A USDA grain stocks report Friday showed heavier June 1 supplies of corn, wheat, and soybeans than expected.
The report showed corn stocks in all positions as of June 1 at 4.99 billion bu, up 22% from last year and above the average pre-report trade guess of 4.873 billion.
Of the total corn stocks, 3.03 billion bu were stored on farms, up 37% on the year, whole off-farm stocks were 4% higher at 1.97 billion. The March - May 2024 indicated disappearance was 3.36 billion bu, compared with 3.29 billion bu during the same period last year.
Soybean stocks amounted to 970 million bu, up 22% from June 1, 2023 and topping the average trade estimate of 962 million.
On-farm soy stocks totaled 466 million bu, up 44% from a year ago. Off-farm stocks, at 504 million bu, were up 6% from a year ago. Indicated disappearance for the March - May 2024 quarter totaled 875 million bu, down 2% on the year.
Old-crop all wheat stored in all positions on June 1, 2024 totaled 702 million bu, up 23% from a year ago and up from the average trade guess of 684 million.
On-farm wheat stocks were reported at 139 million bu, up 12% from last year. Off-farm stocks, at 563 million bu, were 27% higher than a year ago. The March - May 2024 indicated disappearance was 387 million bu, up 4 percent from the same period a year earlier.
Meanwhile, old-crop US durum wheat stocks in all positions on June 1, 2024 totaled 21.1 million bu, down 24% from a year ago, while barley stocks, at 77.9 million bu, were up 18% from June 1, 2023. Oat stocks totaled 36.3 million bu, up 4% on the year.
