The USDA has tightened old crop U.S. corn ending stocks, while leaving soybeans unchanged and is projecting more supply tightness next marketing year.

Corn was cut 95 million bushels on the month to 1.257 billion primarily on an increase in exports, while new crop stocks are seen at 1.507 billion bushels, with the first production estimate of the season below 15 billion bushels.

Soybeans held at 120 million bushels with lower domestic crush, seed, and residual use canceled out by higher exports, with the new crop supply projected at 140 million bushels and production estimated at 4.405 billion bushels.

…