WASHINGTON (Reuters) — Projected U.S. corn carryout for 2013-14 continues to fall, and world soybean supplies will be smaller after crops in Brazil and Paraguay were hit by dry weather, the U.S. Department of Agriculture said on Monday.
U.S. 2013-14 soybean carryout was trimmed, largely as expected, on strong export demand, while expected U.S. wheat ending stocks were unchanged. A total of 2.7 million tonnes was cut from South American soybean production versus a month ago.
Corn and soybean futures, which have rallied for weeks, sagged as the data failed to deliver a true bullish punch. Soybean futures fell 1.8 percent, with corn down 0.5 percent. Wheat rose 1.7 percent.
Overall the monthly supply and demand report contained few big surprises. Grain traders were looking ahead to the annual prospective plantings and quarterly grain stocks reports due on March 31 for a bigger market impact.
