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US government holds steady on corn supply estimate

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US government holds steady on corn supply estimate
Submitted by Fox First at Ten on June 12th

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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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