All wheat stocks were down 18% year on year, noted CRM Agri.
Totaling 47.44Mt, US wheat stocks at the start of September are down 10.28Mt from 2020, showed the NASS report, leading to higher prices for wheat this week.
“The support for wheat markets pushed Chicago, Paris milling wheat and UK feed wheat higher, breaking above £200 (US$ per ton and making a new contract high,” said the CRM Agri analysts.
Corn stocks were down 36% from September 2020 at 31.4Mt, however, this is 1.26Mt higher than the USDA previously estimated and has pressured corn, they said.
Soybean stocks were down 51% year on year, with old crop soybeans stored in all positions on September 1, at 6.97Mt, 2.21Mt higher than the 4.76MT USDA previous ending stock estimate, and with larger stock estimates, markets fell, reported the UK based oilseed and grain market specialists.
The USDA also released the crops progress report on Tuesday, with it revealing that 74% of the US maize crop has reached maturity, 10 percentage points ahead of average. The maize harvest is also progressing well, reaching 18% complete and marginally ahead of average, while the publication reported that 16% of US soy is harvested, they said.
With Russian winter sowing still lagging behind last year's pace, the market is keeping an eye on planting progress in the coming weeks and the potential impact on harvest 2022, added CRM Agri.
US corn, soybean sales
Reviewing data on weekly net sales for maize, CRM Agri said just 370.4Kt for 2021/2022 was disappointing with exports of 676.2Kt, primarily to Mexico (262.2Kt) and China (140.4Kt).
For soybeans, US weekly net sales reached 1.1Mt for 2021/2022, primarily for China (776.5Kt).
“While somewhat sluggish, exports of 528.7Kt were primarily to China (292Kt).”