Corn, Soybean Stocks Lower than Expected
The Grain Stocks Report Monday sent grain futures higher as estimates from the Department of Agriculture were lower than markets expected. Old crop corn stocks totaled 2.11 billion bushels, down one percent from September 1, 2018. USDA reports 753 million bushels are stored on farms, up 22 percent from a year earlier, but 331 million bushes below the last estimate by USDA.
Old crop soybeans stored totaled 913 million bushels, up 108 percent from last year. Soybean stocks stored on farms totaled 265 million bushels, up 162 percent from a year ago.
All wheat stored totaled 2.38 billion bushels, down slightly from a year ago.
Barley stocks totaled 192 million bushels, up ten percent from September 2018.
Oats stored totaled 61.2 million bushels, 18 percent below last year.
Old crop grain sorghum stored totaled 63.7 million bushels, up 83 percent from a year ago.
USDA announced it would resurvey producers for the Small Grains Summary, as many crops were not harvested at the time of survey earlier this year.