News

Quarterly soybean, corn stocks up on year

U.S. corn and soybean stocks on June 1st, 2018 were above June 1st, 2017 levels. Overall, the numbers were within what most analysts were expecting ahead of the report.

Corn stocks came out at 5.306 billion bushels, up 1% from the 5.229 billion reported on June 1st, 2017. On farm stocks were 2.750 billion bushels, 3% lower, while off farm supplies were 2.556 billion bushels, 7% higher. The indicated third quarter disappearance was 3.59 billion bushels, compared to 3.39 billion a year ago.

Soybeans were pegged at 1.222 billion bushels, a jump of 26% from the 965.856 million last year. On farm stocks were reported at 377 million bushels, 13% more than a year ago, while off farm stocks were 844.501 million bushels, an increase of 33%. The indicated quarterly disappearance was 888 million bushels, 15% above last year.

All wheat totaled 1.100 billion bushels, down 7% from the 1.181 billion this time last year and effectively the ending stocks total for the 2017/18 marketing year or beginning stocks for 2018/19. On farm supplies of 130.475 million bushels dropped 32%, while off farm stocks of 969.812 million bushels were 2% tighter. The indicated fourth quarter disappearance was 395 million bushels, 17% below a year ago.

The USDA’s next set of supply and demand estimates is out July 12th.