Wheat is down the most, 421.00, down 12.25 cents:
Soybeans are up a half-percent, corn down a similar percentage.
From Progressive Farmer via KTIC Radio (West Point, Nebraska):
USDA Lowers Quarterly Crop Demand for Corn, Soybeans and Wheat
USDA on Friday tinkered with crop production for corn and soybeans, but the bigger number changes came in Quarterly Grain Stocks where usage in the first quarter of the 2017-18 crop year is down for corn, soybeans and wheat.
USDA lowered soybean production in the January Crop Production Annual Summary for the 2017-18 crop, lowering soybean production 34 million bushels to 4.39 billion bushels, still marking a record crop.USDA also slightly increased corn production, bumping up the 2017-18 crop by 26 million bushels to 14.6 billion bushels.USDA released the monthly World Agricultural Supply and Demand report, Quarterly Grain Stocks report, Crop Production and Winter Wheat Seedings reports.Friday’s new U.S. ending stocks estimates were neutral for corn and soybeans, but bearish for wheat, said DTN Analyst Todd Hultman. Dec. 1 U.S. grain stocks estimates were bearish for corn, slightly bullish for soybeans and neutral for wheat. World ending stocks estimates were bearish for corn and neutral for soybeans and wheat. The U.S. winter wheat seedings report is a neutral factor for wheat prices, Hultman said.For USDA’s full Crop Production, Crop Production Annual Summary, Quarterly Grain Stocks and Winter Wheat Seedings reports, visit: http://www.nass.usda.gov/…Quarterly Grain StocksQuarterly “disappearance,” or usage, for corn, soybeans and wheat are all below last year’s use for the 2017-18 crop so far, reflecting slightly lower demand in the first quarter for both crops then a year ago.Corn disappearance for September-November was 4.38 billion bushels compared to 4.5 billion bushels over the same period last year. Corn stored in all positions on Dec. 1 totaled 12.516 billion bushels, which came in slightly above pre-report expectations. On-farm storage totaled 7.74 billion bushels, up 2% from a year ago. Off-farm storage was pegged at 4.78 billion bushels, up slightly from last year....MORE
The Financial Times headline is a pithy "Corn and wheat futures drop after USDA report confirms supply glut".
Among the FT's other ag headlines today: "Australia’s marijuana growers hit record high ".