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Quarterly corn, soybean stocks down, wheat up
The USDA made a larger than expected cut to quarterly corn stocks.
The domestic corn supply on September 1st was 1.361 billion bushels, towards the low end of analysts estimates and down 1% on the year. Fourth quarter corn demand was below a year ago, but the USDA lowered its 2022 production total by 15 million bushels 13.7 billion with reductions in planted and harvested area more than canceling out a slight increase to average yield.
Soybeans were pegged at 268.205 million bushels, near the high end of expectations and 2% under last year, with slower third quarter disappearance against a 6 million bushel decrease for 2022 production at 4.27 billion bushels.
Quarterly wheat stocks were reported at 1.78 billion bushels, up slightly, even with better than expected first quarter demand. The USDA also increased its outlook for 2023 wheat production, with the crop expected to total 1.8 billion bushels.
Sorghum stocks came out at 24.245 million bushels, a drop of 49%, thanks to stronger quarterly demand.
Oat stocks totaled 75.245 million bushels, a jump of 20% with significantly slower demand from June to August of this year.
The USDA’s next production update is scheduled for October 12th, but that would likely be delayed by a shutdown of the federal government.
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