The April World Agricultural Supply and Demand report expects increases in soybean production and global soybean stocks.
Released by the U.S. Department of Agriculture Tuesday, the report raised global soybean production for the 2016-17 crop year by 5.18 million metric tons and boosted global soybean ending stocks by 4.59 million metric tons to 87.4 million.
For the U.S., soybean ending stocks are projected up 10 million bushels to 445 million.
Also in the report, USDA is forecasting increased corn usage for ethanol production, up 50 million bushels to 5.45 billion.
Global corn production was raised 4.52 million metric tons, and global ending stocks for corn were bumped up by 2.3 million metric tons to just under 223 million metric tons.
U.S. wheat ending stocks were raised 30 million bushels on lower feed and residual use, which more than offsets a slight import reduction.
At 1.15 billion bushels, ending stocks are projected to reach a near 30-year high.
Global wheat supplies were raised 1.7 million tons due to higher projected beginning stocks and a 0.3-million-ton increase in production.
