June 1 wheat, corn stocks down 14% from 2011

by Laura Lloyd
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WASHINGTON – June 1 stocks of wheat and corn were down 14% from a year earlier while soybean stocks were up 8%, according to data from today’s U.S. Department of Agriculture quarterly Grain Stocks report.

Wheat stored in all positions on June 1 totaled 742,712,000 bus, down 14% from 862,246,000 bus on June 1, 2011, the U.S.D.A. said. On-farm stocks of wheat were 112,030,000 bus, down 14% from 130,915,000 bus a year ago, while off-farm stocks were 630,682,000 bus, down 14% from 731,331,000 bus last year. Indicated disappearance of wheat during the March-May period was 457 million bus, down 19% from the same period last year, the U.S.D.A. said.

The wheat stocks number, which equates to carryover since the marketing year began June 1, was above the pre-report trade estimated average of 726 million bus and fell near the top end of the 705 million to 748 million bu range of estimates.

Durum stocks were 25,569,000 bus, down 28% from 35,466,000 bus a year ago. On-farm stocks of 15,200,000 bus were down 31% from 22,100,000 bus a year ago while off-farm stocks of 10,369,000 bus were down 22% from 13,366,000 bus in 2011. Indicated disappearance during the March-May period was 10.2 million bus, down 51% from a year ago, the U.S.D.A. said.

Stocks of corn on June 1 totaled 3,148,540,000 bus, down 14% from 3,669,838,000 bus a year ago. On farm stocks of corn totaled 1,482,000,000 bus, down 12% from 1,681,500,000 bus a year earlier, while off-farm supplies were 1,666,540,000 bus, down 16% from 1,988,338,000 bus. Indicated disappearance of corn during the March-May period was 2.87 billion bus, up 1% from 2.85 billion bus during the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 667,475,000 bus, up 8% from 619,283,000 bus on June 1, 2011, the U.S.D.A said. On-farm soybean stocks were 179,000,000 bus, down 18% from 217,700,000 bus on June 1, 2011, while off-farm stocks totaled 488,475,000 bus, up 22% from 401,583,000 bus. Indicated disappearance during March-May 2012 was 707 million bus, up 12% from the same period a year earlier.

The U.S.D.A. stocks number for corn was below the average of trade expectations that was near 3.182 million bus. The soybean number was above both the average trade estimate of 640 million bus and the trade range of 595 million to 662 million bus.

June 1 stocks of barley in all positions totaled 60,065,000 bus, down 33% from 89,351,000 bus a year earlier. Oats stocks totaled 54,999,000 bus, down 19% from 67,629,000 bus last year. Stocks of grain sorghum were 58,511,000 bus, down 27% from 80,034,000 bus a year earlier.

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