Corn stocks below trade estimates by 80 million bushels

By Doug Tenney, Leist Mercantile

Trade expectations today: This USDA Report Day consists of US grain stocks. US corn stocks will be about 500 million bushels above those of last while. Meanwhile, US soybean stocks will be roughly 90 million bushels above last year.

If corn stocks are at or below the low end of trade estimates, it suggests two things. Domestic corn use is larger than previously reported, or second, the US 2023 corn yield of 177.3 bpa is too high. Note that if the corn yield is wrong, it will be revised with the October 11 WASDE Report. US corn and soybeans have a marketing year from September to the following August. Wheat has a marketing year from June to the following May.

Not taking place today: The monthly USDA Supply and Demand Report (WASDE) along with World production and usage. However, note that grain comments today will easily reflect what traders are already expecting with the October 11 WASDE (Supply and Demand) Report.… Continue reading