USDA releases mostly bearish data
As of Sept. 1, the U.S. corn and soybean stocks are estimated to be higher than the trade expectations. As a result, the USDA's data, this morning, is bearish for the farm markets.
For corn, the USDA pegged the Sept. 1 corn stocks at 824 million bushels, compared to the average analysts estimate of 688 million.
For soybeans, the USDA sees the U.S. soybean stocks at 141 million bushels vs. the trade's expectation of 126 million bushels.
U.S. wheat stocks, as of Sept. 1, are estimated at 1.855 billion bushels compared with the trade's expectations of 1.938 billion bushels.