Wheat futures closed lower along with corn and soybeans in the wake of this morning's USDA Grain Stocks and Small Grains Summary. Wheat and corn stocks came on the high side of estimates. Wheat stocks on Sept 1st were 1.91 billion bu vs the trade guess of 1.89. Corn stocks were 1.24 billion bu vs the trade guess of 1.18 billion bu. Total wheat production came in at 2.035 billion bu, about as expected. USDA did lower white wheat production nearly 20 million bu from last month and over 40 million bu from last year's white wheat crop. Corn and soybeans were also pressured by the ongoing record harvest. A stronger U.S. Dollar and sharply lower oil prices also pressured the grain markets.
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A coalition of 63 business groups representing everything from farm organizations to oil and natural gas groups, as well as homebuilders, mining, manufacturing and even golf-course trade groups all joined to write federal regulators on Monday again asking them to withdraw the proposed rule redefining waters of the United States.
Agriculture industrial reports on wet and dry ethanol milling, flour milling, oilseed crush and cotton suffered from the Census Bureau's budgetary axe in 2011, but USDA announced on Monday it's ready to put the reports on 2015 calendar.
A swath of moderate to locally heavy rain is in store for the western Midwest Wednesday. We'll also see light showers in the Canadian Prairies and dry conditions in the remainder of the primary U.S. crop areas. » More DTN Weather Commentary
Posted at 5:41AM Wed Oct 1, 2014 CDT
Did You Know?
In 1959 the mechanical tomato harvester was developed