Slimmer Grain Stocks To Start Summer
Silos across the U.S. are emptier than they were a year ago to start summer, as increased demand and lower production continue to result in smaller grain stocks. USDA’s quarterly update indicates that as of June 1st, 4.11 billion bushels of corn were on hand, down 18 percent from the previous year. Grain has made its way to the elevator quicker, as on-farm stocks are down 39 percent at 1.74 billion bushels, while off-farm stocks are up 11 percent. Disappearance during the spring jumped by 630 million bushels to 3.58 billion.
Soybean stocks remain significantly lower than year-ago levels, with just 767 million bushels in the bin at the start of June. That’s 44 percent lower than last year. 220 million bushels remain on the farm, down 65 percent, while off-farm stocks are down 27 percent. Usage and export during the spring totaled 795 million bushels, down nine percent.
Wheat started the new marketing year with 844 million bushels in storage, down 18 percent. 142 million of the old crop is still on the farm. 467 million bushels made their way out of silos and elevators during the spring, up 21 percent from a year ago. About 40.8 million bushels of milo remained in storage to start June, down 44 percent, as 96 million bushels left storage in the spring.
Silos on Missouri farms are emptier than they were a year ago. 119.6 million bushels of corn were on hand in the state as of June first, down 24 percent, with on-farm storage at 58 million, just under half the figure from a year ago. However, off-farm stocks were up 44 percent at 61.6 million bushels. 152.6 million bushels left Missouri or were consumed during the spring. 41 million bushels of soybeans were still on hand at the start of June, down 45 percent. Just 12 million were still on the farm, while off-farm stocks increased from a year ago at just over 29 million bushels. 55.8 million bushels left the state between March and May.
Just over 8.6 million bushels of old crop wheat were in Missouri’s grain bins to start the marketing year, down 22 percent. 1.7 million bushels disappeared from state stockpiles during the spring. 367,000 bushels of sorghum were on hand, down 140,000.
Missouri’s elevators held onto just over 309 million pounds of rice at the start of June. Nationwide, rough rice stocks totaled 6.27 billion pounds, up 35 percent from a year ago. 812 million pounds remained on the farm.
