Grains are going absolutely nuts right now

Grain futures soared on Tuesday after the US Department of Agriculture published its global demand and supply estimates.

The most impressive jump was in Soybean futures, which rose the most allowed by the Chicago Board of Options Exchange, according to Bloomberg.

The USDA projected soybean crush for 2016/17 at 1.915 million bushels, up 35 million from 2015/2016.

US wheat supplies were forecast to increase 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, rising about 0.6%.

NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.