Thursday’s USDA quarterly grain stocks report made no major waves, with March 1 stockpiles of corn, wheat, and soybeans all up from a year earlier but close to trade expectations.
The report showed national corn stocks as of March at 8.35 billion bu, up 13% on the year and within pre-report trade ideas that ranged from 8.12 billion to 8.56 billion.
On-farm corn stocks were reported at 5.08 billion bu, up 24% from a year ago, while off-farm stocks came in at 3.27 billion, were 1% lower compared to the previous year. December 2023 - February 2024 indicated corn disappearance was 3.82 billion bu, versus 3.42 billion bu during the same period last year.
Soybean stocks were pegged at 1.85 billion bu, a 9% year-over-year increase and compared to trade expectations of 1.74 billion to 1.98 billion.
At 933 million bu, on-farm soybean stocks were up 24% from March 2023, while off-farm stocks were 3% lighter at 912 million. Indicated soybean disappearance for the December 2023 - February 2024 quarter totaled 1.16 billion bu, down 13% from last year.
All wheat stocks as of March 1 came in at 1.09 billion bu up 16% from a year earlier and slightly above the high end of trade guesses ranging from 997 million to 1.08 billion.
On-farm wheat stocks were up 20% to 272 million bu, while off-farm stocks were 14% higher at 816 million. December 2023 – February 2024 disappearance was 334 million, 10% below a year ago.
Meanwhile, total US durum stocks were up 2% on the year at 36.6 million bu, while barley stocks, at 112 million bu, were 26% higher. Oat stocks as of March 1, 2024 totaled 51.6 million bu, 20% above the stocks on March 1, 2023.
