Oat futures prices have moved sharply higher recently, sparked by the smaller crop and increased global demand, which could spark an increased in planted area next year.

The average yield is pegged at 61.3 bushels per acre, compared to 65 a year ago, with harvested area falling to 650,000 acres, implying abandonment of almost 2 million acres, in-line with 2020 and 2019 rates.

Oat stocks on September 1st were 62.132 million bushels, 7% under last year, due to the recent decline in production, with quarterly usage less than half of the year ago pace at 15.8 million bushels, compared to 35.6 million a year ago. On-farm stocks were 32.15 million bushels, 19% lower, and off-farm stocks were 29.982 million bushels, 11% higher.