WASHINGTON (DTN) -- Old-crop (2016-17) corn ending stocks have swelled to a 30-year record of 2.295 billion bushels, according to estimates published in USDA's quarterly Grain Stocks report Friday. While up 32% from last year, that number actually came in below pre-report analyst expectations.
At 301 million bushels, old-crop soybean endings stocks also came in well below pre-report estimates. Only wheat ending stocks, pegged at 2.253 billion bushels, came in near analysts' expectations.
These numbers are USDA's estimates of grain supplies as of Sept. 1, which marks the end of the marketing year for the 2016-17 crop.
USDA also released its Small Grains Summary Friday, with the latest estimates of the 2017 wheat crop, which was pegged at 1.741 billion bushels.
USDA's Grain Stocks estimates were neutral for corn and wheat and bullish for soybeans, said DTN Analyst Todd Hultman. USDA's wheat production estimates were neutral overall for wheat prices, but could be considered bearish for spring wheat prices, he said. Don Roose tells us what it all means on today's Big Show.