The USDA’s quarterly Grain Stocks report, released with the June 30 Acreage report, shows sharp declines in corn and soybean stocks.
Corn stocks totaled 4.11 billion bushels, down 18 percent from the same time last year. On-farm corn stocks were down 39 percent from a year ago, but off-farm stocks were up 11 percent.
Soybeans stored totaled 767 million bushels, down 44 percent from last year. On-farm soybean stocks were down 65 percent, while off-farm stocks were down 27 percent.
All wheat stored totaled 844 million bushels, down 18 percent from a year ago. On-farm all wheat stocks were down 38 percent, while off-farm stocks were down 12 percent. Durum wheat stored totaled 27.5 million bushels, down 34 percent from last year. On-farm stocks were down 24 percent, while off-farm stocks were down 42 percent.
The Grain Stocks and Acreage reports sent corn, soybean and wheat markets sharply higher, hitting price limits on Wednesday.