Quarterly corn stocks up, soybeans and wheat down
The USDA domestic corn stocks on June 1st, 2020 were a little bit larger than on June 1st, 2019, while soybean and wheat supplies got tighter.
Quarterly corn stocks of 5.224 billion bushels were up less than 1% on the year, with a much lower than a year ago implied third quarter usage, 2.73 billion bushels in Q3 2020 versus 3.41 billion in Q3 2019, as demand slowed and some producers held onto supplies hoping for higher prices. On farm stocks were up 3%, while off farm stocks were down 2%.
Soybeans were estimated at 1.386 billion bushels, a drop of 22% from a year ago, with lower on and off farm supplies, 13% and 28%, respectively even with an 8% year to year reduction in quarterly usage.
Old crop wheat stocks were reported at 1.044 billion bushels, 3% lower than last year, with a big drop in fourth quarter usage, 28%, but also smaller production. On farm stocks were 12% higher, while off farm stocks were 7% lower.
Rough rice stocks on June 1st were 46.238 million hundredweight, a decline of 27% on the year, and the milled supply was 4.307 million hundredweight, 9% below a year ago.
The USDA’s next set of supply and demand estimates is out July 10th.