June 1 wheat stocks down 18%, corn up 39%
by Laura Lloyd
WASHINGTON — Wheat stored in all positions on June 1 totaled 589,722,000 bus, 18% less than 717,889,000 bus on June 1, 2013, the U.S. Department of Agriculture said in its June 30 Grain Stocks report.
On-farm stocks of wheat were 96,995,000 bus, down 23,155,000 bus, or 19%, from 120,150,000 bus a year ago, while off-farm stocks were 492,727,000 bus, down 18% from 597,739,000 bus last year. Indicated disappearance of wheat during the March-May period was 467 million bus, down 10% from the same period a year earlier, the U.S.D.A. said.
The U.S.D.A. all wheat stocks number was below pre-report trade expectations that averaged about 603 million bus.
Durum stocks on June 1 were 21,525,000 bus, down 1,525,000 bus, or 7%, from 23,050,000 bus a year ago. On-farm durum stocks were 12,800,000, down 800,000 bus from 13,600,000 bus a year earlier, while off-farm stocks were 8,725,000 bus, down 725,000 bus from 9,450,000 bus.
Indicated disappearance during the March-May period was 16.6 million bus, down 15% from a year earlier.
Stocks of corn in all positions on June 1 totaled 3,853,685,000 bus, up 1,087,441,000 bus, or 39%, from 2,766,244,000 bus a year ago. On-farm corn stocks were 1,863,200,000 bus, up 603,100,000 from last year, and off-farm stocks were 1,990,485,000 bus, up 484,341,000 from a year ago. Indicated disappearance of corn during the March-May period was 3.15 billion bus, up 20% from the same period last year, the U.S.D.A. said.
Soybean stocks in all positions were 405,183,000 bus, down 29,481,000 bus, or 7%, from 434,664,000 bus on June 1, 2013, the U.S.D.A said. On-farm stocks were 109,100,000 bus, down 62,000,000 from last year, but off-farm stocks totaled 296,083,000 bus, up 32,519,000 bus from a year ago. Indicated disappearance during March-May was 589 million bus, up 4% from the same period a year earlier.
The U.S.D.A. stocks numbers were above trade expectations for corn, which averaged 3,724 million bus, and for soybeans, which averaged 387 million bus.
June 1, 2014, grain sorghum stocks in all positions totaled 92,298,000 bus, up 125% from a year ago, oats stocks totaled 24,721,000 bus, down 32% from a year ago, and barley stocks totaled 82,021,000 bus, up 2% from a year ago.