MarketsFarm — Soybean and corn ending stocks in the U.S. may have been down sharply from the previous year, but still came in above trade expectations in the U.S. Department of Agriculture’s quarterly stocks report.
That data in turn weighed on futures prices at the Chicago Board of Trade.
Soybean stocks in the country as of Sept. 1, 2021, came in at 256 million bushels. That was well above average trade guesses around 175 million bushels, but down from the 525 million tonnes in stocks reported at the same time the previous year.
Futures prices dropped sharply in reaction to the report, hitting the low end of their recent trading range.
Corn stocks, at 1.236 billion bushels, compare with the 1.919 billion-bushel stocks reported at the same point the previous year.
With trade estimates that had put corn stocks at least 100 million bushels smaller, immediate selling pressure followed in the futures.
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