(FARGO, ND)– Corn stocks as of September 1st came in notably below expectations with wheat production above expectations and soybeans mostly as expected. That, according to the latest Quarterly Grain Stocks and the annual Small Grains Summary reports out today from the USDA.
September 1st U.S. corn stocks came in at 1.760 billion bushels (b/bu), which was down from the average trade guess of 1.844 b/bu. U.S. soybean stocks were pegged at 342 million bushels (m/bu), which was down from the trade guess of 351 m/bu ahead of the report. Wheat stocks for the U.S. came in at 1.986 b/bu, up from the trade guess of 1.973 b/bu.
All-wheat production though saw a substantial increase, coming in at 1.971 b/bu. That was some five million higher than the trade expectations. All winter wheat came in at 1.349 b/bu, hard red winter wheat at 770 m/bu and spring wheat at 372 m/bu. Durum came in at 80 million bushels and white winter at 236 million bushels.
Also, no major adjustments were made to the 2023/2024 crop production as corn and soybeans yields from last year stayed at 177.3 and 50.6 bu/acre respectively.
View Grain Stocks here: https://usda.library.cornell.edu/concern/publications/xg94hp534
View Small Grains here: https://usda.library.cornell.edu/concern/publications/5t34sj573
***LISTEN*** Report analysis and commentary with Arlan Suderman from StoneX can be heard below:
