NASHVILLE, Tenn. (RFD-TV) — The U.S. Department of Agriculture (USDA) September 1 Grain Stocks report leaned bearish for corn and wheat, while soybeans landed close to expectations.
Old-crop corn stocks were reported at 1.532 billion bushels, well above the average trade estimate of 1.337 billion (range 1.26–1.45). The larger-than-expected figure suggests that feed and export use was softer than anticipated, resulting in more grain being stored as the new harvest advances.
Soybean stocks came in at 316 million bushels, only slightly under the average trade guess of 323 million (range 295–360). The figure was largely neutral, showing modestly stronger disappearance during the summer but staying within pre-report expectations.
All wheat stocks totaled 2.12 billion bushels, topping the average trade estimate of 2.043 billion (range 1.954–2.135). Larger-than-expected inventories reflect both strong production and slower early-season demand, adding pressure to an already heavy global wheat outlook.
Market analysts said the bearish surprises in corn and wheat could weigh on futures, while soybeans offered little fresh direction.
Farm-Level Takeaway: Bigger-than-expected corn and wheat stocks are bearish for prices, while soybean figures were neutral. Farmers may face additional price pressure as harvest accelerates.
Traders say that shift could eventually prompt the USDA to scale back soybean export projections, but he notes a very different outlook for other commodities.
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