The USDA released its February World Agricultural Supply and Demand Estimates report (WASDE) on Thursday.
US 2016/17 corn ending stocks were pegged at 2.32 billion bushels, which was just slightly below trade expectations.
For soybeans, 2016/17 ending stocks were above trade expectations at 420 million bushels, while wheat ending stocks are estimated at 1.139 billion bushels.
On the world stage, the USDA sees 2016/17 Brazil corn production at 86.5 million metric tons, with the average trade estimate coming in at 87.05 million metric tons.
Brazil's soybean production is slightly below trade expectations at 104 million metric tons.
Corn production in Argentina is being pegged at 36.5 million metric tons versus the average trade estimate of 35.78 million metric tons.
Argentina's 2016/17 soybean production is estimated at 55.5 million metric tons, above the trade expectation of 54.54 million metric tons.