Roberts says soybean stocks were five percent above a year ago and all wheat stocks were up eight percent.
An ag economist says USDA’s latest quarterly stocks figures are positive for grain prices.
Dr. Megan Roberts with Compeer Financial tells Brownfield corn supplies being 14 percent higher than a year ago should be bearish.
“But that wasn’t necessarily what we saw (Tuesday) and it’s because of the market expectations, particularly for corn being that those stocks would be up even more year over year.”
She tells Brownfield while there weren’t any surprises in USDA’s updated planted acreage estimates, the corn stocks figure was not expected.
“There was just enough disappearance in this last quarter to put that number at, still very high, but on the lower end of pre-report expectations.”
