A quarterly USDA grain stocks report on Friday showed slightly smaller-than-expected stockpiles of corn and soybeans as of Dec. 1, with wheat near expectations.
The report pegged nationwide corn stocks as of Dec. 1 at 12.074 billion bu, down 1% from a year earlier and a bit below the average pre-report trade guess of 12.147 billion.
Of the total corn stocks, 7.66 billion bu were stored on farms, down 2% from a year earlier, while off-farm stocks were up 2% at 4.41 billion. The September - November 2024 indicated disappearance was 4.56 billion bu, compared with 4.53 billion bu during the same period the previous year.
Soybeans stored in all positions on Dec. 1, 2024 totaled 3.099 billion bu, up 3% from Dec. 1, 2023 but below the average trade guess of 3.231 billion.
Soybean stocks stored on farms totaled 1.54 billion bu, up 6% from a year ago. Off-farm stocks, at 1.56 billion bu, were up 1% from last December. Indicated disappearance for September - November 2024 totaled 1.61 billion bu, up 13% from the same period a year earlier.
Dec. 1 all wheat stocks were reported at 1.569 billion bu, an increase of 10% from a year earlier and near the average trade estimate of 1.565 billion.
All wheat stored in all positions on Dec. 1, 2024 totaled 1.57 billion bu, up 10% from a year ago.
On-farm wheat stocks were estimated at 467 million bu, up 16% on the year, while off-farm stocks, at 1.10 billion bu, were up 8%. The September - November 2024 indicated disappearance was 423 million bu, 22% higher the same period a year earlier.
Durum wheat stocks as of Dec. 1 amounted to 52 million bu, up 15% from a year ago, while barley stocks, at 117 million bu, were down 18%. Oat stocks were reported at 51.6 million bu, a drop of 17% on the year.
