This article was originally posted at 11:19 a.m. CDT on Friday, Sept. 30. It was last updated with additional information at 01:54 p.m. CDT on Friday, Sept. 30.
OMAHA (DTN) -- USDA on Friday released its quarterly Grain Stocks report for Sept. 1, along with the Small Grains Summary.
Old crop corn stocks in all positions on Sept. 1, 2022, totaled 1.38 billion bushels (bb), up 12% from Sept. 1, 2021, below pre-report estimates. Meanwhile, old crop soybeans stored in all positions on Sept. 1, 2022, totaled 274 million bushels (mb), up 7% from Sept. 1, 2021 and exceeding estimates.
Corn production was revised downward to 41.4 mb. Based on end-of-marketing year stocks, disappearance data and farm program administrative data, USDA put production at 15.07 bb with a national average yield of 176.7 bushels per acre (bpa).
For soybeans, production was revised up 30.2 mb. Total production is 4.47 bb with a national average yield of 51.7 bpa. The change was due to higher than anticipated harvested acreage.
USDA will incorporate the new production estimates in the next World Agricultural Supply and Demand Report in October.
According to DTN Lead Analyst Todd Hultman, Friday's Grain Stocks report was bullish for corn and wheat, but bearish for soybeans. Hultman pegged the updated wheat production estimates as bullish for wheat in general.
Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.
You can also access the full reports here: https://www.nass.usda.gov/…
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QUARTERLY GRAIN STOCKS
Old crop corn stocks in all positions on Sept. 1, 2022, totaled 1.38 billion bushels, up 12% from Sept. 1, 2021, below pre-report estimates. Of the total stocks, 510 mb are stored on farms, up 29% from a year earlier. Off-farm stocks, at 867 mb, are up 3% from a year ago. The June-August 2022 indicated usage is 2.97 bb, compared with 2.88 bb during the same period last year.
Based on an analysis of end-of-marketing year stock estimates, usage data for exports, and farm program administrative data, the 2021 corn for grain production is revised down 41.4 mb from the previous estimate.
Old crop soybeans stored in all positions on Sept. 1, 2022, totaled 274 mb, up 7% from Sept. 1, 2021, and exceeding estimates. Soybean stocks stored on farms totaled 62.9 mb, down 8% from a year ago. Off-farm stocks, at 211 mb, are up 12% from last September. Indicated usage for June-August 2022 totaled 698 million bushels, up 36% from the same period a year earlier.
Based on an analysis of end-of-marketing year stock estimates, usage data for exports and crushings, and farm program administrative data, the 2021 soybean production is revised up 30.2 mb from the previous estimate. Planted area is unchanged at 87.2 million acres, but harvested area is revised to 86.3 million acres. The 2021 yield, at 51.7 bushels per acre, is up 0.3 bushel from the previous estimate.
All wheat stored in all positions on Sept. 1, 2022, totaled 1.78 bb, up less than 1% from a year ago, coming in slightly below estimates. On-farm stocks are estimated at 591 mb, up 41% from last September. Off-farm stocks, at 1.18 bb, are down 13% from a year ago. The June-August 2022 indicated usage is 543 mb, down 24% from the same period a year earlier.
SMALL GRAINS SUMMARY
All wheat production came in at 1.65 bb for 2022, up less than 1% from the 2021 total. While acreage declined, overall yield estimates increased by 2.2 bpa to 46.5 bpa.
By class, winter wheat production was 1.1 bb, down 14% from last year; other spring wheat was 482 mb, up 46%; and durum wheat production was 64 mb, up 70% from last year.
Hard red winter wheat production was pegged at 530.9 mb, while soft red wheat was 336.5 bb.
Oat production was estimate at 57.7 mb, 45% higher than 2021, while barley production was estimated at 174 mb.
Editor's Note: Join DTN Lead Analyst Todd Hultman at 12:30 p.m. CDT on Friday, Sept. 30, for a look at what the day's numbers mean for grain prices. To register, visit: https://ag.dtn.com/…
|QUARTERLY STOCKS (million bushels)|
|U.S. PRODUCTION (Million Bushels) 2022-23|
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