By Doug Tenney, Leist Mercantile
With the USDA report today for grain stocks numbers on Sept. 1, 2020, corn stocks of 2.0 billion bushels, soybeans 523 million bushels, and wheat 2.16 billion bushels.
Corn, soybeans, and wheat stocks were all below trader estimates, that is the bullish news today. Grains stocks trade estimates were: corn 2.250 billion bushels; soybeans 576 million bushels; wheat 2.242 billion bushels. Last year at this time, stocks were: corn 2.221 billion bushels; soybeans 909 million bushels; wheat 2.346 billion bushels.
In addition, traders had expected changes to the 2019 corn and soybean production numbers. Shortly after the noon release, corn was up 9 cents, soybeans up 22 cents, and wheat up 20 cents. Just before the report, corn was unchanged, soybeans up 9 cents, and wheat up 11 cents.
The stocks report today had been expected to be boring. However, to put the numbers in perspective and examining reports back to 2005, traders have missed the corn number compared to USDA as much as 17%.… Continue readingRead More »