceeded handsomely the 893,000 a week needed to meet the upgraded estimate for 2013-14, of 41.3 MMT.
For wheat, latest weekly exports, at 429,081 MMT where below the expected 475,000-600,000. Russian wheat exports continue to discount French offers, which are in turn still carrying a discount to nearby US soft red winter wheat.