Quarterly stocks down on year

The USDA’s latest round of quarterly grain stocks numbers were below what analysts were expecting heading into the report. Both corn and soybeans saw slower third quarter usage, but that was canceled out by tighter supplies to start out with, while fourth quarter usage for wheat was stronger than the year ago pace.

On June 1st, corn stocks in all positions were 4.106 billion bushels, 6% under last year, even with that slower than a year ago quarterly usage.

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