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Quarterly grain stocks shoot higher
The USDA says quarterly old crop corn and soybean stocks were well above a year ago.
The domestic old crop corn supply on September 1st was 1.76 billion bushels, up 29% on the year, with a larger crop in 2023 than 2022 canceling out some of the bullish demand influence. On farm stocks were 780.4 million bushels, 29% higher, with off farm at 980.06 million bushels, a jump of 30%.
Old crop soybean stocks of 342.01 million bushels were also up 29% on the year, on slower export demand against solid domestic crush use. On farm stocks were 111.2 million bushels, a surge of 54%, with off farm at 280.81 million bushels, 20% higher.
The USDA did make modest downward revisions to 2023 U.S. corn and soybean production following harvested area changes and other adjustments to the data, cutting corn by 1.08 million bushels to 15.341 billion and soybeans by 2.62 million bushels to 4.162 billion.
Old crop sorghum came out at 30.54 million bushels, 26% larger than last year, because of higher production and slower demand. On farm stocks were 2.94 million bushels, 112% greater, and off farm stocks were 27.6 million bushels, a rise of 21%
Wheat stocks were reported at 1.986 billion bushels, 12% above the year before, due to higher production canceling out some demand improvements. On farm stocks were 663.76 million bushels and off farm stocks were 1.322 billion bushels, increasing 11% and 13%, respectively.
The USDA’s next round of supply and demand estimates is out October 11th.
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