Quarterly U.S. grain stocks were smaller than expected.
The USDA says the domestic supply of corn on December 1st, 2022 was 10.809 billion bushels, 7% under December 1st, 2021, partially due to smaller production, even with a decline in indicated first quarter disappearance. On-farm stocks were 6.748 billion bushels, with off-farm stocks at 4.061 billion, down 7% and 8%, respectively.
Soybean stocks were reported at 3.022 billion bushels, 4% less than a year ago, with a 2022 smaller crop helping to cancel out slower demand.
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