USDA Reports – USDA’s Bare Market

We’ve just released our take on the September 2021 Quarterly Stocks and Small Grains Summary reports.

Here are the main highlights

The USDA September quarterly stocks report comes at the tail end of a volatile crop year that saw irrepressible demand – led by China – fall on vulnerable supplies. The report itself was largely bearish for soy and modestly bearish for corn, with ending stocks coming in above expectations. Wheat was the lone bullish report, with production and ending stocks well below expectations. Still, these changes at the margins will fail to either inflate or pierce CBOT’s loft trajectory – which Rabobank expects to be maintained over the coming year.
  • Carlos Mera

    Head of Agri Commodities Markets
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  • Michael Magdovitz

    Senior Commodity Analyst
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  • Andrew Rawlings

    Commodity Analyst
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