The September USDA Supply and Demand Report numbers were bearish for soybeans with yield raised to a record 50.6 bushel per acre, production was also a record at 4.2 billion bushels. Randy Martinson with Martinson Ag in Fargo, ND says that raised the new crop ending stocks to 365 million bushels, which offset a lower old crop ending stocks figure of 195 million bushels.

Corn numbers were also bearish. Even though yield was lower than August, it came in above trade guesses at a record 174.4 bushels per acre, so production was still a record at 15.09 billion bushel. USDA did lower ending stocks to 2.384 billion. Martinson says overall, that was a bit disappointing for the trade.

U.S. wheat ending stocks were left unchanged at 1.10 billion bushel and Martinson says that was just slightly lower than trade expectations.

The most bullish numbers for wheat came in the world ending stocks, which were lowered by 4 mmt in the new crop category.