USDA reports large declines in U.S. grains stocks, lifting prices for soybeans, corn and wheat
The U.S. Department of Agriculture on Wednesday reported big declines in U.S. stocks of soybeans, corn and wheat from year-ago levels. The Grain Stocks report showed U.S. soybean stocks at 523 million bushels, down 42% from Sept. 1, 2019. Corn stocks were down 10% from a year ago at 2 billion bushels and all wheat stocks were down 8% at 2.16 billion bushels, the USDA data showed. The report revealed “unexpectedly large declines,” leading to a rally in prices for the grains, said Sal Gilbertie, president and chief investment officer at Teucrium Trading. November soybeans traded at $10.26 a bushel, up 33 cents, or 3.4%. December corn added 16 cents, or 4.4%, to $3.80 3/4 a bushel and December wheat added 30 1/2 cents, or 5.5%, to $5.80 a bushel.
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