The USDA has tightened the domestic balance sheets for soybeans and wheat. U.S. soybean ending stocks are projected at 425 million bushels, down 50 million from January, on an upward revision for exports, but the USDA cut the average price estimate by a quarter, down to $8.75 per bushel. Wheat ending stocks were lowered to 940 million bushels, also on a higher export guess, with the average farm price unchanged at $4.55 per bushel. Domestic corn ending stocks were unchanged at 1.9 billion bushels and the average price was steady at $3.75 per bushel.

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