USDA Grain Stocks and WASDE Shock Markets

By Shelby Myers

American Farm Bureau Federation

Following USDA’s release of the September 30 Quarterly Grain Stocks Report that lowered old-crop corn and soybean inventory levels well below pre-report expectations, and subsequently shocked the market leading to a sharp price rally. Today, adjustments were made in the October World Agriculture Supply and Demand Estimates to old-crop and new-crop supply and demand expectations.