US Dec. 1 Corn Stocks Surprise to the Downside

US corn stocks as of Dec. 1, 2020 were much tighter than expected, while soybeans and wheat were about as anticipated.

According to a USDA grain stocks report released Tuesday, total stockpiles of corn stored in all positions as of Dec. 1 totaled 11.3 billion bu, down slightly from a year ago and far below the average pre-report trade guess of 11.95 billion. In fact, corn stocks even fell well short of the lowest trade guess of 11.59 billion bu.

The September - November 2020 indicated corn disappearance was 4.78 billion bu, compared with 4.51 billion bu during the same period last year.

Of the total corn stocks, 7.05 billion bu were stored on farms as of Dec. 1, down 1% from a year earlier, while off-farm stocks, at 4.28 billion bu, were up 1% from a year ago.

Soybeans stored in all positions on Dec. 1, 2020 were pegged at 2.93 billion bu, down 10% from last year but close to the average trade guess of 2.92 billion.

Soybean stocks stored on farms totaled 1.31 billion bu, down 14% from a year ago. Off-farm stocks, at 1.62 billion bu, were down 6%. Indicated soybean disappearance for September - November 2020 totaled 1.73 billion bu, up 43% from the same period a year earlier.

All wheat stocks totaled 1.67 billion bu, down 9% from a year ago and near the average trade guess of 1.69 billion.

On-farm wheat stocks were estimated at 483 million bu, down 7% from last December. Off-farm stocks, at 1.19 billion bu, were down 10% from a year ago. The September - November 2020 indicated disappearance was 484 million bu, 4% below the same period a year earlier.

US durum wheat stored in all positions on Dec. 1, 2020 totaled 61.3 million bushels, down 5% from a year ago, while barley stocks were 8% lower at 145 million bu. Oat stocks on Dec. 1 were up 7% from the previous year at 57.7 million bu.

Source: DePutter Publishing Ltd.

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