Market News & Headlines >> Grain Stocks Report Shocker
Monday morning’s quarterly USDA Grain Stocks report was a shocker for the corn market as USDA pegged Sept. 1 corn stocks 331 million bushels below its previous forecast for 2019/20 ending stocks and below the range of trade expectations.
USDA also had bullish stocks news for the soybean market, pegging Sept. 1 soybean stocks 92 million below its previous forecast for 2019/20 soybean ending stocks and also below the range of trade expectations.
USDA’s grain stocks survey found Sept. 1 corn stocks totaling 2.114 billion bushels, down from its most recent carryout forecast of 2.445 billion bushels and down from the 2017/18 corn carryout of 2.140 billion bushels. Pre-report trade estimates of Sept. 1 corn stocks averaged 2.418 billion bushels in a range from 2.150-2.511 billion, according to a Bloomberg News survey of 27 analysts.
USDA found Sept. 1 soybean stocks totaling 913 million bushels, down from its most recent carryout forecast of 1.005 billion bushels, but still record large and more than double the year-earlier carryout of 483 million bushels. Pre-report estimates of Sept. 1 soybean stocks averaged 981 million bushels in a range from 940 million-1.035 billion bushels.
Sept. 1 wheat stocks were pegged by USDA at 2.385 billion bushels, down only 5 million bushels from a year earlier and toward the high end of trade estimates that averaged 2.319 billion bushels in a range from 2.200-2.450 billion bushels.