The corn market was able to squeak out a couple of cents today after the USDA released a Sept 1 stock number that was about 50 million bu below the average trade estimates. ND On-Farm storage is estimated at 41M bu higher than last year, Off-Farm storage increased by 22.5 M bu. Total On and Off Farm Stored corn increased by 557.9 M bu in the US versus last year.
Beans were leading the market higher today on lower Sept 1 stock number of 301 versus an estimate of 339 million bu. The initial jump in futures at the release of the report was cut by about half at the market close of up 9 cents. Harvested acres were reduced by 40,000 to 82.7M. Yield was also reduced by .1 to 52.0 bu/acre. China also sold off some of their soybean reserves today. Brazil's planting season is starting the season out very slow, 1.5% versus an average of 4.8%. On and Off Farm Stored Soybeans were up 104.6 M bu larger than Sept 1, 2016.
Additional production lead to higher wheat stock numbers than the trade was estimating. Wheat yield was also increased by .7 bu/acre to 46.3. The trade was expecting the wheat crop to be reduced because of the talk surrounding abandonment acres. They did subtract out additional abandonment acres of 449,000.
The next USDA Supply and Deman report will be on October 12th.
As always, Thank You for your business and Stay Safe this harvest!