US corn, soy stocks drop on lower LatAm production

摘要

Declines in global production will allow the US to reduce its large stockpile of corn and soybeans, according to the US Department of Agriculture (USDA). The USDA raised its 2016 US corn export expectations by 100mn bushels from last month to 1.85bn bushels to compensate for a 3.5mn t loss in production from Brazil and a reduction of harvest days in Argentina. US corn ending stocks estimates fell by 95mn bushels from last month to 1.7bn bushels, according to the USDA's June World Agricultural Supply and Demand Estimates (WASDE) report.