Oil Report

USDA cuts corn, soy stocks view as harvest outlook falls

CHICAGO, Nov 10 (Reuters) - U.S. corn and soybean stockpiles will be smaller than previously forecast due to reduced harvest expectations, the government said on Tuesday.

The U.S. Agriculture Department in its monthly World Agricultural Supply and Demand Estimates report pegged 2020/21 U.S. corn ending stocks at 1.702 billion bushels and soybean ending stocks at 190 million bushels. The U.S. corn harvest was seen at 14.507 billion bushels and the soybean harvest was seen at 4.170 billion bushels.

Analysts had been expecting corn stocks of 2.033 billion bushels and a harvest of 14.659 billion bushels, according to the average of estimates in a Reuters poll. Traders estimated soybean stocks of 235 million bushels and a harvest of 4.251 billion bushels. (Reporting by Mark Weinraub; Editing by Caroline Stauffer)