USDA’s Quarterly Stocks Report offered some bullish changes in old-crop or 2019/20 grain inventory, especially for corn. The agency lowered stocks to 1.995 billion bushels (bb), which was about 235 million bushels (mb) below trade estimates and last year. This came even with a slight 2.67 mb revision upward in corn production.
Old-crop soybean stocks were pegged at 523 mb, which is about 55 mb below the average trade guess and well below the 909 mb in storage in 2019. USDA also revised 2019/20 soybean production and lowered it by 23 mb to 3.552 bb. This was largely the result of bushels lost with the late harvest.
Wheat stocks in storage were also lowered by USDA to 2.159 bb, which was also below estimates by 4 mb. Wheat production was also cut to 1.826 bb, which is a 12 mb drop from the Aug. 1 figure and below average guesses. The cut came in part from a 36 mb pullback in Hard Red Winter Wheat, but somewhat offset by an increase in other spring wheat production by 11 mb

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