USDA raises soybean stocks, holds corn steady
The U.S. Department of Agriculture (USDA) increased its forecast for corn used to produce ethanol and reduced feed and residual use in its World Agricultural Supply and Demand Estimates (WASDE) report released last week. Corn used to produce ethanol was raised 50 million bushels to 5.4 billion based on the most recent data from the Grain Crushings and Co-Products Production report.
The increase in corn used for ethanol was offset by a 50-million-bushel reduction in projected feed and residual use to 5.55 billion bushels, based on indicated use during 2015/16 and higher expected sorghum feeding. Ending stocks were unchanged from last month.
The projected range for the season-average corn price received by...
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