Chicago Close: Wheat Up; Soybeans Down Hard on USDA 

Wheat futures climbed on Friday as a USDA small grains summary showed a smaller 2022 US crop than expected. Meanwhile, soybeans fell hard on a grain stocks report also released today. 

The report pegged the American all wheat crop at 1.65 billion bu, compared to the government’s previous estimate of 1.783 billion and the average pre-report trade guess of 1.783 billion. Although durum and other spring output remains up sharply from a year ago, the production estimates for both were trimmed from earlier estimates. Winter wheat output was also reduced from last month and is down 14% on the year. December Chicago wheat gained 25 ¼ cents to $9.21 ½, December Kansas City was up 24 ¾ cents at $9.91 ½, and December Minneapolis was 16 cents higher at $9.82. 

For soybeans, old-crop stocks as of Sept. 1 were reported by the USDA at 274 million bu, an increase of 7% from last year and topping both the September supply-demand projection of 240 million and the average trade guess of 243 million. November beans lost 46 cents to $13.64 ¾, and January dropped 45 cents to $13.75 ½. 

Corn futures managed modest gains as the stocks report showed national corn stocks as of Sept. 1 at 1.38 billion bu. That is up 12% from a year earlier but below the government’s September supply-demand forecast of 1.525 billion and the average pre-report trade guess of 1.495 billion. December and March corn both gained 8 cents to close at $6.77 ½ and $6.84. 

Source: DePutter Publishing Ltd.

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