USDA’s August Supply and Demand Report held some bullish surprises.  The agency lowered corn ending stocks down to 1.837 billion bushels.  Jacquie Voeks with Stewart Peterson says USDA was very aggressive in dropping yield to 154.4 bushels per acre and production was lowered to 13.76 billion bushels.

USDA also lowered soybean ending stocks down to 220 million bushels by lowering yield to 42.6 bushels per acre and production down to 3.255 billion bushels.  Voeks says this is more in line with the crop conditions.

She thinks the report may have effectively bottomed the corn market and possible the soybean price as well.

Wheat ending stocks were lower than expected at 551 million bushels, a six year low.