USDA estimates higher grain stocks

30.03.2018

The U.S. Department of Agriculture in its March 29 Grain Stocks report estimated March 1 soybean stocks up 21% from a year earlier, corn stocks up 3% and wheat stocks down 10%, with the corn and soybean estimates above average trade expectations and wheat about as expected.

Soybean stocks in all positions on March 1 were estimated at 2.107 billion bushels, up 21% from 1.739 billion bushels on March 1, 2017, the USDA said. On-farm stocks were 855 million bushels, up 28% from last year, and off-farm stocks totaled 1.252 billion bushels, up 17%. Indicated disappearance during the December 2017-February 2018 period was 1.05 billion bushels, down 9% from the same period a year earlier, the USDA said.

Stocks of corn in all positions on March 1 totaled 8.888 billion bushels, up 3% from 8.622 billion bushels a year ago. On-farm corn stocks were 5.002 billion bushels, up 2% from last year, and off-farm stocks were 3.886 billion bushels, up 5% from a year ago. Indicated disappearance of corn during the December-February period was 3.68 billion bushels, down 2% from the same period last year, the USDA said.

Wheat stored in all positions on March 1 totaled 1.494 billion bushels, down 10% from 1.659 billion bushels on March 1, 2017, the USDA said. On-farm stocks of wheat were 259.31 million bushels, down 26% from 349.5 million bushels a year ago, while off-farm stocks were 1.235 billion bushels, down 6% from 1.309 billion bushels in 2017. Indicated disappearance of wheat during the December-February period was 379 million bushels, down 10% from the same period a year earlier, the USDA said.

Durum stocks on March 1 were 49.196 million bushels, down 7% from 52.984 million bushels a year ago. On-farm durum stocks were 25.8 million bushels, down 20% from a year earlier, while off-farm stocks were 23.396 million bushels, up 14%. Indicated disappearance during the December-February period was 6.86 million bushels, down 66% from a year earlier.

The USDA stocks numbers were above trade expectations for corn, which averaged 8.703 billion bushels, and for soybeans, which averaged 2.030 billion bushels, but were slightly below the average wheat expectation of 1.498 billion bushels.


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