USDA released new supply/demand estimates on Friday morning, February 9. Corn ending stocks for 2006-07 were left unchanged at 752 million bushels while trade expectations were for a 10 million bushel increase. The world carryout number was raised 1.51 million tonnes to 87.95 million, with Argentine production raised 2 million tonnes to 21 million and Brazil production increased by 4 million tonnes to 46 million.

Soybean ending stocks for 2006-07 were raised 20 million bushels to 595 million. The new estimate was above the average analyst guess of 569 million. USDA's world soybean carryover estimate jumped to 57.4 million tonnes from 56.15 million tonnes last month. USDA kept its production estimate for Brazil unchanged at 56 million, but Argentina was raised to 44 million tonnes from 42.5 million last month.

The USDA wheat ending stocks number for 2006-07 was left unchanged at 472 million bushels. World wheat carryout stocks were trimmed by 1 million tonnes as increased usage outweighed a bigger production number. World wheat production was raised 1.3 million tonnes.