The USDA quarterly grain stocks report on Monday contained no major surprises, with March 1 stockpiles of both corn and soybeans coming in about as expected. Wheat stocks were just slightly above trade ideas.
The report pegged nationwide corn stocks as of March 1 at 8.15 billion bu, down 2% from a year earlier but almost exactly on par with the average pre-report trade guess of 8.154 billion. At 1.91 billion bu, soybean stocks as of March 1 were up 4% from last year and also near the near the average guess of 1.905 billion. All wheat stocks were reported at 1.24 billion bu, an increase of 14% on the year and compared to the average trade guess of 1.221 billion.
Of the total corn stocks, 4.5 billion bu were stored on farms, down 11% from a year earlier, while off-farm stocks were up 12% at 3.65 billion. The December 2024 - February 2025 indicated disappearance was 3.92 billion bu, compared with 3.82 billion during the same period last year.
On-farm soybean stocks as of March 1 were estimated at 877 million bu, down 6% on the year, while off-farm stocks were 13% higher at 1.03 billion. Indicated disappearance for the December 2024 - February 2025 quarter was 1.19 billion bu, up 3% compared to the same period a year earlier.
For wheat, on-farm stocks of 307 million bu were 13% higher, while off-farm stocks were up 14% at 930 million bu. The December 2024 - February 2025 indicated disappearance was 336 million bu, 1% above the same period a year earlier.
Meanwhile, US durum wheat stocks in all positions on March 1, 2025 totaled 38.7 million bu, up 6% from a year ago. Barley stocks as of March 1, at 103 million bu, were down 8% and oat stocks were down 20% at 41.4 million bu.
