Friday, September 29, 2017

USDA Grain In Storage Report

Corn and soybean futures are up across the board as the report was not as bearish as feared. Wheat down a nickle. Here's the 5-minute corn chart from FinViz:

From DTN/Progressive Farmer via KTIC radio, West Point Nebraska:

USDA Reports Flash Old-Crop Corn Stocks Swell to a 30-Year Record
WASHINGTON, D.C. (DTN) — Old-crop (2016-17) corn ending stocks have swelled to a 30-year record of 2.295 billion bushels, according to estimates published in USDA’s quarterly Grain Stocks report today. While up 32% from last year, that number actually came in below pre-report analyst expectations.

At 301 million bushels, old-crop soybean endings stocks also came in well below pre-report estimates. Only wheat ending stocks, pegged at 2.253 billion bushels, came in near analysts’ expectations.

These numbers are USDA’s estimates of grain supplies as of September 1, which marks the end of the marketing year for the 2016-17 crop.

USDA also released its Small Grains Summary today, with the latest estimates of the 2017 wheat crop, which was pegged at 1.741 billion bushels.

At 2.295 billion bushels as of Sept. 1, USDA believes old-crop corn stocks to be the country’s largest since the 1987-88 crop year, when they swelled to 4.259 billion bushels.

Nonetheless, the 2.295-bb-figure is actually a reduction from the USDA’s estimate in the Sept. 12 World Agricultural Supply and Demand Estimates Report, which pegged ending stocks at 2.35 billion bushels.

Of the total corn stocks, USDA estimated that 787 million are stored on farms, a 25% increase from last year. Off-farm stocks were pegged at 1.51 billion bushels, a 36% jump from last year.
USDA reported that the June-to-August “disappearance,” or usage, of grain stocks was 2.93 billion bushels, just down from 2.97 billion bushels during the same period last year.

USDA’s estimate of 301 million bushels of soybean stocks stored on Sept. 1 represents a 53% increase from last year. It is also a sizeable reduction from USDA’s Sept. 12 WASDE estimate of 345 million bushels in ending stocks....MORE
And wheat: