USDA’s Quarterly Stocks Report was slightly friendly for corn and soybeans with stocks coming in below expectations. Corn stocks were pegged at 2.295 billion bushel, below the trade guess of 2.349 billion. Soybean stockpiles on September 1 were at 301 million bushel, well below the trade estimate of 339 million bushels.

However, Wheat numbers were bearish with stocks at 2.253 billion bushel, which was above the average estimate of 2.22 billion. In the wheat production summary all wheat was at 1.741 billion bushel, above the 1.725 billion trade guess. The biggest surprise was the spring wheat production number which USDA raised to 416 million bushel, this was above trade projections and last month.