The markets took off on Monday after USDA released it's latest grain stocks report and on news about China, reports AgPro.
The USDA pegs the old corn crop now at 2.11 billion bushels. That's down 1% from a year ago. An estimated 753 million bushels are estimated to be stored on farms. That's 22% higher than a year ago. Off-farm stocks are 1.36 billion bushels, down 10%.
Soybeans totaled 913 million bushels. That's 108% from this time last year. The amount stored on farms is at 265 million bushels, up 162%. Most of the soybeans are held off-farm at 648 million bushels, up 92%.
As for the wheat crop, it totals 2.38 billion bushels. That's down just slightly from a year ago. On-farm stocks are 776 million bushels, up 23%. Off-farm stocks are tallied at 1.61 billion bushels, down 8%.
For the complete report, click here.
