Grain markets are stronger after the release of the USDA Quarterly Stocks report. Along with ending stocks being lower than the market estimates, it’s important to note this report includes corn and soybean acreage, yield, and production revisions for the 2019 crop. US corn production for 2019 is revised up 2.67 million bushels and US soybean production is revised down 333,000 bushels from the previous estimate. Also worth noting the change in ending stock values from a year ago.
Corn currently up 16 and soybeans 37 cents higher as the trade digests these lower stock values.
Corn ending stocks: 1.995 billon bushels vs market estimate of 2.25 billion bushels. Prior year bushels were 2.1 billion.
Bean ending stocks: .52 billion bushels vs market estimate of .57 billion bushels. Prior year bushels were .93 billion.