The USDA raised new crop U.S. corn and soybean ending stocks estimates due to higher production projections, but the department did increase outlooks for some key demand components.
Corn ending stocks are seen at 1.408 billion bushels, up 166 million on the month on higher beginning stocks and production, but the USDA did raise exports a little bit and while feed and ethanol use were unchanged from August, they are expected to be above last marketing year.
