U.S. old crop corn ending stocks

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The May WASDE report showed:  U.S. old crop corn ending stocks came in fairly in-line with expectation at 1.803bil bu vs exp USCorngraph1.841bil bu and vs April’s estimate of 1.862bil bu.  U.S. NEW crop corn ending stocks came in also fairly in-line with expectations at 2.153bil bu vs exp 2.294bil bu.  Strong buying spill over from the soybean market, which touched limits in the session, lifted corn prices higher after the release of the report.  Significantly higher soybean prices was seen after a significantly smaller new crop soybean stocks was projected for the coming year.  Argentinian corn production was lower to 27mil t from 28mil t whilst Brazil’s corn crop estimate was lower to 81mil t from 84mil t.