USDA Reports Summary

By DTN Staff

This article was originally posted at 11:07 a.m. CDT on Friday, Sept. 29. It was last updated with additional information at 11:29 a.m. CDT on Friday, Sept. 29.

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

USDA said there were 1.36 billion bushels (bb) of corn in storage as of Sept. 1, 2023, the official end of the 2022-23 marketing year. It was toward the low end of pre-report estimates and reflects USDA's decision to revise 2022 corn production down to 15 billion bushels. The yield for that year was adjusted upward by 0.1 to 173.4 bushels per acre.

For soybeans, USDA said there were 268 million bushels (mb) in storage, toward the high end of pre-report estimates. USDA lowered 2022 production by 5.93 million bushels.

Friday's Grain Stocks report was bullish for corn, bearish for soybeans and neutral for wheat, according to DTN Lead Analyst Todd Hultman. The updated wheat production estimates are generally bearish for wheat, he said.

You can also access the full reports here:

-- Grain Stocks: https://usda.library.cornell.edu/…

-- Small Grains Summary: https://usda.library.cornell.edu/…

GRAIN STOCKS

There were 1.36 billion bushels of the 2022 corn crop leftover as of Sept. 1. That's 1% lower than last year. Nearly half of total stocks, or 605 mb, were stored on farm, up 19% from the prior year. Off-farm stocks were estimated at 756 mb, 13% less than a year ago. Total use from June to August totaled 2.75 billion bushels, down from 2.97 bb during the same period the year before.

In total, there were 268 mb of soybeans in storage at the end of the 2022-23 marketing year, with 72 mb held on farm and 196 mb kept in off-farm locations. Total use for June to August totaled 528 million bushels, down 24% from the same period a year earlier. USDA made a small adjustment to soybean production in 2022, lowering it by just shy of 6 mb.

USDA said there were 1.78 billion bushels of wheat in storage as of Sept. 1. On-farm stocks are estimated at 598 mb, while off-farm stocks are estimated at1.18 bb. From June to August, the market used 614 mb, an 8% increase from the previous year.

SMALL GRAINS SUMMARY

All wheat production totaled 1.811 billion bushels in 2023, up 77 million bushels from the August estimate. That also was against the trend of the pre-report analysts who had forecast a slight decline from August estimates. All wheat yield came in at 48.6 bushels per acre.

All wheat planted equaled 49.58 million acres and harvested acres came in at 37.27 million acres. Harvested acres are up 1.78 million acres from a year ago.

All winter wheat production was 1.248 billion bushels with yield at 50.6 bushels per acre. All winter wheat planted acreage came in at 36.7 million acres and harvested acres came in at 24.68 million acres.

Hard red winter wheat production came in at 601 million acres, up 18 million acres from expectations and 70 million bushels higher than a year ago.

Soft red winter wheat production is forecast at 449 million bushels, up 9 billion from the pre-report forecast.

White winter wheat came in at 197.71 million bushels, down 5 million bushels from August's numbers.

Winter wheat acreage planted came in at 33.27 million acres and harvested acres were reported at 23.46 million acres.

Spring wheat production was reported at 504.9 million bushels, also above pre-report expectations. Spring wheat acreage planted was 11.2 million acres and harvested acres came in at 10.99 million acres.

Durum wheat production was 59.3 million bushels and yield came in at 37 bpa. Planted durum acreage was 1.68 million acres and harvested acres were 1.6 million.

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Join us Friday for DTN's 12:30 p.m. CDT webinar. We will discuss USDA's latest numbers and what they mean for market prices. Given the history of USDA's late-September reports, there may be at least one surprise to talk about. Register now at: https://ag.dtn.com/….

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