For the weather that affects crops(harvest) go here:
https://www.marketforum.com/forum/topic/14075/
USDA report out today at 11am.
Export sales yesterday.
HUGE for corn, excellent for soybeans, good for wheat!
USDA report:
https://release.nass.usda.gov/reports/grst0918.txt
Must have been bearish for corn/beans.
From Farm Futures............USDA report.
https://www.farmfutures.com/market-news/futures-mixed-larger-stocks
Grain futures are trading mixed this morning after bearish stocks data from USDA this morning, which reported larger than expected Sept.1 inventories of corn, soybeans and wheat.
USDA put Sept. 1 corn supplies at 2.14 billion bushels, 138 million more than its last estimate of old crop carryout on Sept. 12. Today’s larger than expected total suggests feed usage during the summer was smaller than expected, helping shrink the amount walking off the farm for the 2017 crop by some 200 million bushels below USDA’s last estimate.
The government also raised its forecast of soybean supplies leftover at the end of the marketing year. At 438 million, Sept. 1 inventories were up 43 million from USDA’s Sept. 12 report. While part of the increase likely is due to sampling error from previous reports, the agency also said the 2017 crop was 19 million bushels larger than reported in January, raising the yield by two-tenths of a bushel per acre to 49.3 bpa nationwide. Total production was put at 4.411 billion bushels.
While corn and soybean futures remained lower after breaking to new session lows, wheat tried to reverse higher after the trade absorbed both stocks and production reports. However, an hour after the data dump those gains were also fading.
USDA raised its estimate of 2018 all-wheat production by 7 million bushels to 1.884 billion. Sept. 1 stocks of 2.379 billion bushels were more than expected and indicated summer demand was down 8% from last year, in part due to a slow start to exports during the marketing year.
While these wheat stocks numbers can be a bit murky, they also suggest wheat feed usage will be a little less than USDA forecast earlier in the month.
Given already large projected 2018 crop ending stocks for soybeans, today’s increase in old crop carryout doesn’t really change the math enough to be significant.
The increase in ending stocks is more of a concern for corn.
From DTN:
Corn stocks as of Sept. 1 were 2.14 billion bushels, higher than the range of pre-report estimates. The average estimate was 2.002 bb.
Soybean stocks came in at 438 million bushes, significantly higher than the average pre-report estimate of 392 mb.
For corn and soybeans, September's stocks figures will become the ending stocks numbers for the 2017-18 crop year. USDA economists will use these figures to update the World Agricultural Supply and Demand Estimates report on Oct. 11.