Compared to last week, cash bids for wheat and soybeans were mostly lower, while corn and sorghum were higher.  Weekly export sales were well above expectations with 73.1 million bu on corn and 92.2 million bu on soybeans as buyers extended coverage before any tariffs may be enacted. USDA lowered its estimate of U.S. ending stocks of corn from 2.352 billion bushels (bb) to 2.127 bb for 2017-18. The drop came from a 50 million bushel (mb) increase in the estimate of ethanol demand and a 175 mb increase in export demand.  USDA reduced its estimate of world ending soybean stocks from 98.1 million metric tons (mmt) to 94.4 mmt (3.5 bb), largely due to Argentina’s soybean crop going from 54.0 mmt to 47.0 mmt (1.7 bb).  The slow start to the Brazilian soybean harvest also benefitted U.S. export sales.  Wheat was from 17 1/2 cents lower to 15 cents higher.  Corn was 1/4 to 9 3/4 cents higher.  Sorghum was 11 to 53 cents higher. Soybeans were 3 1/2 to 12 cents lower.
Source: USDA-MO Dept of Ag Market News Service, St Joseph, MO