Sept. 1 wheat stocks down 12% from 2012

by Ron Sterk
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WASHINGTON — Wheat stored in all positions on Sept. 1 totaled 1,854,830,000 bus, down 12% from 2,104,737,000 bus on Sept. 1, 2012, the U.S. Department of Agriculture said in its latest Grain Stocks report. Sept. 1 old crop corn stocks were down 17% from last year at 823,642,000 bus, and old crop soybean stocks were down 17% at 140,598,000 bus.

The U.S.D.A. wheat stocks number was below the average pre-report trade expectation of 1,938 million bus, the corn number was above the trade average of 688 million bus, and the soybean number was above the trade average of 126 million bus. The U.S.D.A. corn and soybean stocks numbers were equivalent to the carryover with the new marketing year beginning Sept. 1 for both crops.

Wheat futures prices traded slightly higher after the report while corn futures traded slightly higher and soy complex futures were sharply lower.

“Based on an analysis of end-of-marketing year stock estimates, disappearance for exports and crushings, and farm program administrative data, the 2012 soybean production is revised to 3,033,581,000 bus, up 18,583,000 bus from the previous estimate (3,014,998,000 bus),” the U.S.D.A. said.

On-farm stocks of wheat were 547,000,000 bus, down 5% from 572,900,000 a year ago, while off-farm stocks were 1,307,830,000 bus, down 15% from 1,531,837,000 bus. Indicated disappearance of wheat during the June-August period was 991 million bus, up 10% from the same period last year, the U.S.D.A. said.

Durum stocks were 66,784,000 bus, down 2% from 68,442,000 bus a year ago. On-farm stocks of 42,400,000 bus were down 3% from 43,600,000 bus a year ago while off-farm stocks of 24,384,000 bus were down 2% from 24,842,000 bus. Indicated disappearance during the June-August period was 17.8 million bus, down 55% from a year ago, the U.S.D.A. said.

On-farm stocks of old crop corn totaled 275,000,000 bus on Sept. 1, down 12% from 313,700,000 bus a year earlier, while off-farm supplies were 548,642,000 bus, down 19% from 675,327,000 bus. Indicated disappearance of corn during the June-August period was 1.94 billion bus, down 10% from 2.16 billion bus in the same period last year, the U.S.D.A. said.

Old crop on-farm soybean stocks were 39,550,000 bus, up 3% from 38,250,000 bus on Sept. 1, 2012, while off-farm stocks totaled 101,048,000 bus, down 23% from 131,120,000 bus. Indicated disappearance during June-August was 294 million bus, down 41% from the same period a year earlier.

Sept. 1 stocks of other grains were: barley, 196,444,000 bus, down slightly from 2012; oats, 63,445,000 bus, down 25%; old crop grain sorghum, 15,034,000 bus, down 34%; and old crop sunflowerseed, 338,873,000 lbs, up 78%, including 275,658,000 lbs of oil type, up 174%, and 63,215,000 lbs of non-old type, down 30%.
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