Quarterly corn, soybean stocks above a year ago


Quarterly corn, soybean stocks above a year ago

June 1st corn and soybean stocks were above year ago levels.

The USDA says corn totaled 4.346 billion bushels, 6% above a year ago, with the implied third quarter usage falling below last year’s levels at 3.41 billion bushels, compared to 3.58 billion the year before. On-farm stocks were 2.121 billion bushels, 22% higher, and off-farm stocks were 2.225 billion bushels, 6% lower.

Soybeans came out at 971.44 million bushels, an increase of 26% on the year, with strong third quarter demand, up 21% from Q3 2020/21, canceled out by slower demand earlier in the marketing year and a larger crop. On-farm stocks were 331.4 million bushels, a jump of 51%, while off-farm supplies were 640.04 million bushels, an increase of 17%.

Wheat stocks were 659.994 million bushels, a drop of 22%, due to decreased production, with implied fourth quarter usage also falling 22% to 364 million bushels. On-farm stocks of 92.965 million bushels were 34% lower and off-farm stocks were 567.029 million bushels, down 19%.

June 1st rough rice stocks were 56.572 million hundredweight, 10% less than this time last year. On-farm supplies were 5.865 million hundredweight and off-farm stocks were 50.707 million hundredweight. Milled rice stocks were 6.01 million hundredweight, 15% above a year ago, all of that held off-farm.

The USDA’s next round of supply and demand numbers is out July 12th.