Sept. 1 marked the end of the 2016-2017 marketing year for U.S. corn and soybeans. With the “old crop” closing, the U.S. Department of Agriculture conducts its quarterly survey of grain stocks in September. The results of this report – released at the end of September – are important because they represent final ending stock for 2016-2017 and the carry-over, or beginning stocks, for 2017-2018.

A quick drive around the country during the farm boom seemed to suggest a rural building boom was underway. New machine sheds and farm residences – operator dwellings – seemed to bloom across the countryside.

A few weeks ago, we reviewed trends in U.S. wheat acreage. The 35-year downward trend has become more evident in recent years as U.S. wheat acreage dropped 9 million acres or 16 percent since 2015. The persistence of this wheat-acreage trend prompted us to wonder about overall trends in global wheat production.