Strong Q1 use confirmed for soybeans, corn
The USDA confirms strong demand for corn and soybeans during the first quarter of the 2020/21 marketing year.
On December 1st, corn stocks were 11.322 billion bushels, down slightly on the year, with indicated first quarter disappearance of 4.78 billion bushels, compared to 4.51 billion a year ago. On farm stocks were 7.046 billion bushels, 1% lower, and off farm stocks were 4.276 billion bushels, 1% higher.
Soybean stocks were 2.933 billion bushels, a year to year drop of 10%, with a 43% surge in implied quarterly demand. On farm stocks were 1.309 billion bushels and off farm stocks were 1.625 billion bushels, declines of 14% and 6%, respectively.
Wheat came out at 1.676 billion bushels, down 9%, despite second quarter demand falling 4% below year ago levels at 484 million bushels. On farm stocks were 483.470 million bushels, a decrease of 7%, and off farm stocks were 1.190 billion bushels, 10% lower.
Rough rice stocks were 136.074 million hundredweight, an increase of 10%, but milled rice saw a decrease of 16% to 4.678 million hundredweight. For rough rice, on farm stocks were 41.370 million hundredweight and off farm stocks were 94.704 million hundredweight.
The 2020/21 marketing year started June 1st for wheat, August 1st for rice, and September 1st for corn and soybeans.
The USDA’s next set of quarterly grain stocks numbers is out March 31st.