The USDA has cut old crop U.S. corn ending stocks, while raising the outlook for soybeans.
Old crop corn ending stocks are seen at 1.107 billion bushels, down 150 million on the month due to increased demand for export and ethanol use. That pulled new crop corn ending stocks down to 1.357 billion bushels, with no other adjustments to the balance sheet.
Old crop soybean ending stocks came out at 135 million bushels, up 15 million, because of reduced domestic crush demand, which pushed the new crop ending stocks guess 15 million bushels higher to 155 million.
