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Bearish USDA info on Friday


Friday’s USDA stocks report had some adjustments lower but was still considered bearish.


The latest report published Sept. 29 indicated trimmed old crop estimates of stocks as of September 1. Soybean projections were higher than trade expectations which moved crop prices lower to end the week on Friday. Old crop stocks are pegged at 1.36 billion bushels for corn and 268 million bushels for soybeans – down one and two percent, respectively.


For Illinois grain stocks:


Old crop corn stocks in all positions on September 1, 2023 totaled 147 million bushels, up 1 percent from September 1, 2022. On-farm stocks totaled 56.0 million bushels, while off-farm stocks totaled 90.8 million bushels. The June - August 2023 indicated disappearance is 462 million bushels.


Old crop soybean stocks in all positions on September 1, 2023 totaled 31.9 million bushels, down 3 percent from September 1, 2022. On-farm stocks totaled 7.20 million bushels, while off-farm stocks totaled 24.7 million bushels. The June - August 2023 indicated disappearance is 76.6 million bushels.


All wheat stocks in all positions on September 1, 2023 totaled 48.5 million bushels, up 35 percent from September 1, 2022. On-farm stocks totaled 13.5 million bushels, while off-farm stocks totaled 35.0 million bushels. The June - August 2023 indicated disappearance is 30.5 million bushels.


The Illinois Small Grains 2023 Summary included:


Winter wheat: Harvested area in 2023 is estimated at 780,000 acres, up 39 percent from the previous year. The winter wheat yield is estimated at a record 87 bushels per acre, up 8 bushels from 2022. Production is estimated at 67.9 million bushels, up 53 percent from the previous year. Oats: Harvested area in 2023, at 17,000 acres, is up 7,000 acres from the previous year. The oat yield is estimated at 90 bushels, up 7 bushels from 2022. Production is estimated at 1.53 million bushels, up 700,000 bushels from the previous year.


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