Quarterly stocks of corn and soybeans came in above trade estimates last week, while wheat was just under the average guess. The U.S. corn inventory as of Sept. 1 was reported at 1.24 billion bushels compared to estimates for 1.17 billion bushels. The soybean inventory on that date was 256 million bushels, well above the trade estimate for 174 million bushels.
This difference was the result of the 2020 soybean crop being revised higher by 81 million bushels. Wheat stocks on Sept. 1 were reported at 1.78 billion bushels compared to a projection of 1.86 billion bushels.
The U.S. wheat crop for 2021 was projected at 1.65 billion bushels as well, which was just under the trade estimate for 1.68 billion bushels. This was mainly from drought losses in the spring crop, but also a slight reduction to the winter crop of 30 million bushels.
Now that this data has been released, the trade will quickly return to actual field-collected harvest reports...