For the math challenged, the corn inventory was 12% below what was expected by “experts”. The implications of record low inventories of wheat and corn will be far reaching, violent and damaging to the world. Stock up.
U.S. corn, wheat futures jump on USDA report
CHICAGO–U.S. corn and wheat futures jumped Friday morning after the U.S. Department of Agriculture reported domestic inventories of the two grains at lower-than-expected levels, while soybean futures traded mixed due to a higher-than-expected inventories figure for the oilseed.
The USDA reported that corn stocks as of Sept. 1 were 988 million bushels, well below the average analyst forecast of 1.126 billion bushels in a Dow Jones Newswires poll this week.
The USDA reported stocks of wheat were 2.104 billion bushels, below the average analyst prediction of 2.281 billion bushels.
Soybean inventories as of Sept. 1 were 169 million bushels, above the average analyst prediction of 132 million bushels.
Several minutes after the report’s release, December corn futures were up 21 cents or 2.9% at $7.37 1/4 a bushel.
CBOT December wheat was up 18 3/4 cents or 2.2% at $8.74 1/4 a bushel.
November soybeans were up 2 1/2 cents or 0.2% at $15.73 1/4 a bushel.
–Ian Berry contributed to this article.