News

USDA reports record quarterly soybean stocks

 

The USDA says domestic corn and soybean stocks were up on the year, with a new all-time as-of-March 1st high for soybeans. The larger supplies are mostly because of big crops last year and increased export competition, especially from South America. The 2017/18 marketing year runs through May for wheat and August for soybeans and corn.

As of March 1st, 2018, U.S. corn stocks were up 3% at 8.888 billion bushels. On farm stocks were 2% higher at 5 billion bushels and off farm stocks increased 5% to 3.89 billion. The indicated second quarter disappearance for the 2017/18 marketing year was 3.68 billion bushels, compared to 3.76 billion during the second quarter of 2016/17.

Soybeans jumped 21% to a record 2.107 billion bushels. On farm stocks surged 28% to 855 million bushels and off farm supplies were 17% higher at 1.252 billion bushels. The indicated second quarter disappearance was 1.05 billion bushels, down 9% on the year.

Following a smaller crop last year, wheat stocks declined 10% to 1.494 billion bushels. On farm stocks were 259.310 million bushels, a drop of 26%, while off farm supplies were 1.235 billion, 6% lower. The indicated disappearance for the third quarter of the marketing year was 379 million bushels, 10% less than last year.

Durum stocks totaled 49.196 million bushels, a 7% decrease. On farm stocks came out at 25.8 million bushels, 20% less than last year, and off farm stocks were 23.396 million bushels, up 14%. The third quarter indicated disappearance was 6.86 million bushels, a drop of 66%.

The USDA’s next set of supply and demand estimates is out April 10th.