In today’s Grain Stocks report, USDA put corn stocks for 2017/18 at 2.140 billion bushels, up from 2.002 billion USDA estimated earlier in September. In the Sep. 12 WASDE report, USDA had lowered projected stocks from 2.027 billion bushels to 2.002 billion based on stronger-than-expected exports. Today’s increase of 102 million bushels may indicate a reduction of 2017/18 feed use in next month’s S&D report, as well as adjustments to FSI and perhaps a slight reduction of exports.

Quarterly corn stocks

Source: USDA

Soybean stocks were pegged at 438 million bushels, up 43 million bushels from USDA’s September estimate and closer to the previous projection of 430 million bushels that USDA lowered to account for higher exports and strong crush pace. It seems likely that USDA will lower 2017/18 estimated exports in the October S&D report, rather than significantly adjust estimated crush volume of 2.055 billion bushels.

Quarterly Soybean Stocks

Source: USDA
Posted by: Information Services
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