USDA’s World Agricultural Supply and Demand Estimates report on Friday predicted tighter stocks of U.S. corn and prices remaining in the $6.80 to $8.00 a bushel range.
USDA forecast by the end of the 2012/13 marketing year, corn stocks would tighten to 602 million bushels, down from 647 million bushels predicted a month ago and below the average traders’ guess of 667 million bushels ahead of the report.
Higher expected feed and residual corn use more than offsetting reduced prospects for corn exports, according to USDA. The agency raised its forecast of feed and residual corn use by 300 million bushels on higher expected beef, pork, and poultry production. Read More