Market Perspective

This Monday, the USDA released its Stocks and Acreage Report. The biggest numbers in the report were the corn stocks, as of September 1, which totaled 824 million bu. That was higher than any of the pre-report estimates. The other number in the report was wheat stocks, which came in at 1.855 million bu, which was on the low end of the estimates and the lowest September 1 wheat-stocks number since 2007. Based on these numbers it looks like USDA has acknowledged that there was more wheat feeding during the summer than had been previously reported. Also, the impact of strong export demand for whe...