The USDA pegged Sept. 1 US corn stocks at 1.760 billion bushels, down from trade expectations of 1.844 billion bushels, but 400 bushels larger than last September 1. Soybean stocks were 342 million bushels, down from trade expectations of 351 million bushels, but 78 million bushels larger than last year.
The USDA pegged all-wheat production in 2024 at 1.971 billion bushels. This was 5 million bushels more than trade expected and up 9% from 2023?s 1.80 billion bushel production. All winter wheat was 1.349 billion bushels, 1 million less than trade expected. HRW was 770 million, SRW was 372 million, Durum was 80 million, and WW was 236 million.
Traders did not react strongly to the numbers. Corn moved about a nickel higher after the reports, while soybeans and wheat improved a couple cents.
We have Sell Signals for corn and soybeans. Continue making sales.
Source: USDA, Reuters