Report Reactions
Domestic ending stocks were unchanged for corn and soybeans, higher for wheat and lower for cotton.
USDA unexpectedly increased corn ending stock and raised soybean carryover more than anticipated.
Most of the data was bearish compared to pre-report expectations.
USDA cut corn, wheat and cotton ending stocks, while leaving soybean carryover unchanged.
USDA raised its corn, soybean and cotton crop estimates, pushing up projected ending stocks. Wheat ending stocks also increased.
USDA cut its corn, soybean and cotton crop estimates more than anticipated, which resulted in lower-than-expected 2023-24 ending stocks.
Soybean stocks and wheat production came in higher than expected. Sept. 1 corn stocks were lower than anticipated.
Markets had a muted response to the data aside from a big jump in cotton.
USDA’s new-crop ending stocks forecasts for soybeans and wheat came in much higher than expected. The wheat crop estimate was also bigger than anticipated.
Corn plantings greatly topped expectations, while soybean acres fell well shy of the pre-report estimate.