Despite decreased use estimates and a rise in projected ending stocks, U.S. corn projected prices remained steady in reports issued today by the U.S. Department of Agriculture. Use estimates declined overall due to lowered use projections in the feed and residual categories, exports and corn used to produce ethanol categories. With overall supply projections unchanged and the lowered use projections, ending stock projections were raised by 200 million bushels to 2.03 billion.
Feed and residual forecasts were lowered by 75 million bushels below last month’s report. At the same time, corn used to produce ethanol forecasts were lowered by 50 million bushels below last month’s report based upon the most recent data from the Grain Crushings and Co-Products Production report and pace of production the prior month indicated by Energy Information Administration data. Exports were reduced by 75 million bushels to reflect increased competition and outstanding sales.
The prices expected for the crop remained the same in the midpoint of the range at $3.55 per bushel.
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