Bullish USDA report issued


USDA on Wednesday released its quarterly stocks and small grains production reports.


It was a bullish report with corn at 2.0 billion bushels versus the average trade guess of 2.25 billion. USDA had soybeans at 523 million bushels compared to the average trade guess of 576 million while wheat was at 2.16 billion with the trade guess at 2.242 billion.


Prices were higher late Wednesday morning after the report was released with corn up 12, beans up 29 cents and wheat up 22. Thanks to Merrill Crowley of First Choice Commodities in Watseka for providing the information.


Illinois Grain Stocks:


Old crop corn stocks in all positions on September 1, 2020 totaled 268 million bushels, down 40 percent from September 1, 2019. On-farm stocks totaled 52.0 million bushels, while off-farm stocks totaled 216 million bushels. The June - August 2020 indicated disappearance is 424 million bushels.


Old crop soybean stocks in all positions on September 1, 2020 totaled 66.0 million bushels, down 65 percent from September 1, 2019. On-farm stocks totaled 13.0 million bushels, while off-farm stocks totaled 53.0 million bushels. The June - August 2020 indicated disappearance is 151 million bushels.


All wheat stocks in all positions on September 1, 2020 totaled 28.4 million bushels, down 23 percent from September 1, 2019. On-farm stocks totaled 2.90 million bushels, while off-farm stocks totaled 25.5 million bushels. The June - August 2020 indicated disappearance is 15.5 million bushels.


Illinois Small Grains Summary:


Winter wheat: Harvested area in 2020 is estimated at 520,000 acres, down 5 percent from the previous year. The winter wheat yield is estimated at 68 bushels per acre, up 1 bushel from 2019. Production is estimated at 35.4 million bushels, down 4 percent from the previous year.


Oats: Harvested area in 2020, at 15,000 acres, is up 5,000 acres from the previous year. The oat yield is estimated at 58 bushels per acre, down 7 bushels from 2019. Production is estimated at 870,000 bushels, up 34 percent from the previous year.

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