This month’s 2023-24 U.S. corn outlook calls for larger exports and smaller ending stocks, according to the World Agricultural Supply and Demand Estimates (WASDE), published by the U.S. Department of Agriculture (USDA) last week. 

U.S. corn export estimates were raised 25 million bushels to 2.1 billion, reflecting the pace of sales and shipments to date. With no other use changes, corn ending stocks were reduced 25 million bushels to 2.1 billion.

Global coarse grain production for 2023-24 is forecast 2.7 million tons higher to 1.5 billion. The...