Farmers have been holding onto old crop grain in hopes stagnant prices could move upward. The latest quarterly grain stocks report released by the USDA Friday backs up these findings.
The report shows there’s nearly 2.3 billion bushels of old crop corn still in storage, but that number comes in less than what the trade expected.
Soybean stocks came in at 301 million bushels, an increase of more than 50 percent compared to 2016.
Wheat stocks show 2.2 billion bushels, on par with what traders expected
Pro Farmer editor Brian Grete shares his comments on the report on AgDay here.