Grains are exploding after the latest USDA report
Grain futures soared on Tuesday after the US Department of Agriculture published its global demand and supply estimates for 2016/2017.
The most impressive jump was in Soybean futures, which rose by the most allowed by the Chicago Board Options Exchange, according to Bloomberg.
The USDA's projected drop in reserves was more than analysts had expected, and it sees inventories falling to a three-year low next year according to Bloomberg.
It projected soybean crush for 2016/17 at 1.915 million bushels, up 35 million from 2015/2016.
US wheat supplies were forecast to increase to a record 6% in the next two years, while wheat production was forecast to drop 3% year-on-year to 1.998 million bushels.
Corn futures rose 2% to as high as $3.77 per bushel.
Wheat futures also spiked after the report.
