USDA released their quarterly Grain Stocks Report on Monday. As of September 1, old crop corn stocks in all positions were at 2.1 billion bushels. That’s down one percent from last year and more than 300 million bushels below the average trade guess. Corn stored on-farm is up 22 percent at 753 million bushels. Old crop soybean stocks totaled 913 million bushels, up 108 percent from one year ago, but 69 million bushels below the average trade guess. Soybeans stored on farms is up 162 percent from one year ago at 265 million bushels. The report estimated all wheat stocks at 2.3 billion bushels, down slightly from one year ago. That is on the upper end of trade expectations. On-farm wheat stocks are up from 2018, totaling 776 million bushels.
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