The USDA made minor adjustments to corn and soybean ending stocks.
For the recently ended marketing year, corn carryout is projected at 1.452 billion bushels, slightly less than in August with a higher import estimate more than canceled out by a reduction in demand for ethanol use, partially due to uncertainties about demand.
That lower old crop ending stocks guess was outweighed by a higher 2023 U.S. corn production estimate, pulling new crop ending stocks higher on the month.