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Quarterly stocks fall short of expectations
Quarterly U.S. grain stocks were smaller than expected.
The USDA says the domestic supply of corn on December 1st, 2022 was 10.809 billion bushels, 7% under December 1st, 2021, partially due to smaller production, even with a decline in indicated first quarter disappearance. On-farm stocks were 6.748 billion bushels, with off-farm stocks at 4.061 billion, down 7% and 8%, respectively.
Soybean stocks were reported at 3.022 billion bushels, 4% less than a year ago, with a 2022 smaller crop helping to cancel out slower demand. On-farm stocks were 1.477 billion bushels, 3% lower, and off-farm stocks were 1.545 billion bushels, down 4%.
Wheat stocks were pegged at 1.28 billion bushels, a decline of 7%, with implied second quarter demand up 26% on the year. On-farm stocks were 361.9 million bushels, up 32%, but off-farm stocks were 918.269 million bushels, down 17%.
Sorghum stocks came out at 160.247 million bushels, a drop of 45%, with a 58% increase in quarterly demand following a significant decline in production. On-farm sorghum supplies were 17.8 million bushels, a drop of 40%, with off-farm at 142.447 million bushels, 45% lower.
Rough rice stocks fell 17% to 105.785 million hundredweight due in part to a 16% drop in production. On-farm stocks were 29.68 million hundredweight and off-farm stocks were 76.105 million hundredweight, both under last year’s levels.
The USDA’s next set of supply and demand estimates is out February 9th.
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