Lower production estimates contributed to tighter
2019/20 ending stocks projections for U.S. corn and soybeans.
The USDA currently has corn ending stocks at 1.929 billion bushels, down 261 million on the month, with a lower production guess, tighter beginning stocks, and higher feed use against lower ethanol and export demand. The average farm price was up $.20 from September at $3.80 per bushel.
Soybean ending stocks were slashed to 460 million bushels on smaller production and beginning stocks estimates, along with a higher crush use guess.