U.S. Department of Agriculture’s (USDA) Quarterly Grain Stocks report surprised markets last week after raising old crop (2020-21) soybean production by 81 million bushels, Farm Futures reported.
For corn, the U.S. old crop production is estimated at 14.11 billion bushels, slightly below the previous USDA estimate of 14.18 billion and the trade’s expectation of 14.17 billion bushels.
Soybean stocks plummeted 51% year-over-year to land at 256 million bushels through Sept. 1. However, analysts expected an even bigger reduction, with an average trade guess of 174 million bushels. On-farm storage fell 52% to 68.1 million bushels, while off-farm storage fell 51% to 188 million bushels.
Corn stocks saw a...