Tidbits, Grain Inventories, Brazil’s Presidential Election, Trade Deal with China 10/4/26
Tidbits
Grain Inventories:
The USDA’s National Agricultural Statistics Service (NASS) is the counter of everything agriculture in the USA. NASS surveyed farmers and commercial grain handlers to estimate 1 September grain and oilseed inventories. NASS put corn stocks at 2,095 million bushels. Private analysts surveyed by Reuters averaged 1,918 million, with the highest estimate at 2,005 million and the lowest at 1,843 million bushels. NASS said feed use was not nearly as much as what they had projected all year.
NASS used the same methodology as it did the two previous quarterly estimates in March and June to determine the grain and oil seed inventories. The USDA said feed use was higher than expected both in March and June. On our weekly Summary and Recommendations, we stated every week that the USDA feed use estimate might be too high. But was the feed use estimate really too high or did the government need to put a damper on corn prices to reduce inflation or to persuade rural America to vote Democratic in the mid-term elections? Some say old crop feed use was reduced to allow USDA to diminish corn 2026 yields without creating a very bullish corn market. We can see the government doing that.
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