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Major quarterly grain stocks fall below year ago levels
The USDA’s Quarterly Stocks report shows the effects of solid demand and lower production.
Corn stocks on March 1st were reported at 7.401 billion bushels, a little bit less than what analysts were expecting ahead of the numbers and down 5% on the year, despite smaller quarterly usage, but that can be tied to lower production in 2022 and slow export demand during the first half of the marketing year.
Soybeans came out at 1.685 billion bushels, under the average pre-report guess and a drop of 13% from last year with the indicated second quarter disappearance 11% above the same period a year ago, reflecting solid domestic crush use.
Wheat was reported at 946.018 million bushels, just above the average estimate, but still 8% under a year ago with a 5% rise in implied third quarter disappearance, largely due to strong domestic demand.
Sorghum stocks totaled 108.769 million bushels, a decrease of 47% with a 38% decline in implied quarterly usage because of a significantly smaller crop.
Unmilled rice stocks were pegged at 76.479 million hundredweight, 16% below the prior year, most of that long grain held off farm, with milled rice at 4.36 million hundredweight, 14% lower than last year.
The USDA’s next round of supply and demand estimates is out April 11th.
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