9/29/2023

Quarterly grain stocks came in as follows:  Corn 1.361 bln bushels (1.429 estimated, 1.377 last year); soybeans 268 mln bushels (242 estimated, 274 last year); wheat 1.78 bln bushels (1.772 estimated, 1.778 last year).  Production numbers were slightly changed: corn 13.715 bln bu (13.719 est, 13.73 previous); soybeans 4.27 bln bu (4.269 est, 4.276 previous); wheat 1.65 bln bu (1.729 est, 1.734 in Aug).  The report was friendly corn, bearish wheat, and largely bearish soybeans.  The sell-off in soybeans and wheat following the report did not allow corn to take advantage of the friendly numbers.