The USDA released its October supply/demand numbers this morning.

Corn ending stocks are estimated at 866 million bushels, up from 672 million in September, and within the range of 646 to 989 expected by analysts. The average corn yield was left unchanged at 148.1 bushels per acre.

Soybean supplies are pegged at 160 million bushels, down slightly from 165 million in the September report, and on the lower end of the 153 to 255 million bushel range that the trade was expecting.

U.S. wheat ending stocks are estimated at 837 million bushels, up from 761 in September. Analysts were expecting smaller wheat supplies, in the range of 663 to 805 million bushels. Global wheat supply projections have also increased, due to higher production in Canada, Australia, the EU, Kazkhstan and South Africa.