(WASHINGTON D.C.)– On Friday, USDA released the September 2023 Quarterly Grain Stocks and Small Grains Annual Summary reports.
On the grain stocks report, USDA said corn stocks as of September 1st were 1.361 billion bushels which came in below the trade estimate of 1.429 billion bushels. The soybean stocks came in higher than expected at 268 million bushels, above the trade estimate of 242 million bushels. Wheat stocks as of September 1st stand at 1.780 billion bushels, slightly higher than the trade estimate of 1.772 billion bushels.
The USDA also pegged the all wheat crop at 1.812 billion bushels, higher than the August estimate of 1.734 billion bushels. Oat production was estimated at 57.0 million bushels, down 1 percent from 2022. Barley production was estimated at 185 million bushels, up 6 percent from the 2022 total of 175 million bushels.
Find analysis below from Arlan Suderman, Chief Commodities Economist at StoneX:
View the Grain Stocks Report: https://usda.library.cornell.edu/concern/publications/xg94hp534
View the Small Grains Summary: https://usda.library.cornell.edu/concern/publications/5t34sj573