The USDA lowered new crop ending stocks projections for corn and soybeans.
The corn carryout for the current marketing year is expected to be about 2.503 billion bushels, down 253 million from August following a cut to the production estimate and an increase for exports, which canceled out a decline in the ethanol use guess and higher beginning stocks. The average farm price is estimated at $3.50 per bushel, compared to $3.10 a month ago and $3.60 for the recently ended marketing year.
