In its World Agriculture Supply and Demand Estimates (WASDE) report last week, the U.S. Department of Agriculture (USDA) projected lower corn ending stocks, but kept soybean ending stocks steady.

The USDA lowered beginning corn stocks for 2014/15 as a result of a lower estimated yield per acre, the report said. The USDA forecast corn yield at 171 bushels per acre, down from the December estimate of 173.4 bushels per acre.

Corn use for feed and residual use was reduced in the Jan. 12 report, but the USDA increased the estimate of corn use for ethanol.

The USDA lowered ending corn stocks from nearly 2 billion bushels to 1.87 billion bushels. The price was raised 15 cents on ...