Old crop corn stocks in all positions on Sept. 1 totaled 1,738 million bushels, up 6,607,000 bushels from 1,731 million bushels a year ago and the highest Sept. 1 stocks estimate since 1,967 million bushels in 2006. The record for Sept. 1 corn stocks was 4,882 million bushels in 1987.
The Sept. 1 stocks estimate constitutes carryover into the 2016-17 crop year for both corn and soybeans. The USDA has forecast record large production of both crops in 2016.
The USDA corn and soybean stocks numbers were below the average of trade expectations while the wheat estimate was above the trade average.