USDA reports large declines in U.S. grains stocks, lifting prices for soybeans, corn and wheat

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The U.S. Department of Agriculture on Wednesday reported big declines in U.S. stocks of soybeans, corn and wheat from year-ago levels. The Grain Stocks report showed U.S. soybean stocks at 523 million bushels, down 42% from Sept. 1, 2019. Corn stocks were down 10% from a year ago at 2 billion bushels and all wheat stocks were down 8% at 2.16 billion bushels, the USDA data showed. The report revealed “unexpectedly large declines,” leading to a rally in prices for the grains, said Sal Gilbertie, president and chief investment officer at Teucrium Trading. November soybeans traded at $10.26 a bushel, up 33 cents, or 3.4%. December corn added 16 cents, or 4.4%, to $3.80 3/4 a bushel and December wheat added 30 1/2 cents, or 5.5%, to $5.80 a bushel.
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