Good morning,

USDA report out at 11am today. Estimates and actuals are listed below.


2020/21 US Ending Stocks (Billion Bu)

  USDA Sept. Ave Est. USDA Previous
Corn 1.187 1.169 1.117
Soybeans .175 .166 .160


2021/22 US Ending Stocks (Billion Bu)

  USDA Sept. Ave. Est. USDA Previous
Corn 1.408 1.331 1.242
Soybeans .185 .178 .155


2021/22 US Production (Billion Bu)

  USDA Sept. Ave. Est. USDA Previous
Corn – Production 14.996 14.847 14.750
Corn – Yield 176.3 175.3 174.6
Corn – Harvested Acres 85.085 84.969 84.495
Soybeans – Produciton 4.374 4.353 4.339
Soybeans – Yield 50.6 50.4 50.0
Soybeans – Harvested Acres 86.436 86.662 86.720


Archer-Daniels-Midland Co. expects to restart operations at two Louisiana export elevators, in Ama and Reserve, by the end of the month while repairs at the elevator in Destrehan will take “a few weeks longer” after damage from Hurricane Ida, the company says Thursday in an emailed statement.  Only two major export grain elevators on the lower Mississippi have returned to action in the past week after Hurricane Ida barreled through the region, according to vessel data analyzed by Bloomberg News.

I can’t tell you what the USDA will do today on the report.  Many expect yields to be raised for corn and beans, increasing ending stocks.  This is possible, but the market is down and liquidated out ahead of the Report.  Downside risk is more limited with the Funds holding a smaller deck of positions, especially in beans and wheat.  It was record hot out West this year and pretty normal in the East.


Have a Safe Day!


Garry Gard