The USDA has raised its domestic ending stocks projection for corn, while leaving soybeans and wheat unchanged from November.
U.S. corn ending stocks are seen at 1.257 billion bushels, up 75 million bushels on the month following a cut in the export estimate. That was widely expected heading into the report, with the U.S. export pace the slowest in four marketing years. The average 2022/23 farm price for corn is estimated at $6.70 per bushel, compared to $6.80 in November and $6 for 2021/22.
