News

U.S. grain stocks increase

 

According to the USDA, U.S. corn and soybean stocks on March 1st were up sharply on the year. The quarterly usage rates do indicate strong corn and soybean demand, but that was mostly canceled out by record production in 2014.

Corn stocks in all positions came out at 7.745 billion bushels, 11% larger than a year ago and above what analysts were expecting. From December 2014 to February 2015, the indicated disappearance was 3.47 billion bushels, compared to 3.44 billion during the same period a year ago. On farm stocks were up 13% at 4.380 billion bushels and off farm stocks were 7% higher at 3.365 billion.

Soybeans were pegged at 1.334 billion bushels, a 34% year to year increase, and a little smaller than the average pre-report guess. Over the quarter, indicated disappearance was 1.19 billion bushels, 3% more than a year ago. On farm stocks jumped 60% to 609.200 million bushels and off farm supplies were up 18% at 724.522 million.

All types of wheat were reported at 1.124 billion bushels, 6% more than this time last year, and below pre-report expectations. The indicated quarterly disappearance was 405 million bushels, 3% slower than the year before. On farm stocks were 17% higher at 278.710 million bushels and off farm stocks were up 3% at 845.688 million.

Durum stocks totaled 37.622 million bushels, 1% less than a year ago. The indicated disappearance of 6.43 million bushels dropped 59% on the year. On farm stocks were 22% smaller at 16.200 million bushels and off farm stocks were 23% larger at 21.422 million.

The next set of quarterly grain stocks numbers is out June 30th.