The USDA has reduced the domestic ending stocks estimates for corn and wheat, while leaving soybeans unchanged from September.
The corn carryout for the current marketing year is expected to be 1.172 billion bushels, 47 million less than last month, with lower production and beginning stocks and higher imports and feed use against cuts in ethanol and export demand. The average 2022/23 farm price for corn is estimated at $6.80 per bushel, compared to $6.75 a month ago and $6 for the previous marketing year.
