Last week, the USDA cut both U.S. and global year-ending supplies for corn and wheat. The change in 2013–2014 U.S. corn ending stocks, from 1.63 billion to 1.48 billion bushels, comes from the USDA’s upgraded forecast for global trade and stronger U.S. exports. Corn yield and planted acres were unchanged from January’s report. The USDA bumped its 2013–2014 corn price forecast from $4.40 per bushel to $4.50 per bushel. Corn futures, which bottomed at $4.12 on Jan. 9, ...

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