USDA Stocks Report

The USDA's quarterly stocks report pegged September 1st wheat inventories a little higher than trade ideas at 2.459 billion bushels, compared with expectations of 2.44 billion. Soybean stocks were pegged at 151 million, exactly in line with trade estimates. Corn stocks came in at 1.708 billion bushels, well above trade expectations of 1.407 billion.

On the back of that early calls for Chicago this afternoon are 10-15c down on corn, 5-7c lower on wheat, with soybeans flat.