Market Update 9/30/24
AT NOON CORN UP 8 CENTS, SOYBEANS UP 3 CENTS.
Today, the USDA released its quarterly grain stocks and small grain summaries reports. Here are the key highlights:
-
Corn Stocks: As of September 1, corn stocks were pegged at 1.760 billion bushels. This estimate is roughly 84 million bushels below the average trade guess. The balance sheet adjustments suggest an increase in feed usage for the past marketing year by 61 million bushels, which implies stronger feed usage for the 2024-25 marketing year as well
-
Soybean Stocks: The September 1 soybean stocks estimate was just 9 million bushels below trade estimates, indicating larger residual use
-
Wheat Stocks: The wheat stocks estimate came in 13 million bushels above trade estimates, influenced by a total wheat production estimate that was 5 million bushels above expectations
-
Export Inspections: For the week ending September 26, USDA inspected 44.9 million bushels of corn, 24.8 million bushels of soybeans, 19.7 million bushels of wheat, and 7.1 million bushels of grain sorghum for export. Specifically, for shipment to China, 7.3 million bushels of soybeans and 5.6 million bushels of grain sorghum were inspected
-
Marketing Year to Date:
- Wheat export inspections total 303 million bushels, up 94 million bushels or 45% from the previous year's pace
- Soybean export inspections total 71 million bushels, down 2 million bushels from the previous year's pace
- Corn export inspections total 131 million bushels, up 25 million bushels from the previous year's pace
