The U.S.Department of Agriculture released it’s quarterly stocks and small grain summary report this morning.
Old-crop stocks for corn and soybeans came in slightly below pre-report estimates.
Quarterly wheat stocks, came in near the high end of pre-report estimates.
Bruce Burnett is G3 Canada weather and crop specialist and says the report is negative for wheat price prospects.
U.S.D.A. reports wheat stocks as of September 1, totaled 2.5 billion bushels, up 21 per-cent from a year ago.
All-wheat production is pegged at 2.31 billion bushels this year, up 12 per-cent from 2015.
The average 2016 yield is forecast at 52.6 bushels per acre, a record high, and up 9 bushels from last year.
Winter wheat production for 2016 totaled 1.67 billion bushels, up 22 per-cent from last year.
Spring wheat production for 2016 is estimated at 534 million bushels, down 11 per-cent.
Durum is up 12 million bushels.