Corn – Sep 1^st Stocks Reach a Seven Year Low Seasonal Level but Finish Above Expectations

Corn stored in all positions as of September 1^st, 2021 totaled 1.24 billion bushels, down 35.6% from the previous year and reaching a seven year low seasonal level. Corn stocks finished 7.1% above average analyst estimates of 1.16 billion bushels, however. Stocks indicated disappearance of 2.87 billion bushels from the previous quarter, 6.8% below the drawdown experienced during the same period last year.

Sep 1^st corn stocks were most significant within Iowa, followed by Nebraska and Illinois. The aforementioned states combined to account for nearly 45% of the total U.S. corn stocks.

The most significant YOY decline in Sep 1^st corn stocks was experienced throughout Minnesota, followed by declines experienced throughout Illinois and Iowa.

Soybeans – Sep 1^st Stocks Reach a Five Year Low Seasonal Level but Finish Above Expectations

Soybeans stored in all positions as of September 1^st, 2021 totaled 256 million bushels, down 51.2% from the previous year and reaching a five year low seasonal level. Soybean stocks finished 47.2% above average analyst estimates of 174 million bushels, however. Stocks indicated disappearance of 513 million bushels from the previous quarter, 40.1% below the drawdown experienced during the same period last year.

Sep 1^st soybean stocks were most significant within Iowa, followed by Illinois and Minnesota. The aforementioned states combined to account for over 40% of the total U.S. soybean stocks.

The most significant YOY decline in Sep 1^st soybean stocks was experienced throughout Iowa, followed by declines experienced throughout Illinois and Nebraska.

Wheat – Sep 1^st Stocks Reach a 14 Year Low Seasonal Level, Finish Below Expectations

Wheat stored in all positions as of September 1^st, 2021 totaled 1.78 billion bushels, finishing 17.5% below the previous year and reaching a 14 year low seasonal level. Wheat stocks finished 3.9% below average analyst estimates of 1.85 billion bushels. Stocks increased seasonally by 935 million bushels from the previous quarter, 17.2% below the build experienced during the same period last year.

Sep 1^st wheat stocks were most significant within Kansas, followed by North Dakota and Oklahoma. The aforementioned states combined to account for nearly 40% of the total U.S. wheat stocks.

The most significant YOY declines in Sep 1^st wheat stocks were experienced throughout Montana and North Dakota. Colorado experienced the largest YOY increase in wheat stocks.