Corn prices rallied this week as USDA boosted demand estimates.

 

The Ag Department raised U.S. corn exports by 175 million bushels to 2.225 billion bushels, reflecting price competitiveness and reduced export competition from Argentina.

 

Corn used for ethanol increased 50 million bushels to 5.575 billion bushels. The two upward adjustments in corn use cut domestic ending stocks by 225 million bushels to 2.127 billion bushels.

 

“The corn numbers were friendly,” Doug Werling, market analyst with Bower Trading, said during a teleconference hosted by the Minneapolis Grain Exchange. “The big number for corn was stocks, which was down below the average trade estimate.”

 

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