Quarterly Grain Stocks from USDA Offered Friendly News for Corn and Soybean MarketsMon, 30 Sep 2019 16:55:12 CDT
USDA released their Quarterly Grain Stocks Report on Monday, September 30th- which means the corn and soybean stock numbers are the official year end numbers.
Every quarter USDA surveys holders of grain to determine remaining old crop stocks. This is called the Grain Stocks report, not to be confused with the monthly supply/demand estimates which discuss ending stocks. The September 30 Grain Stocks is special as it represents stocks as of September 1, the end of the old crop marketing year for corn and soybeans. Today's number is now the official old crop ending stock. USDA's previous attempts had all been estimates.
As this is not a supply/demand report there was no breakdown regarding demand for this report. That will be revealed on the October supply/demand report which incorporates these changes. This year's Grain Stocks survey covered 63,100 producers.
Allendale's Rich Nelson offered his thoughts in a video review of the Monday report-he calls it a friendly end of year report for corn and soybeans, as USDA revised ending stocks of corn a large amount to the down side- and also soybean ending stocks were lower than expected.
To view his commentary, click on the play button in the video box below.
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