Source:  Rita Jane Gabbett, MEATINGPLACE.COM, 12/10/09

USDA cut its corn export forecast by 50 million bushel, which raised corn ending stocks by 50 million bushels to a projected 1,675 million bushels in the 2009/2010 marketing year which began Sept. 1.

In its World Supply and Demand Estimates report, the agency left its average corn price forecast unchanged at $3.25 to $3.85 per bushel.

USDA raised its soybean export forecast by 15 million bushels to 1.34 billion reflecting the record export pace in recent weeks and higher projected soybean imports by China.

USDA boosted its average soybean price forecast to a range of $8.75 to $10.25 from $8.20 to $10.20 last month. The soybean meal price is projected at $260 to $310 per short ton, up $10 on the bottom of the range.