Last week's grain stocks report showed U.S. grain and soybean inventory as of Sept. 1 was below trade estimates and well under year ago figures. 

The United States had 1.995 billion bushels of corn in inventory on Sept. 1 this year compared to 2.22 billion bushels a year ago. Soybean reserves totaled 523 million bushels this year compared to 909 million bushels a year ago. The U.S. wheat inventory was also down from 2.35 billion bushels last year to 2.16 billion bushels this year. 

All wheat...