The latest World Agricultural Supply and Demand Estimates report released Tuesday by the Department of Agriculture predicts lower corn stocks. USDA pegged corn ending stocks at 2.43 billion bushels, which was down 50 million bushels from last month. It was largely a function of improved ethanol demand, as the agency left exports unchanged from November.

Meanwhile, USDA estimated total carryout for soybeans at 445 million bushels at the end of the marketing year, an increase of 20 million bushels from last month’s 425 million bushels. That prediction comes as USDA previously projected soybean planted acres to reach a record 91 million acres in 2018.

USDA left the season average price for corn unchanged from last month at $4.60 per bushel for the midpoint, but narrowed the price range by 10 cents on both ends to $4.50 to $4.70 per bushel. The U.S. season-average soybean price range was narrowed to $8.60 to $10.00 per bushel.