US government holds steady on corn supply estimate

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Associated Press

Posted on June 12, 2012 at 11:01 AM

DES MOINES, Iowa (AP) — The U.S. government says its estimate of the corn supply that will be left at the end of the year remains unchanged. Ending stocks are closely watched because significant changes can affect prices.

The Department of Agriculture estimated in a report released Tuesday that 851 million bushels of corn will be left at the end of the current season.

Also left unchanged is the estimated average price for corn at $5.95 to $6.25 per bushel. Prices for corn to be delivered in July are 8 cents lower $5.83 per bushel.

Soybean ending stocks for the season are projected at 175 million bushels, down 35 million. The estimated average soybean price is unchanged at $12 to $14 per bushel.

Soybean prices for July fell 3 cents to $14.21 in morning trading.

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