In the USDA’s monthly “World Agricultural Supply and Demand Estimates” report, corn ending stocks were projected 150 million bushels lower on an increase in U.S. exports.

“Reduced foreign export prospects also lower competition for U.S. corn in the world market,” the report said.

The report, released Monday, also raised season-average farm price for corn to $4.20 to $4.80 per bushel. Beginning stocks was unchanged from January’s report.

Globally, coarse grain supplies for 2013-2014 were projected 2.1 million tons above love month’s outlook with higher foreign beginning stocks and production. Coarse grain consumption and global corn imports were also raised.

The USDA also showed an increase in U.S. soybean supplies, increasing by 5 million bushels to 3.46 billion on higher project imports, mainly from Canada. Soybean exports were projected up 15 million bushels from last month, reflecting the record pace of shipments and sales through January.

While global imports are unchanged, increased export projections for the United States, Brazil, and Paraguay are offset by a reduction for Argentina. Higher U.S. soybean meal exports are offset by reduced domestic use, leaving soybean crush unchanged at 1.7 billion bushel,” the report said.

Soybean prices were above last month’s report, climbing to $11.96 to $13.45 per bushel.

Beginning stocks were left unchanged at 141 million bushels.

Read the full WASDE report here.