Market News & Headlines >> Corn, Soy Stocks Seen in Line With Current USDA Estimates

Friday’s quarterly Grain Stocks report from USDA is expected to peg Sept. 1 U.S. corn and soybean stocks closely in line with USDA’s current 2021/22 ending stocks estimates.

Trade estimates of Sept. 1 U.S. corn stocks average 1.512 billion bushels, just 13 million below USDA’s current 2021/22 ending stocks estimate, in a range from 1.420-1.633 billion bushels, according to a Reuters News Service survey of 19 analysts.

At the average of trade estimates, Sept. 1 corn stocks would be 267 million bushels or 21.6% larger than a year earlier. The average of trade estimates implies total July-August U.S. corn disappearance of 2.834 billion bushels, down a modest 45 million bushels from a year earlier.

Pre-report estimates of Sept. 1 U.S. soybean stocks average 242 million bushels, just 2 million bushels above USDA’s current 2021/22 ending stocks estimate, in a range from 215-264 million bushels.

At the average of trade estimates, Sept. 1 soybean stocks would be 15 million bushels or 5.8% smaller than a year earlier.  The average of trade estimates implies total June-August soybean disappearance of 729 million bushels up a sharp 39.6% from a year earlier.

Trade expectations for Sept. 1 U.S. wheat stocks average 1.776 billion bushels, just 2 million bushels above a year earlier, in a range from 1.663-1.844 billion bushels. The average of trade expectations implies total first-quarter 2022/23 wheat disappearance of  roughly 696 million bushels or 6.3% below a year earlier.