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Quarterly corn, wheat stocks top expectations

USDA’s Quarterly Grain Stocks report shows a larger than expected supply of corn and wheat.

U.S. corn stocks as of September 1 came out at 1.708 billion bushels, compared to 4.310 billion on June 1 and 1.673 billion on September 1, 2009. Before the report, the average guess was 1.407 billion bushels. June to August indicated disappearance was 2.60 billion bushels, just above the 2.59 billion a year ago.

For soybeans, stocks were pegged at 151.121 million bushels, matching the average pre-report estimate. Last quarter, soybean stocks were 571.123 million bushels and last year, stocks totaled 138.198 million bushels. The June to August 2010 indicated disappearance was 420 million bushels, 8% less than June to August 2009.

Wheat stocks came out at 2.459 billion bushels, compared to 973 million last quarter and 2.209 billion last year. The average pre-report estimate was 2.440 billion bushels. Quarterly indicated disappearance was 740 million bushels, 12% more than a year ago.