Today USDA released their estimates of Sept. 1 corn, soybeans and wheat stocks.
Corn stocks were estimated at 824 million bushels, soybean stocks at 141 million bushels, and wheat stocks at 1.85 billion bushels. Headed into the report, traders were looking for corn stocks to be 688 million bushels, soybean stocks at 124 million bushels, and wheat stocks at 1.913 billion bushels.
Just before the report release time of noon, December CME corn was $4.53, down 1 cent. November CME soybeans were $13.06, down 14 cents. December CME wheat was $6.86, up 3 cents. In the minutes following the report, corn was down 5 cents, soybeans down 25 cents, wheat up 5 cents.
Some would add that with corn and soybeans trading before the report higher than following the report, month end liquidation could be a factor in early trading.
Just a reminder that in the past, quarterly corn stocks reports have tended to be very volatile with huge price changes.… Continue reading Read More »