The USDA’s production reductions for corn and soybeans, along with lower beginning stocks, led to tighter 2020/21 ending stocks projections, especially for soybeans, which are now expected to fall below 300 million bushels following a boost in the export demand estimate, while wheat was down from September. The USDA’s corn for ethanol use guess was down on the month and exports were unchanged, even with the strong demand from China.

2020/21 U.S. wheat ending stocks are pegged at 2.096 billion bushels, compared to 2.086 billion in September and 2.089 million for 2019/20.

…