The USDA September Grain Stocks report reveals old-crop corn and old-crop soybean stocks are up 29% from last year. However, the inventories were still less than what analysts anticipated.

Corn stocks as of September 1 were 1.79 billion bushels. They were previously forecast at 1.845 billion bushels.

Soybean stocks were reported at 342 million bushels. This is below the previous forecast of 349 million bushels.

Wheat stocks as of September 1 were up 12% from last year, coming in at 1.986 billion bushels. This is above the previous forecast of 1.982 billion bushels.

The USDA Small Grains 2024 Summary was also released. It forecasts 2024 wheat production at 1.971 billion bushels, up 9% from last year.

Read more on the USDA September Grain Stocks report and the Small Grains 2024 Summary here.