Maize on NCDEX settled down by -2.21% at 1415 as ample world supplies weighed on the market. The government reduced its corn supply outlook due to increased use in ethanol production. USDA lowered U.S. corn ending stocks for the 2016-17 crop by 35 million bushels in this month’s World Agricultural Supply and Demand Estimates data. Corn ending stocks for the 2016-17 crop were lowered 35 million bushels to 2.32 billion bushels.
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That came in slightly below the average pre-report trader estimate. Corn use for ethanol was bumped up 25 million bushels to 5.35 billion bushels, based on recent data from the grain crushings report. Food, seed and industrial use for corn was also bumped up 10 million bushels. The stocks-to-use ratio for the 2016-17 crop is projected at 16.1%, still significantly higher than the 12.7% ratio for the 2015-16 crop. Global ending stocks for the 2016-17 corn crop were lowered 3.42 million metric tons to 217.56 million metric tons.