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Major grain, oilseed stocks up on year

The USDA says September 1st corn, soybean, and wheat supplies were above year ago levels.

Corn came out at 1.377 billion bushels, 12% above a year ago, but below the average pre-report estimate, with slightly higher fourth quarter demand and a downward revision to the 2021 crop. On-farm stocks were 510 million bushels, 29% higher, with off-farm stocks at 867 million bushels, up 3%.

Soybeans were reported at 273.756 million bushels, up 7% and near the high-end of pre-report estimates, with improved demand canceled out by a higher revision by the USDA to 2021 production. On-farm stocks were 62.9 million bushels, a drop of 8%, with off-farm at 211 million bushels, a jump of 12%.

Wheat stocks were 1.776 billion bushels, slightly more than this time last year and less than what was expected heading into the report. On-farm stocks were 591 million bushels, 41% higher, but off-farm stocks were 1.18 billion bushels, 13% lower.

Oat stocks were pegged at 62.591 million bushels, an increase of 1% on the year, with a huge rise in the indicated disappearance, partially due to greater availability after a much larger 2021 crop. On-farm stocks were 41.7 million bushels, 30% more than last year, while off-farm stocks were 20.9 million bushels, 30% lower.

The USDA’s next round of supply and demand estimates is out October 12th.

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