USDA: Wheat, Corn, Bean Numbers All Lower

Last week's USDA Grain Stocks Report had a few surprises, and according to NASS' Lance Hoenig, the biggest surprise was came from the September 1st soybean stocks estimate: 523 million bushels, which was down 42.4% year over year. And despite stocks being the fourth largest ever, ths USDA estimate was  below almost all of the guesses by the trade analysts.  Meanwhile, corn stocks came in at two billion bushels even, "it's a bit lower than most folks were anticipating," Hoenig noted.

And it's down just over 10% a year ago.

September wheat stocks came in a 2.16 billion bushels, down 8% from last year at this time, and a little bit lower than most folks expected. USDA also revised its estimate of winter wheat production to 1.17 billion bushels, which Hoenig called, "[a] bit of a surprise. Most folks expecting a little bit higher final production number."

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