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Corn surges on tight USDA stocks number

Jeff Caldwell 01/10/2014 @ 11:07am Multimedia Editor for Agriculture.com and Successful Farming magazine.

USDA released bullish production and ending stocks data for corn Friday morning, while soybean data fell well within previous trade estimates for both variables, making the federal data neutral for that crop, traders say.

In its Grain Stocks, annual Crop Production and World Agricultural Supply and Demand Estimates reports released Friday morning, USDA pegged corn and soybean production within a billion bushels on either side of previous trade estimates. While the corn number was lower than traders expected, it was the 1.631-billion-bushel corn ending stocks number that took nearby corn futures up 8 cents/bushel in trading just seconds after USDA officials released the data.

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