The USDA raised its domestic old crop corn and soybean ending stocks projections.
Corn ending stocks for the current marketing year are seen at 1.452 billion bushels, up 35 million on the month, with a reduction in imports canceled out by a cut in exports.
The old crop soybean carryover pegged at 230 million bushels, 15 million more than in May on a lower export guess.
Those adjustments to old crop corn and soybean stocks pushed new crop stocks higher, to 2.257 billion and 350 million bushels, respectively, with no other changes to the balance sheets.
U.S. soybean, corn, wheat stocks up on month
