March 1 wheat, corn stocks down, soybeans up

by Ron Sterk
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WASHINGTON – Wheat stored in all positions on March 1, 2012, totaled 1,200,655,000 bus, down 16% from 1,425,302,000 bus on March 1, 2011, the U.S. Department of Agriculture said in its latest Grain Stocks report.

On-farm stocks of wheat were 217,400,000 bus, down 25% from 288,010,000 bus a year ago, while off-farm stocks were 983,255,000 bus, down 14% from 1,137,292,000 bus last year. Indicated disappearance of wheat during the December 2011-February 2012 period was 462 million bus, down 9% from the same period a year ago, the U.S.D.A. said.

The U.S.D.A. all wheat stocks number was below pre-report trade expectations that averaged about 1,235 million bus.

Durum stocks on March 1, 2012, were 35,349,000 bus, down 37% from 56,420,000 bus a year ago. On-farm durum stocks were 17,400,000 bus, down 51% from a year earlier, while off-farm stocks were 17,949,000 bus, down 13%. Indicated disappearance during the December-February period was 13.2 million bus, up 10% from a year earlier, the U.S.D.A. said.

Stocks of corn in all positions on March 1 totaled 6,009,260,000 bus, down 8% from 6,523,228,000 bus a year ago. On-farm corn stocks were 3,192,000,000 bus, down 6% from last year, and off-farm stocks were 2,817,260,000 bus, down 10% from a year ago. Indicated disappearance of corn during the December-February period was 3.64 billion bus, up 3% from the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 1,375,258,000 bus, up 10% from 1,248,800,000 bus on March 1, 2011, the U.S.D.A said. On-farm stocks were 555,000,000 bus, up 10% from last year, and off-farm stocks totaled 817,258,000 bus, also up 10%. Indicated disappearance during December-February was 998 million bus, down 3% from the same period a year earlier, the U.S.D.A. said.

The U.S.D.A. stocks numbers were below trade expectations, which averaged 6,151 million bus for corn and 1,381 million bus for soybeans.

March 1, 2012, grain sorghum stocks in all positions totaled 107,935,000 bus, down 37% from a year ago, oats stocks totaled 72,538,000 bus, down 16%, and barley stocks totaled 93,687,000 bus, down 32%.

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