metmike: Very bullish

@kannbwx

September 1 stocks all come in below trade estimates for U.S. #corn, #soybeans, and #wheat.

@kannbwx

The 2019 U.S. #corn crop was revised upward by 2.67 million bushels. USDA removed 333,000 bushels on #soybeans, but that rounds out to the same as before.

U.S. #wheat production comes in below trade estimates and 5% below a year ago.

@kannbwx

I pulled June 1 stocks data from what was published at the end of June versus end of Sep for last 10 years. Results: Cutting 205 mbu from #corn is totally unprecedented. For #soybeans, the change was less than last year, and the #wheat change was very large compared w/ others.

On-farm June 1 #corn stocks decreased by 158 million bushels, off-farm by 47 million bushels.

 For #wheat, on-farm fell 3.4 mbu and off-farm fell 12.5 mbu.