Last week’s World Agri­cultural Supply and De­­mand Estimates (WASDE) report by the U.S. Department of Agriculture (USDA) showed a slight decrease in the expected U.S. corn ending stocks for 2013-14 compared to the USDA’s January estimates.

The USDA estimated the 2013-14 corn ending stocks at 1.48 billion bushels, down from last month’s 1.63 billion bushel estimate. Corn ending stocks were 821...