US Corn Ending Stocks Down 1% From Last Year, Soybean Ending Stocks Down 2%

The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) Grain Stocks report released today showed that old crop corn stocks on hand as of Sept. 1, 2023, totaled 1.36 billion bushels, down 1% from Sept. 1, 2022. Old crop soybeans stored in all positions were down 2% from Sept. 1, 2022, and all wheat stocks were up slightly from a year earlier.

Of the total corn stocks, 605 million bushels were stored on farms, up 19% from last year. Off-farm stocks, at 756 million bushels, were down 13% from a year ago. The June-August 2023 indicated disappearance was 2.75 billion bushels, compared with 2.97 billion bushels during the same period a year earlier.

Old crop soybeans stored in all positions on Sept. 1, 2023, totaled 268 million bushels, down 2% from Sept. 1, 2022. Soybean stocks stored on farms totaled 72.0 million bushels, up 14% from a year ago. Off-farm stocks, at 196 million bushels, were down 7% from last September. Indicated disappearance for June-August 2023 totaled 528 million bushels, down 24% from the same period a year earlier.

This report also contains revisions to the previous season’s production for corn and soybeans, which is normal for this time of year since the marketing year is complete. Production for 2022 corn and soybeans were each revised down slightly from the previous estimate.

All wheat stored in all positions on Sept. 1, 2023, totaled 1.78 billion bushels, up slightly from a year ago. On-farm stocks were estimated at 598 million bushels, up 1% from last September. Off-farm stocks, at 1.18 billion bushels, were down less than 1% from a year ago. The June-August 2023 indicated disappearance was 614 million bushels, up 8% from the same period last year.

Durum wheat stocks in all positions on Sept. 1, 2023, totaled 57.3 million bushels, up 7% from a year ago. On-farm stocks, at 33.2 million bushels, were up 5% from Sept. 1, 2022. Off-farm stocks totaled 24.1 million bushels, up 8% from a year ago. The June-August 2023 indicated disappearance of 29.8 million bushels was down 12% from the same period last year.

Source: usda.gov

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