Although stocks of corn, soybeans in wheat in the U.S. are on the rise, the numbers in the latest report from the United States Department of Agriculture were below the trade’s expectations.
Market watchers were focused on the update from the USDA that that was released at noon on Friday.
The USDA says corn stocks are up slightly from last year, soybean stocks are up 3% and all wheat stocks are up 21%
According to the report, old crop corn stocks in all positions on Sept. 1, 2016 totalled 1.74 billion bushels. Of the total stocks, 627 million bushels are stored on farms, up 6 % from a year earlier. Off-farm stocks, at 1.11 billion bushels, are down 2% from a year ago.
Old crop soybeans stored in all positions on Sept. 1, totaled 197 million bushels. Soybean stocks stored on farms totaled 41.6 million bushels, down 16% from a year ago. Off-farm stocks, at 155 million bushels, are up 10% last September.
All wheat stored in all positions on Sept. 1, totalled 2.53 billion bushels. On-farm stocks are estimated at 726 million bushels, up 12% percent from last September. Off-farm stocks, at
1.80 billion bushels, are up 24% from a year ago.