May wheat opened 5 cents higher on the day at 504 and established an early range of 491 3/4 to 504. After opening above yesterday's high, May wheat sold off to near yesterday's lows. This was accompanied by selling in soybeans and meal and traders said that spreaders were also sellers in wheat versus buying in corn. This follows a USDA supply/demand report that was viewed by the trade as slightly negative. The USDA raised its projection of US all-wheat ending stocks to 981 million bushels from 976 last month. Traders had been looking for a decline of about 2 million bushels. The increase was the result of an upward revision of US wheat imports by 5 million bushels. The USDA raised soft red wheat (Chicago wheat) ending stocks to 203 million bushels from 196 million last week. On the world report, ending stocks were raised fractionally to 195.86 million tonnes from 195.60 last month. World production was increased marginally to 677.44 million tonnes versus 676.13 million last month. This was mainly due to a 1 million tonne increase in the Argentine wheat crop to 9.0 million tonnes from 8 million last month.