Grain futures trading in Chicago are higher after the release of a report by the Agriculture Department showing smaller inventories for corn and wheat than expected by analysts.
"Tight corn and wheat balance sheets will likely mean we continue to see willing buyers on pullbacks," said Doug Bergman of RCM Alternatives in a note following the report's release.
In its quarterly stocks report released Friday, the USDA said old-crop corn stocks totaled 1.38 billion bushels, while soybean stocks totaled 274 million bushels and wheat stocks totaled 1.78 billion bushels. The corn and wheat figures are below the expectations of analysts surveyed by The Wall Street Journal this week.
In response to the report, most-active corn and wheat futures on the Chicago Board of Trade have risen. Most-active corn futures are currently up 1.8%, while wheat is up 2.6%. Soybeans, meanwhile, are down 1.7% in reaction to higher-than-expected stocks.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
09-30-22 1236ET
