April 1, 2005

US corn stocks hit highest level since 1988

According to the first quarter grain stocks report released by the US Department of Agriculture, National Agricultural Statistics Service (NASS) and Agricultural Statistics Board on Thursday, US corn stocks were up 28 percent from March 2004. Soybean stocks soared 52 percent, while wheat stocks were down 4 percent.

Corn stocks in all positions on March 1, 2005 totalled 6.75 billion bushels, the highest March 1 stocks level since 1988. Of the total stocks, 4.14 billion bushels are stored on farms, up 37 percent from a year earlier. Off-farm stocks, at 2.62 billion bushels, are up 17 percent from a year ago.

Soybeans stored in all positions on March 1, 2005 totalled 1.38 billion bushels, up 52 percent from March 1, 2004. Soybean stocks stored on farms are estimated at 795 million bushels, up 123 percent from a year ago. Off-farm stocks, at 586 million bushels, are up 7 percent from last March.

All wheat stored in all positions on March 1, 2005 totalled 981 million bushels, down 4 percent from a year ago. On-farm stocks are estimated at 305 million bushels, up 18 percent from last year. Off-farm stocks, at 676 million bushels, are down 11 percent from a year ago.