The USDA released its US Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports on Thursday.

Dan Basse, president of Chicago's AgResource Company, talked about the biggest surprise he saw in the report.

"I think the biggest shock maybe came in the drop in soybean end stocks because of lower yield and lower harvested acreage in the US," he said. "I think the world has plenty of beans, the market place is unlikely to break out of the ranges that globally we've been seeing going all the way back to September. It really means that as we think about prices down the road, we need adverse weather if you're going to change the overall profile of price or you need about a sharp 20 per cent drop in the value of the US dollar. Both of those would get some excitement back here in the Chicago market."

Globally soybean production is lowered 0.2 million tons as increases for Brazil and China are offset by declines in Bolivia, Uruguay, and the United States.

The US 2016/17 all wheat ending stocks were raised and projected to reach the highest level since the late 1980's. Global wheat ending stocks increased 1.2 million tons to a new record of 253.3 million.

Foreign corn ending stocks are virtually unchanged from last month, with reductions for Indonesia, Mexico, and the EU offset by an increase for Canada.

"The corn report was a little disappointing by about a hundred million bushels on feed residual usage, 2.26 billion bushels consumed on a total basis in the United States, that was seen as a little negative," said Basse. "The USDA made a cut of 50 million bushels in their feed residual category. They also cut corn yield about 7/10ths of a bushel from where it was estimated...that supported a modest rally in corn."