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USDA's Sept. 30 quarterly stocks report showed corn stocks of 1.532 billion bushels, nearly 200 million above the average trade estimate, and wheat stocks above expectations.
StoneX's Arlan Suderman said the surprise implies feed usage was overstated and USDA may cut feed-use estimates in future WASDE reports.
A larger-than-expected carry-in lowers implied feed demand and expands ending stocks, which is bearish for corn and feed-grain prices and for the feed cost outlook for buyers.
agrinews-pubs.comTom DoranOct 8, 2025After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
