USDA Reports Summary

By DTN Staff

This article was originally posted at 11:04 a.m. CDT. It was updated at 12:35 p.m.

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OMAHA (DTN) -- USDA on Wednesday released its Sept. 1 Grain Stocks and Small Grains Summary reports.

USDA's Grain Stocks report found lower than anticipated supplies of corn and soybeans at the end of the marketing year, with the U.S. having 2 billion bushels (bb) of corn and 523 million bushels (mb) of soybeans on hand. It also made adjustments to production for both crops in 2019.

According to DTN Lead Analyst Todd Hultman, Wednesday's Grain Stocks report was bullish for corn and soybeans, neutral for wheat. Meanwhile the updated wheat production estimates are neutral for wheat in general, but slightly bullish for hard red winter (HRW) and soft red winter (SRW) wheat prices.

Check this page throughout the morning for important highlights from the reports and commentary from our analysts on what the numbers mean.

You can also access the full reports here:

For DTN's exclusive audio comments on today's reports, visit: http://listen.aghost.net/…

-- Grain Stocks and Small Grains Summary reports: https://www.nass.usda.gov/…

CORN

Old-crop corn stocks as of Sept. 1 totaled 2 bb lower than the pre-report expectations. USDA said 751 mb were stored on farms, while 1.24 bb were stored in off-farm locations. Disappearance, or use, of corn between June and August was 3.02 bb, compared with 2.98 bb during the same time period last year.

USDA also made adjustments to 2019 corn production, increasing its forecast by 2.67 mb based on 89.7 million planted acres and 81.3 million harvested acres. The 2019 yield was increased 0.1 bushels per acre (bpa) to 167.5 bpa.

SOYBEANS

USDA said soybeans on hand as of Sept. 1 totaled 523 mb, also below the range the pre-report expectations. Of those bushels, 141 million are stored on-farm, while 382 mb are at off-farm locations. Usage in the last quarter of the marketing year, at 858 mb, was 2% lower than in the same period of 2019.

The agency also adjusted 2019's production estimate based on the end of the year stocks estimate, disappearance data for export and crush as well as farm program administrative data. USDA lowered production by 333,000 bushels, leaving planted area unchanged but lowering harvested acreage to 74.9 ma. It left yield unchanged at 47.4 bpa.

WHEAT

All wheat stored in all positions on Sept. 1 totaled 2.16 bb, down 8% from a year ago. Of that, on-farm stocks are estimated at 705 mb, down 4% from last September. Off-farm stocks, at 1.45 bb, are down 10% from a year ago. Wheat use from June to August 2020, known as "indicated disappearance" is 695 mb, up 4% from that same period a year earlier.

SMALL GRAINS SUMMARY:

USDA pegged all wheat production at 1.83 bb in 2020, down 5% from the revised 2019 total of 1.93 bb. The agency estimated harvested acres reached 36.7 million acres, down 2% from last year. Average yield was estimated at 49.7 bpa, down 2 bushels from last year.

Winter wheat production was estimated at 1.17 bb, down 11% from 2019. Of that, USDA estimated Hard Red Winter at 658.6 mb, soft red winter at 266.2 mb and white wheat at 246.1 mb. Durum wheat was pegged at 68.8 mb, and all other spring wheat at 586 mb.

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QUARTERLY STOCKS (million bushels)
	9/1/20	Avg	High	Low	9/1/19	6/1/20
Corn	1,995	2,243	2,355	2,120	2,221	5,224
Soybeans	523	575	608	559	909	1,386
Wheat	2,159	2,163	2,380	925	2,346	1,044
SMALL GRAINS SUMMARY (million bushels)
2020-2021 Production
	9/30/20	Avg	High	Low	Aug	2019
All Wheat	1,826	1,835	1,850	1,817	1,838	1962
Winter	1,171	1,195	1,204	1,185	1,198	1304
HRW	659	692	700	684	695	833
SRW	266	276	280	272	277	239
White	234	227	230	224	226	232
Spring	585	578	590	568	577	600
Durum	69	62	64	60	62	58

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