There weren’t many surprises in the U.S. Department of Agriculture’s (USDA) World Agriculture Supply and Demand Estimates (WASDE) report last week.

The USDA raised old-crop inventories 15 million bushels to 450 million bushels. Pre-report estimates had the old-crop soybean inventories at 433 million bushels, Successful Farming re­­ported. The new-crop soybean carryout was forecast at 495 million bushels, higher than both the pre-report estimate at 485 million bushels and the May estimate at 480 million bushels.

Ending soybeans stocks for 2017-2018 were raised 15 million bushels to 495 million. Price forecasts, at $8.30 to $10.30 per bushel, for 2017-2018 were un­­changed this month.

Corn stocks for 2016-2017 were unchanged from last month’s projection at 2.295 billion...