The U.S. Department of Agriculture’s (USDA) World Agricultural Supply and Demand Estimates (WASDE) report re­­leased last week provided a mixed outlook for 2014/15 corn and soybean supplies.

The USDA reduced U.S. corn ending stocks for 2014/15 by 50 million bushels to 1.83 billion bushels. Corn feed and residual use is projected 25 million bushels lower at 5.25 billion bushels with the accompanying increase expected in supplies of distillers grains, the USDA said.

Ethanol and by-products usage was raised 75 million bushels to 5.25 billion bushels on higher forecast 2015 gasoline consumption by the Energy Information Administration, the report noted.

The projected range for the corn season-average farm price is narrowed 5 cents on both ends to $3.40 to $3.90 per bushel.

The USDA...