The USDA increased its 2019/20 U.S. soybean ending stocks estimate, while tightening the balance sheets for corn and wheat. Soybeans are now pegged at 475 million bushels, compared to 460 million a month ago and 913 million a year ago, following reductions in production and crush use. The average farm price was unchanged from October at $9.00 per bushel. Corn is estimated at 1.91 billion bushels, 19 million less than last month and potentially more than 200 million below last marketing year, with lower production, feed, ethanol, and export projections.
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