The USDA increased new crop ending stocks estimates for corn and soybeans, largely due to higher old crop carryout and production numbers.
Corn ending stocks are seen at 1.5 billion bushels, up 92 million from September, with those higher old crop ending stocks and production guesses, along with lower feed and food use and a slight increase in exports. The average farm price for corn of $5.45 per bushel was unchanged on the month.
