WASHINGTON — Wheat stored in all positions in the United States on Sept. 1 totaled 1,914,000,000 bus, up 44,363,000 bus, or 2%, from 1,869,637,000 bus on Sept. 1, 2013, the U.S. Department of Agriculture said in its latest Grain Stocks report. Sept. 1 old crop corn stocks were up 50% from last year at 1,235,688,000 bus, and old crop soybean stocks were down 35% at 91,960,000 bus.
The U.S.D.A. wheat stocks number was above the average of pre-report trade expectations of 1,880 million bus, the corn number was above the trade average of 1,185 million bus, and the soybean number was below the trade average of 126 million bus. The U.S.D.A. corn and soybean stocks numbers comprised their 2014 carryovers with the new marketing year beginning Sept. 1 for both crops.
Wheat, corn and soy complex futures prices traded lower in the wake of the report.
“Based on an analysis of end-of-marketing year stock estimates, disappearance for exports and crushings, and farm program administrative data, the 2013 soybean production is revised to 3.36 billion bus, up 69.2 million bus from the previous estimate,” the U.S.D.A. said.
On-farm stocks of wheat were 721,950,000 bus, up 30% from 555,000,000 a year ago, while off-farm stocks were 1,192,050,000 bus, down 9% from 1,314,637,000 bus. Indicated disappearance of wheat during the June-August period was 711 million bus, down 28% from the same period last year, the U.S.D.A. said.
Durum stocks were 60,221,000 bus, down 9% from 66,365,000 bus a year ago. On-farm stocks of 41,360,000 bus were down 4% from 42,900,000 bus a year ago while off-farm stocks of 18,861,000 bus were down 20% from 23,465,000 bus in 2013. Indicated disappearance during the June-August period was 18.4 million bus, up 25% from a year ago, the U.S.D.A. said.
On-farm stocks of old crop corn totaled 462,000,000 bus on Sept. 1, up 68% from 275,000,000 bus a year earlier, while off-farm supplies were 773,688,000 bus, up 42% from 546,185,000 bus. Indicated disappearance of corn during the June-August period was 2.62 billion bus, up 34% from 1.95 billion bus in the same period last year, the U.S.D.A. said.
Old crop on-farm soybean stocks were 21,325,000 bus, down 46% from 39,550,000 bus on Sept. 1, 2013, while off-farm stocks totaled 70,635,000 bus, down 30% from 101,007,000 bus. Indicated disappearance during June-August was 313 million bus, up 6% from the same period a year earlier.Sept. 1 stocks of other grains were: barley, 178,802,000 bus, down 9% from 2013; oats, 73,175,000 bus, up 15%; old crop grain sorghum, 34,032,000 bus, up 125%; and old crop sunflowerseed, 200,724,000 lbs, down 41%, including 113,730,000 lbs of oil type, down 59%, and 86,964,000 lbs of non-old type, up 38%.