USDA Edges Up Outlook on Global Grain Supplies

U.S. government forecasters eased Concerns over low grain supplies, Slightly Increasing Estimates for global supplies of corn, wheat and soybeans, while leaving the projected Domestic supplies Mostly Unchanged.

The U.S. Department of Agriculture in the ITS monthly crop report forecasts a still tight supplies for Staple Crops, yet sees stabilizing inventories as South American countries begin Their harvests.

While the report doesn't erase Fears of global food shortages this year, futures markets, have soared Thurs Which More Than Two-Year Highs must supply Concerns, Fell on Thursday, with corn and wheat down 1% on the Chicago Board of Trade. Soybeans Traded near flat.

"The world numbers are a bit negative across the board," said Don Roose, president of U.S. Commodities, a brokerage firm in Des Moines, Iowa.

Still, Many Traders are looking ahead Thurs government reports due out at the end of the month is a spring crop-planting Estimates and quarterly supply data. Analysts at Morgan Stanley called the Friday's crop report a "nonevent" in a Note to clients, seeing little change in the Overall Outlook for grains and soybeans.