MarketsFarm — Quarterly stocks data from the U.S. Department of Agriculture showed tighter-than-expected supplies of soybeans, corn, and wheat in the country.
Soybean stocks, as of Sept. 1, 2020, were pegged at 523 million bushels, which was down by 42 per cent from the previous year and below average trade estimates.
Corn stocks were below the low end of trade estimates, coming in at 1.995 billion bushels. That marked a 10 per cent drop on the year.
All-wheat stocks, at 2.159 billion bushels, were down eight per cent on the year.
Futures for all three commodities were up sharply in the immediate aftermath of the report.
Updated small grains production estimates were also released in a separate report, with total U.S. wheat production for 2020 pegged at 1.83 billion bushels. That was down five per cent on the year, with an 11 per cent drop in winter wheat accounting for all of the reduction.
Spring wheat and durum were both up on the year, with total spring wheat production of 586 million bushels up four per cent on the year and durum up 28 per cent, at 68.8 million.
U.S. oats production was estimated at 65.4 million bushels, up 23 per cent from 2019. Barley, at 165 million bushels, was down four per cent from the revised 2019 reading.