The USDA lowered its outlook for corn beginning stocks by 40M to 729M bushels in its latest monthly World Agricultural Supply and Demand Estimates report. Projected 2013/14 U.S. feed grain supplies are lowered this month with reduced beginning stocks for corn and lower forecast harvested areas for corn. Corn production for 2013/14 is lowered 55M bushels with the lower harvested area and the projected yield unchanged at 156.5 bushels per acre. Projected production remains just below 14B bushels and would be 858M above the record in 2009/10. This month’s changes to corn use for 2012/13 and 2013/14 largely reflect the lateness of the 2013 crop and expectations for extremely tight supplies later this summer and into early fall.