Market News & Headlines >> Grain, Soy Stocks Seen Up
The grain trade is looking for Friday’s quarterly Grain Stocks report to peg Sept. 1 corn and soybean stocks slightly above USDA’s current 2015/16 ending stocks while showing Sept. 1 wheat stocks up more than 14% from a year earlier.
Trade estimates of Sept. 1 corn stocks average 1.754 billion bushels in a range from 1.665-1.862 billion bushels, according to a Reuters News Service survey of 23 analysts. The expectations compare with USDA’s current 2016/17 ending stocks forecast of 1.716 billion bushels and 2015/16 ending stocks of 1.731 billion bushels.
Pre-report expectations for Sept. 1 soybean stocks average 201 million bushels in a range from 180-256 million bushels compared with USDA’s current 2016/17 ending stocks forecast of 195 million bushels and 2015/16 ending stocks of 191 million.
On average, the trade expects USDA to peg Sept. 1 wheat stocks at 2.397 billion bushels, up from the 2015/16 level of 2.097 billion, with trade estimates ranging from 2.115-2.558 billion bushels.