The latest World Agricultural Supply and Demand Estimates report has cut U-S wheat supplies for 2014-15.
The USDA has narrowed the season-average farm price forecast by 10 cents at both ends.
The season-average price is now expected to be between 5.65 and 6.15 a bushel.
Global wheat ending stocks are raised 0 point 3 million tons, mostly on higher stocks for the European Union.
U-S feed grain production estimates are lowered this month with lower corn, barley and oats output.
The department's corn production forecast has been cut by 68 million bushels from last month - but is still expected to be a record 14,407 million bushels.
The season-average farm corn price has been raised by 10 cents on each end to between 3.20 and 3.80 a bushel.
World corn ending stocks are projected to be 0 point 9 million tons higher.
The report says reduced U-S production is more than offset by increases in Mexico, Brazil, Ukraine, China and Argentina.
And U-S oilseed production is forecast to be up 0 point 9 million tons.
That includes an increase of 31 million bushels fore soybeans, based on higher yields.
The USDA now expects the season-average soybean price to range between 9 and 11 dollars a bushel.
Global ending oilseed stocks are now projected to hit 103 million tons - that's down from last month because of lower rapeseed stocks in Canada and Australia.
