CROPS

The big USDA report last Friday brought only a little news for wheat markets.

Ending stocks of all wheat in the U.S. are expected to total 825 million bushels, a downward revision of 20 million from the previous official monthly projection.

This was considered mildly supportive for wheat prices, especially next to the lower global wheat supply estimate for the year, which was given to be 209.58 million metric tonnes, some 3.52 million tonnes lower than the previous month's figure, which was itself a record high 213.1 million.

Although for many these figures may be stunningly useless, having no...