Even with some spring planting yet to go the USDA put out its estimates for the grain ending stocks of the 2006-2007 crop year.
With fewer U.S. acres in production and a projected reduction in exports, world wheat stocks are expected to be lower than last year at 128 million metric tons -- about 15 million below the previous year's number.
With a prediction of decreased feed grain supplies and the expectation of more corn going for ethanol, USDA estimates that ending stocks will hit 1.1 billion bushels. That's about half of last year.
And increased U.S. acreage and higher exports due to a smaller Brazilian crop, led USDA to peg world wide soybean ending stocks at 650 million bushels -- about 30 million bushels below the average market estimate.