(Bloomberg) -- Goldman Sachs Group Inc. cut its fair-value estimate for corn and soybeans after a report by the U.S. Department of Agriculture increased forecast inventories.
U.S. corn inventories for this season were revised up 17 percent to 22.28 million tons in an April 10 USDA report. This increased the stock-to-use ratio by four days in the U.S. and by two days globally. Higher soybean output in Latin America raised inventories by 4 million tons and a slowdown in U.S. exports increased the U.S. stock-to-use ratio by three days to 74 days.
Read more at Bloomberg Commodities News
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