Stocks report bullish corn

Monday’s Sept. 30 USDA stocks report was a bit bullish for corn but nothing big happened with soybeans.

Corn stocks were 1.760 billion bushels verses the trade guess at 1.844. Soybeans were at 342 million versus the trade guess at 351 million bushels so that wasn’t much to get excited over. Meanwhile, wheat was 1.986 billion compared to the 1.972 expected.

There were no changes in corn production from last year but beans did go slightly lower to 4.163 billion for last year’s production. The trade was looking for 4.164.

December corn had a high of $4.26 right after the report was issued and soybeans for November were down 2 and a quarter at $10.63 and a half.

Illinois Grain Stocks:

Old crop corn stocks in all positions on September 1, 2024 totaled 231 million bushels, up 57 percent from September 1, 2023. On-farm stocks totaled 76.0 million bushels, while off-farm stocks totaled 155 million bushels. The June - August 2024 indicated disappearance is 644 million bushels.

Old crop soybean stocks in all positions on September 1, 2024 totaled 46.0 million bushels, up 49 percent from September 1, 2023. On-farm stocks totaled 11.5 million bushels, while off-farm stocks totaled 34.5 million bushels. The June - August 2024 indicated disappearance is 113 million bushels.

All wheat stocks in all positions on September 1, 2024 totaled 45.2 million bushels, down 7 percent from September 1, 2023. On-farm stocks totaled 13.5 million bushels, while off-farm stocks totaled 31.7 million bushels. The June - August 2024 indicated disappearance is 28.8 million bushels.

Illinois Small Grains 2024 Summary:

Winter wheat: Planted area in 2024 is estimated at 770,000 acres, down 8 percent from 2023. Harvested area, estimated at 700,000 acres, is down 10 percent from last year. The winter wheat yield is estimated at 86 bushels per acre, down 1 bushel from 2023. Production is estimated at 60.2 million bushels, down 11 percent from the previous year.

Oats: Planted area in 2024 is estimated at 50,000 acres, down 9 percent from 2023. Harvested area, estimated at 17,000 acres, is unchanged from the previous year. The oat yield is estimated at 93 bushels, up 3 bushels from 2023. Production is estimated at 1,581,000 bushels, up 51,000 bushels from the previous year.