Old crop corn and soybean ending stocks stayed steady in the Department of Agriculture's latest World Agricultural Supply and Demand Estimates report released Monday.
Corn ending stocks for the 2020/21 marketing year are estimated at 1.08 billion bushels, down slightly from last month's 1.1 billion bushels. Old crop soybean ending stocks are estimated at 135 million bushels, the same as a month ago.
Allendale Inc. Broker Mike Lung called the report a “nothing-burger," noting the lack of movement in commodity prices following its release. He said traders are watching the weather as the corn crop enters the pollination stage.
“In some of these more northern states (dryness) is definitely remaining a problem,” he told Agri-Pulse. “Especially northern Minnesota (where) you’ve got a lot of heat concern there.”
However, he said main crop-producing areas of the country are getting “near ideal or absolute ideal” pollination weather.
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Citing cooler temperatures and recent welcome rainfall, he said, "Maybe we are not looking at decreasing yields going forward.”
New crop corn and soybean average yield estimates were maintained. But new crop wheat yield estimates dropped from 50.7 bushels per acre last month to 45.8 bushels this month.
Corn ending stocks for the 2021/2022 marketing year are estimated at 1.43 billion bushels, which is higher than the 1.35 billion bushels estimated in June. New crop soybean ending stocks were maintained at last month's level of 155 million bushels. New crop wheat ending stocks dropped 105 million bushels — from 770 million bushels in June to 665 million bushels this month.
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