USDA cuts U.S. corn, soybean supply outlook
CHICAGO, Jan 12 (Reuters) - U.S. soybean and corn supplies in September will be smaller than previously forecast due to a reduced estimate of last fall's harvest, the government said on Tuesday.
The U.S. Agriculture Department pegged the 2020/21 domestic soybean ending stocks outlook at 140 million bushels, down from its December forecast for 175 million, and corn ending stocks at 1.552 billion bushels, down from 1.702 billion in December.
Analysts had been expecting the government's monthly supply an demand report to show soybean stocks of 139 million bushels and corn stocks of 1.599 billion bushels, based on the average of estimates given in a Reuters poll. (Reporting by Mark Weinraub; Editing by Caroline Stauffer)
