Stockpiles of corn and soybeans were significantly lower than last year’s totals, but revised production figures resulted in soybean stocks not being as lean as the markets were expecting. USDA’s Grain Stocks report Thursday indicated that old crop corn stocks nationwide to start the marketing year September first were at1.24 billion bushels, down 36 percent from a year ago. 395 million were still in farmer silos. Disappearance over the summer, either for consumption or export, totaled 2.87 billion bushels, down 210 million bushels from last year. The drops were not as dramatic in Missouri, as the state’s elevators experienced just a five percent drop from year-ago levels to 49.9 million bushels. 28 million were still in farmer bins. The state shipped or consumed 69.7 million bushels of corn this summer.
Old crop soybean stockpiles at the start of September were half of what they were last year. Just 256 million bushels were still on hand, including 68 million on the farm. 513 million bushels were used or exported this summer, down 40 percent from a year ago. Missouri’s silos experienced a 28-percent drop in soybean stocks from a year ago, with 19.9 million bushels on hand to start September. About 7.6 million remained on the farm. 21.1 million bushels of soybeans left the state’s stores over the summer.
While soybean stockpiles were less than half the size they were a year ago, analysts were expecting them to not exceed 180 million bushels. That’s because USDA released revised production totals for 2020, after a review of exports, farm program, and associated data. The revision resulted in an additional 81 million bushels of soybeans to the past year’s total, making 2020 production exceed 4.21 billion bushels. An additional 290,000 harvested acres were added to last year’s total, now at 82.6 million, and yield was revised upward to 51 bushels per acre. Missouri’s production for 2020 was increased to 296.3 million bushels, with both acreage and yield increased. An average of 51 bushels per acre was harvested from 5.85 million acres.
USDA’s revisions for 2020 corn production went in the opposite direction, a drop of 71 million bushels from last year’s total. Total corn harvest for grain is now at 14.1 billion bushels, with yield also lower at 171.4 bushels per acre and harvested acreage down to 82.3 million. Missouri’s totals were unaffected by the revisions. National silage production last year now totals 137.7 million bushels, from 6.7 million acres.