Written Commentary
QUARTERLY STOCKS HIGHLIGHTS
Biggest surprise was Corn stocks well below ave trade guesses, Wheat stocks slightly over estimates and Soybeans were below expectations.
Corn Recap
- Sept 1st stocks at 1.760 bil. bu. 84 mil. bu. below pre-report estimates
- Down 52 mil. bu. from Aug-24 USDA WASDE report – stronger than expected feed usage
- 780 mil. bu. held on-farm, 5% of 2023 crop highest in 4 years
Soybean Recap
- Sept 1st stocks 342 mil. bu. up 2 mil. from Aug-24 USDA WASDE report
- Stocks slightly below expectations
- 2023 crop trimmed 3 mil. to 4.162 bil.
Wheat Recap
- Sept 1st stocks 1.986 bil. vs. 1.767 bil YA and 13 mil. above expectations
- All Wheat production at 1.971 bil. down 11 mil. from Aug. slightly above expectations
- Winter wheat production at 1.349 bil. down 12 mil. from Aug and in line with expectations
- Spring wheat production cut 2 mil. to 542 mil., in line with expectations
Infographic
(Click for larger image)
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