On June 12, USDA issued its monthly World Agriculture Supply and Demand Estimates. While the agency lowered it 2013-14 forecast for corn ending stocks by 3%, it remained 7% above industry consensus.
Lower Corn Stocks. The new corn estimate calls for 1,949 million bushels, down from 2,004 million bushels from its previous outlook. Consensus estimates were for 1,819 million bushels. At the same time, the ag agency raised the midpoint of its corn price forecast…
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