In a year where USDA reports have served to surprise the trade more often than not, and not necessarily in a bullish way, farmers got a bit of a break in the September 30 Quarterly Grain Stocks report. While there weren’t any bullish surprise for corn, soybeans or wheat, bearish ones were kept to the winter wheat market. The release of the report will now allow traders to focus ahead to the October release of Crop Production and WASDE numbers.
Friday’s grain stock numbers will serve as the official year end carryout for the 2015 crop with corn coming in at 1.738 billion bushels and soybeans at 197 million bushels. Both were very close to the trade pre-report estimate of 1.754 bbu and 201 mbu, respectively. Wheat bushels in storage totaled 2.53 bbu, well above the average trade guess of 2.31 bbu. The number represents a 21% increase from just one year ago while usage through the first quarter was up just 6% on the year.
Offsetting some of the pain, at least for spring wheat producers, USDA also released its annual Small Grain Summary report. Those numbers continued to show large production but most of it was in the winter wheat classes. All winter wheat production for 2016 totaled 1.67 billion bushels, up 22% from the prior year while spring wheat production totaled just 534 mbu, down 11% on the year. Durum wheat production came to 104 mbu, up 24% from the prior year.Share