USDA’s quarterly Grain Stocks report delivered a bearish surprise for corn. StoneX Chief Commodities Economist Arlan Suderman says September 1 corn stocks were 177 million bushels, above the average trade estimate. Suderman says the larger inventory suggests USDA has been overstating feed usage. “If our export numbers are correct, ethanol numbers are correct, that means that USDA has to make that downward revision in feed usage in the October 9 WASDE report.” Soybean stocks were nine million bushels below trade expectations and reduced its estimate of last year’s corn crop by 57 million bushels. Wheat stocks were 26 million bushels below expectations. Spring wheat production also came in below expectations.
