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The 2014 U.S. corn crop, while still a record, will be slightly below recent market expectations according to government data released on Monday, giving a small boost to beaten-down corn prices, while soybean production continues to rise.
CBOT corn futures rose about 6 cents per bushel on the bullishly construed data. Soybean futures tried in vain to ride corn’s momentum but succumbed to profit-taking.
The U.S. Department of Agriculture trimmed its corn crop estimate to 14.407 billion bushels from 14.475 billion in October, and lowered ending stocks to 2.008 billion bushels from 2.081 billion. Traders had leaned toward higher estimates.