June 1 grain stocks larger than expected

by Ron Sterk
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WASHINGTON — June 1 stocks of wheat, corn and soybeans were above pre-report trade expectations according to data from today’s U.S. Department of Agriculture quarterly Grain Stocks report.

Wheat stored in all positions on June 1 totaled 860,781,000 bus, down 12% from 975,637,000 bus on June 1, 2010, the U.S.D.A. said. On-farm stocks of wheat were 130,915,000 bus, down 38% from 209,900,000 bus a year ago, while off-farm stocks were 729,866,000 bus, down 5% from 765,737,000 bus last year. Indicated disappearance of wheat during the March-May period was 565 million bus, up 48% from the same period last year, the U.S.D.A. said.

The wheat stocks number, which equates to carryover since the marketing year begins June 1, was above pre-report trade expectations that averaged about 825 million bus.

Durum stocks were 35,182,000 bus, up 1.5% from 34,649,000 bus a year ago. On-farm stocks of 22,100,000 bus were down 7.5% from 23,900,000 bus a year ago while off-farm stocks of 13,082,000 bus were up 22% from 10,749,000 bus in 2010. Indicated disappearance during the March-May period was 21.2 million bus, up 2% from a year ago, the U.S.D.A. said.

Stocks of corn on June 1 totaled 3,670,154,000 bus, down 15% from 4,310,071,000 bus a year ago. On farm stocks of corn totaled 1,681,500,000 bus, down 21% from 2,131,400,000 bus a year earlier, while off-farm supplies were 1,988,654,000 bus, down 9% from 2,178,671,000 bus. Indicated disappearance of corn during the March-May period was 2.85 billion bus, down 16% from 3.38 billion bus during the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 619,082,000 bus, up 8% from 571,123,000 bus on June 1, 2010, the U.S.D.A said. On-farm soybean stocks were 217,700,000 bus, down 6% from 232,600,000 bus on June 1, 2010, while off-farm stocks totaled 401,382,000 bus, up 19% from 338,523,000 bus. Indicated disappearance during March-May was 630 million bus, down 10% from the same period a year earlier.

The U.S.D.A. stocks number for corn was above the average of trade expectations that was near 3,324 million bus, and for soybeans was above the trade average of 597 million bus.

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