date:May 13, 2014
Corn futures saw selling pressure in the wake of Friday's bearishly perceived USDA reports.
In its first projection of 2014-15 supply and demand, USDA estimated a U.S. corn carryover of 1.726 billion bushels, which was above trade estimates.
However, USDA surprised the trade putting the 2013-14 U.S. corn crop carryover at 1.146 billion bushels--lower than trade expectations.
On world corn supplies USDA put world carryover for the 2014-15 crop corn at 181.73 million metric tons (MMT)--well abo