USDA’s Quarterly Grain Stocks report out this morning shows declines in stocks of corn, soybeans and wheat compared to this time last year.

The report shows corn stocks down 12% from September 2011, soybean stocks down 21% and all wheat stocks down 2%. Old crop corn stocks in all positions on September 1, 2012 totaled 988 million bushels, soybeans totaled 169 million bushels, and wheat totaled 2.10 billion bushels.

On the Minneapolis Grain Exchange crop conference call this morning to analyze the report, Brad Paulson of Northern Crops Marketing & Investment said the numbers wheat and corn were lower than expected, while the soybean number was higher. “We fed quite a bit of wheat and feed demand for corn is still quite strong,” he said. “(The soybean number) would suggest that they underestimated or raised the 2011 soybean crop.”

Listen to the MGEX crop call here: MGEX Grain Stocks crop call