Corn, soybeans, cotton, and wheat were down for the week.
On Friday, the USDA released the much anticipated quarterly Grain Stocks report. The September report provides estimates of corn and soybean stocks at the end of the most recent marketing year (2017/18) and an estimate of wheat stocks as of September 1. The USDA report is available online at USDA Grain Stocks Report.
As of September 1, corn stocks were estimated at 2.14 billion bushels, down 153 million (7%) from last year and 138 million greater than the 2.002 billion bushels estimated in the September WASDE; soybean stocks were estimated at 438 million bushels, up 136 million (45%) from last year and 43 million greater than the 395 million bushels estimated in the September WASDE; and wheat stocks were estimated at 2.379 billion bushels, up 113 million (5%) from last year. Overall, the report was decidedly bearish with the estimates at or exceeding the upper end of the pre-report range. Continue reading at Tennessee Market Highlights.