Carryover estimated at 814 million bushels.

Global ending stocks estimated at 202.4 million tonnes.

Total production forecast at 1.505 billion bushels.

Production forecast of 718.93 million tonnes is second highest on record.

Total of 793 million bushels is well above the average trade expectation.

First official USDA projection of the season was above the average of pre-report trade forecasts.

Forecast is down 7 million bushels to 684 million bushels.

Wheat stocks are up 6%, corn is up 11% and soybeans are up 34%.

Soybeans are up 1% while corn and wheat are down.

New outlook now calls for carryover of 692 million bushels.