The USDA has lowered ending stocks projections for U.S. corn, soybeans, and wheat.
Corn was reduced slightly to 1.242 billion bushels on a 200 million bushel cut in the 2022 production figure, which was partially canceled out by reduced expectations for food, feed, and export demand, with no changes to ethanol use.
Soybean ending stocks are seen at 210 million bushels, 10 million less than December, following a 70 million bushel reduction in production against a 55 million drop for export demand.
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