Report friendly to corn, soybeans

Friday morning’s USDA report was friendly to corn and soybeans and prices were higher at the end of the week.

The report had corn stocks at 2.29 billion bushels, bean stocks at 301 million and wheat at 2.25 billion. Traders were looking for stocks at 2.353 billion on corn, beans at 338 million and wheat at 2.205 billion. After the report was issued, corn was up 2 cents and soybeans were up 8. Wheat, however, was down 5 cents.

ILLINOIS GRAIN STOCKS:

Old crop corn stocks in all positions on September 1, 2017 totaled 381 million bushels, up 76 percent from September 1, 2016. On-farm stocks totaled 73.0 million bushels, while off-farm stocks totaled 308 million bushels. The June - August 2017 indicated disappearance is 501 million bushels.

Old crop soybean stocks in all positions on September 1, 2017 totaled 38.6 million bushels, up 40 percent from September 1, 2016. On-farm stocks totaled 6.30 million bushels, while off-farm stocks totaled 32.3 million bushels. The June - August 2017 indicated disappearance is 126 million bushels.

All wheat stocks in all positions on September 1, 2017 totaled 50.4 million bushels, up 11 percent from September 1, 2016. On-farm stocks totaled 3.50 million bushels, while off-farm stocks totaled 46.9 million bushels. The June - August 2017 indicated disappearance is 9.48 million bushels.

ILLINOIS SMALL GRAINS SUMMARY:

Winter wheat: Harvested area in 2017 is estimated at 470,000 acres, the same as the previous year. The winter wheat yield is estimated at 76 bushels per acre, up 2 bushels from 2016. This is a new record high yield, beating the previous record of 74 bushels per acre. Production is estimated at 35.7 million bushels, 3 percent above the previous year.

Oats: Harvested area in 2017, at 20,000 acres, is the same as the previous year. The oat yield is estimated at 79 bushels per acre, down 2 bushels from 2016. Production is estimated at 1.58 million bushels, 2 percent below the previous year.