October 2, 2023
Mike Pearson tells us about the quarterly grain stocks report which tells traders how much physical grain is on hand released Friday, September 29.
The report sent corn, soybean and wheat prices falling through the afternoon.
The USDA report sent prices in the bullish range for corn, bearish for soybeans and neutral for wheat.
Data showed increased tightening in the balance sheet. The report stated there were 1.26 Billion bushel as of September 6 compared to the 1.43 billion estimated. It went on to state there were 605 million bushels stored on farms and 756 million stored commercially.
Wheat was the "dark horse of the report." The estimate was between 1.69 - 1.76 billion bushels. However, the report said there were 1.81 billion bushels in storage. That made wheat prices drop 37 1/4 cents.
The soybean report showed 268 billion bushels in storage. It went on to show that between June and August-- 528 million bushels were used. Traders suspect soybeans have not set the price floor yet and harvest lows have not been set yet.
Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.
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