Corn exports estimates are up, world cotton production estimate is down and milling yield for the U.S. rice crop is the highest in five years, according to USDA’s February Crop Production report and World Agricultural Supply and Demand Estimates
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U.S. corn ending stocks are projected 150 million bushels lower on a 150 million bushel increase in exports. The season-average farm price for corn is now projected 10 cents higher. Corn production is unchanged from last month at 13.9 billion bushels.
According to USDA, increased U.S. exports are expected to fill the gap between higher foreign corn imports and lower foreign corn exports. Global corn ending stocks are projected 2.9 million tons lower, but still remain at a 13-year high.