Quarterly corn, soybean stocks up on year
The USDA’s quarterly grain stocks update reflects slower demand, which can be linked to higher domestic and international prices, along with increased export competition. Larger corn and soybean and smaller wheat crops also factor into the numbers.
Corn stocks on December 1st, 2021 were 11.647 billion bushels, up 3% from December 1st, 2020, with a slight decrease in first quarter usage. On farm stocks were 7.234 billion bushels, 3% higher, with off farm stocks of 4.413 billion, up 4%.
Soybeans were pegged at 3.149 billion bushels, up 7% on the year, with implied quarterly usage dropping 14%. On farm supplies were 1.522 billion bushels, 16% above last year, with off farm stocks of 1.627 billion bushels, 1% below that report.
Wheat stocks were reported at 1.390 billion bushels, a decline of 18%, with second quarter demand down 16%. On farm stocks were 273.29 million bushels, a drop of 43%, and off farm supplies were 1.117 billion bushels, down 8%.
Rough rice stocks were 127.031 million hundredweight, 7% lower than a year ago, while milled rice stocks of 5.473 million hundredweight were 17% higher, all off farm. For rough rice, on farm stocks were 35.535 million hundredweight and off farm stocks were 88.496 million hundredweight, with 69% of the total long grain, 29% medium grain, and 2% short grain. For milled rice, 3.63 million hundredweight of the total was made up of whole kernel rice, with the remaining 1.84 million second heads, screenings, and brewers’ rice.
The USDA’s next set of quarterly grain stocks numbers is out March 31st.