Old-crop stocks of corn, soybeans, and wheat as of Sept. 1 were down compared to the same time a year ago, USDA reported Friday.
Corn stocks totaled 988 million bushels (down 12 percent from last year), soybean stocks totaled 169 million bushels (down 21 percent), and all wheat in storage was pegged at 2.1 billion bushels (down 2 percent).
Old-crop stocks of corn and wheat were a little less than traders anticipated prior to the report while the bean estimate was larger than expected.
“All in all, it was a friendly report for corn and wheat and a little bit negative for beans,” Brad Paulson, president of Northern Crops Marketing and Investments, said during a teleconference hosted by the Minneapolis Grain Exchange.
Crop prices jumped Friday but Paulson believes the markets will remain range-bound.
“I think we’re in a trading range,” he said. “I’d view decent rallies as a selling opportunity.”
Paulson predicted USDA this month could raise its production estimate for soybeans and possibly corn.
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