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...