The U.S. Department of Agriculture left corn and soybean supplies largely unchanged last week in its World Agricultural Supply and Demand Estimates (WASDE) report.
"Overall, it’s a very quiet and neutral report as far as U.S. numbers," Rich Nelson, chief strategist of Allendale told AgWeb. "There are no changes to any of corn, soybeans or wheat in production, yield or ending stocks."
New-crop corn ending stocks were unchanged from November at 2.403 billion bushels.
Foreign corn ending stocks for 2016/17 were raised 4.1 million tons in the December report, with the largest stock increases projected for China, Vietnam, Brazil and Russia.
New-crop soybean ending stocks were unchanged at 480 million bushels, the USDA said in the...