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WASDE for February raised exports and lowered ending stocks for both corn and soybeans.

Chicago wheat futures hit a two-month low on Tuesday, pressured by improving U.S. winter wheat crop ratings, strong export competition and rising estimates of Australia’s harvest, analysts said.

January soybeans were up 6 cents at $11.75-3/4 a bushel after peaking earlier at $11.89-3/4, the highest for a most-active contract since June 13, 2016.

The drastic shift in prices from planting to harvest likely has farmers thinking a little differently about next year’s strategy than perhaps they expected.

January’s Crop Production and Stocks reports from USDA raised a number of questions about big shifts in production projections. NASS Crops Chief Lance Honig addressed those questions on AgriTalk.

USDA’s June Grain Stocks report shows 2.12 billion bushels of corn are currently being stored on farm, up 22% from a year ago. On-farm soybean storage is up 51%.

But for FY 2017, the ag trade surplus is up notably from year-ago.

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