In its February World Agricultural Supply and Demand Estimates (WASDE) report, the U.S. Department of Agriculture (USDA) last week raised the 2016/17 U.S. corn outlook for increased food, seed and industrial use and reduced ending stocks.

Corn used for ethanol production was raised 25 million bushels to 5.35 billion. Non-ethanol corn for food, seed and industrial use was raised by 10 million bushels.

Corn ending stocks were 34 million bushels lower than in January.

The season-average corn price narrowed 10 cents on each end to $3.20 to $3.60 per bushel, according to the report.

Soybean supply and use pro­­jections for 2016/17 were...