Grains are mixed at midday:

Dec Corn – 6 cents/bu (5.33)

Nov Soybeans – 20 cents/bu (12.63 ¾ )

Dec Chi Wheat + 16 ¾ cents/bu (7.27)

Cdn $ +0.00375 (78.815 cents)

WTI Crude Oil  +0.67/barrel (75.50)

Before the release of the USDA Quarterly Stocks Report at noon ET, corn was trading up 8 cents/bu, soybeans were trading up 2 cents/bu(after being up as much has 11 cents), and Chicago wheat was trading up 9 ½ cents/bu.  Upon the report release, soybeans fell dramatically, and wheat prices soared.  As we can see below, soybean stocks came in 82 million bushels above the average trade guess.  Those bushels will go directly to the USDA ending stocks totals in the October Crop Report, barring any big changes in demand.  Corn stocks were 81 million bushels higher than the average trade guess, which resulted in the market dropping, but an 80 million bushel swing in corn stocks is not nearly as significant as an 80 million bushel swing in soybean stocks.  Finally, the wheat stocks and wheat production numbers were considerably lower than the average trade guess for all classes of wheat, except durum.  Below are tables highlighting the report numbers.

Earlier this morning, the USDA released their Weekly Export Sales Report with disappointing sales numbers for corn and wheat, and slightly better sales for soybeans.  A highlight in the report was the fact that China purchased a total of 776,000 tonnes of US soybeans last week.  Actual sales results are listed below, in thousands of tonnes:

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Despite rumors of possible Chinese buying interest yesterday, there were no USDA Flash Export sales reported this morning.

Attention of the trade will now shift more to actual US harvest yield data, and of course, overall demand for grains.