June 1 wheat, corn stocks down from 2012

by Ron Sterk
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WASHINGTON – June 1 stocks of wheat were down 3%, corn down 12% and soybeans down 35% from June 1, 2012, the U.S. Department of Agriculture said in its June 28 quarterly Grain Stocks report.

Wheat stored in all positions on June 1 totaled 718,340,000 bus, down 3% from 742,620,000 bus on June 1, 2012, the U.S.D.A. said. On-farm stocks of wheat were 120,150,000 bus, up 7% from 112,030,000 bus a year ago, while off-farm stocks were 598,190,000 bus, down 5% from 630,590,000 bus last year. Indicated disappearance of wheat during the March-May period was 516 million bus, up 13% 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 below the pre-report trade estimated average of 750 million bus and fell below the entire trade range of 732 million to 781 million bus.

Durum stocks were 23,461,000 bus, down 8% from 25,470,000 bus a year ago. On-farm stocks of 13,600,000 bus were down 11% from 15,200,000 bus a year ago while off-farm stocks of 9,861,000 bus were down 4% from 10,270,000 bus in 2012. Indicated disappearance during the March-May period was 19 million bus, up 84% from a year ago, the U.S.D.A. said.

Stocks of corn on June 1 totaled 2,764,216,000 bus, down 12% from 3,148,204,000 bus a year ago. On farm stocks of corn totaled 1,260,100,000 bus, down 15% from 1,482,000,000 bus a year earlier, while off-farm supplies were 1,504,116,000 bus, down 10% from 1,666,204,000 bus. Indicated disappearance of corn during the March-May period was 2.64 billion bus, down 8% from 2.88 billion bus during the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 434,508,000 bus, down 35% from 667,465,000 bus on June 1, 2012, the U.S.D.A said. On-farm soybean stocks were 171,100,000 bus, down 4% from 179,000,000 bus on June 1, 2012, while off-farm stocks totaled 263,408,000 bus, down 46% from 488,465,000 bus. Indicated disappearance during March-May 2013 was 564 million bus, down 20% 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 2,856 million bus. The soybean number was below the average trade estimate of 441 million bus.

June 1 stocks of barley in all positions totaled 80,295,000 bus, up 34% from 59,987,000 bus a year earlier. Oats stocks totaled 36,336,000 bus, down 34% from 54,989,000 bus last year. Stocks of grain sorghum were 39,086,000 bus, down 33% from 58,525,000 bus a year earlier.

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