The USDA now says global wheat ending stocks are going to be 1 point 2 million tons lower than forecast a month ago.
However, the department says that's still a record number.
The latest World Supply And Demand Estimates Report boosted global coarse grain, including corn, stocks by 24 point 3 million tons and cut global oilseed stocks, including soybeans by 2 point 2 million tons.
The USDA says more than half ot he world's 2015-16 corn ending stocks are expected to be held in China.
The report has cut the price the department expects U-S farmers to get for their corn and soybeans and narrowed the range for wheat prices.
The USDA expects the 2015-16 season-average wheat price to be 4.80 to 5.20 a bushel - corn between 3.35 and 3.95 a bushel - and soybeans between 8.15 and 9.65 a bushel.
That's down 15 cents for corn, 25 cents for soybeans, and narrowed by 5 cents on both ends for wheat.
