USDA Quarterly Grain Stocks Data Deemed Bearish for Corn, Soybeans

ANALYSIS - Soybean futures prices are leading selling pressure with heavy losses at midday Monday, while corn futures are moderately lower and wheat near steady following bearish corn and soybean stocks data released in the latest U.S. Agriculture Department quarterly grain stocks report.
calendar icon 30 September 2013
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Jim Wyckoff Commentary -  TheCropSite

The September 1 U.S. corn stocks figure came in at 824 million bushels, which was well above the trade forecast of 688 million bushels.

Soybeans stocks came in at a higher-than-expected 141 million bushels compared to trade expectations of 126 million bushels as of September 1.

All U.S. wheat stocks came in at a lower-than-expected 1.855 billion bushels, as the trade expected 1.938 billion bushels.

U.S. corn stocks on September 1 are down 17% from year-ago. September 1 soybean stocks are also down 17% from year-ago.

On-farm wheat stocks are estimated at 547 million bushels, down 5% from a year ago. Off-farm stocks are put at 1.31 billion bushels., down 15% from last year.

Corn and soybean futures prices were already seeing selling pressure recently, due to the bearish seasonal U.S. harvest pressure that has U.S. cash basis levels in a generally weakened state.

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