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Friday, March 30, 2012

Quarterly Stocks:  Corn Use Is Up And Stocks Are Down, Vice Versa For Soybeans



 

USDA’s March 1 Quarterly Grain Stocks report indicates corn use of 100 million bushels more than the same period last year and 8% fewer corn stocks on had compared to the same quarter in 2011.  However, soybean disappearance was 3% less than a year earlier and stocks were 10% higher compared to a year ago.

The USDA Quarterly Stocks report for the period of December 1 2011 through February 29 2012 indicated 6.009 billion bushels of corn were in storage March 1, 2012, which includes 3.192 billion on farms and 2.817 billion in commercial storage.  That compares to 6.523 billion in storage on March 1 of 2011.

Iowa reported 1.288 billion bushels of corn in storage compared to 1.270 billion a year ago.  Illinois had 1.007 billion bushels in storage a drop of 110 million from 2011. Illinois only had 450 million in farm stored corn, but 557 million in commercial storage.  The opposite trend occurred in Iowa with 740 million on farms and 548 million in commercial facilities.  Similar shares were dominant for the prior year.

For soybeans, total March 1 stocks were 1.372 billion bushels, compared to 1.248 billion in 2011.  Soybeans in commercial storage totaled 817 million with 555 million on farms.  Illinois reported 195 million bushels total in storage with 118 million in commercial storage and 77 million stored on farms.  Iowa reported 295 million bushels of soybeans in storage, with 175 million in commercial storage and 120 million in farm bins.

Wheat stocks were reported at 2.369 billion bushels nationally, with 1.230 billion in commercial facilities and 1.139 billion in farm storage.  Total stocks in storage are down 16% from 2011.  The December 2011 - February 2012 quarter data indicated disappearance is 462 million bushels, down 9 percent from the same period a year earlier.

Summary:
Corn is being used up at a rapid rate and that has drawn stocks down 8% lower than a year earlier.  Subsequently stocks in both farm and commercial storage were less than anticipated.  For soybeans, the rate of disappearance has slowed, and stocks in storage are more plentiful than in 2011

Posted by Stu Ellis on 03/30 at 01:10 PM | Permalink

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