The USDA says September 1st corn, soybean, and wheat supplies were above year ago levels.
Corn came out at 1.377 billion bushels, 12% above a year ago, but below the average pre-report estimate, with slightly higher fourth quarter demand and a downward revision to the 2021 crop. On-farm stocks were 510 million bushels, 29% higher, with off-farm stocks at 867 million bushels, up 3%.
Soybeans were reported at 273.756 million bushels, up 7% and near the high-end of pre-report estimates, with improved demand canceled out by a higher revision by the USDA to 2021 production.
