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Wheat stocks number surprises some analysts

There were no big surprises in today’s grain stocks report on the corn and soybean side. But market analyst Dale Durchholz with Illinois-based AgriVisor says the wheat stocks number was larger than many analysts expected.

“At 2.527 billion bushels on September 1, which was after the first quarter—that was a little over 100 million bushels higher that people expected it to be.”

Durchholz says it appears summer wheat feeding was not as high as expected.

The USDA also raised its 2016 wheat production estimate with a record average yield of more than 52-and-a-half bushels per acre.