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USDA lowers corn ending stocks, raises soybean

U.S. Department of Agriculture-NASS statisticians raise corn used for ethanol but lower ending stocks. The USDA released their World Agriculture Supply and Demand Report at 11:00am Tuesday.

Corn used to produce ethanol is raised 50 million bushels to 5.525 billion, based on increased sorghum export commitments, and the most recent data from the Grain Crushings and Co-Products Production report, which estimated a lower-than-expected amount of sorghum used to produce ethanol during October. With no other use changes, ending stocks are down 50 million bushels from last month at 2.437 billion bushels.

Soybean exports are reduced 25 million bushels to 2.22 billion on stronger-than-expected competition from Argentina and Brazil during the first quarter of the marketing year. Soybean ending stocks for 2017/18 are projected at 445 million bushels, up 20 million from last month and still the highest since 2006/07.

Projected 2017/18 U.S. ending stocks for wheat are raised this month by 25 million bushels on reduced exports. This reduction is primarily attributed to heightened Canadian competition expected from its increased exportable supplies. Canada and the United States compete in several of the same markets in Latin America and East Asia. No other supply or use categories are revised this month.