Results of USDA's Most Recent Crop Production and WASDE Reports

On Tuesday - even though the federal government in Washington D.C. was closed due to stormy weather -- the USDA was open and released their newest's Crop Production and World Agricultural Supply and Demand Estimates Reports.

The USDA opted to leave the U.S. exports unchanged. Both U.S. and Global ending wheat stocks were pushed higher. U.S. ending stocks were raised by 10 million metric tons. Global wheat supplies were raised by 5.3 million tons to 887.3 million. That is up 32.1 million tons. Both Canada and Australia's increase in wheat production this year having impacted the increased supply number.

USDA Chief Economist Joe Glauber shares

Glauber: "Pretty small changes on wheat. I think the only thing we really changed is we increased our import number a little bit. That gives us an ending stock number abound 575 million bushels. The season average price for wheat is now projected at $6.90 that is down marginally from what we were carrying last month."

The reason for the slight reduction Glauber says is due to more wheat being imported from Canada and more competition worldwide.

Corn was also down a dime as well on average prices at $4.40 a bushel. Glauber adds that this year has been remarkable for most worldwide crop production.

Glauber: "World grain crops wheat rice and corn are all at record levels. Soybeans are also at record levels."