The USDA released its February world agricultural supply and demand estimates report on Thursday.

U-S 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.

Dan Basse, president of ag resource company, talked about what we saw out of Brazil and Argentina. "Out of the Corn and Soybeans from Brazil, the Brazilian corn estimate was left unchanged at 86.5 million metric tonnes and

Argentina 36.5 million metric tonnes. That's a record for Argentina, so no change either there.  World corn stock came down 3 million metric tonnes to 217 so a slight decrease," Basse said.