Started by metmike - Sept. 30, 2020, 11:44 a.m.
All trade estimates for today's USDA reports (due at 11 am CDT). Includes Sept. 1 stocks (19/20 ending stocks for #corn and #soybeans), small grains summary (20/21 #wheat crop), and potential revisions to 19/20 corn/soy crop.
By metmike - Sept. 30, 2020, 12:07 p.m.
metmike: Very bullish
September 1 stocks all come in below trade estimates for U.S. #corn, #soybeans, and #wheat.
By metmike - Sept. 30, 2020, 12:11 p.m.
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.
By metmike - Sept. 30, 2020, 2:23 p.m.
U.S. #wheat production comes in below trade estimates and 5% below a year ago.
By metmike - Sept. 30, 2020, 2:24 p.m.
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.