In its monthly ag supply-demand estimates report the USDA cut corn usage and raised U.S. corn ending stocks, both by 5 million bushels. This is a combination that will likely be bearish to the grain trade.
Traders say that corn commerce will continue to struggle. The report shows the same for soybean prices, which are also projected to be lower for the coming months because of lower U.S. exports.
The falling figures signal a new dynamic for the grain trade. The world has responded to recent spiking prices and growing conditions have stabilized after a couple of tough years in some parts of the world. This means there are simply more alterntaives for users seeking grain on the world market.
