The USDA has lowered the U.S. ending stocks estimate for corn.
The department cut the carryover outlook by 150 million bushels to 1.352 billion on increased expectations for feed, ethanol, and export demand. Ahead of the report, the average estimate was 1.346 billion bushels.
Wheat ending stocks were up modestly at 852 million bushels with a lower feed use guess canceling out a cut in imports. Analysts were expecting U.S. wheat ending stocks to be around 849 million bushels.
