July 2, 2007

US corn storage drops by 19 percent on-year
 

The US Department of Agriculture said Friday (June 30) that there was less corn stored on- and off-farms in the US, as of June 1, 2007, than there was a year earlier.

Corn storage, the USDA said in its quarterly grain stocks report, was 3.53 billion bushels, a 19 percent drop from the year before.

Of the corn in storage on June 1, 1.8 billion bushels were stored on-farm and 1.7 billion were stored off-farm, the USDA said.

There were more soybeans in storage, though, the USDA said.

As of June 1, soybean storage totalled 1.091 billion bushels, a 10% increase from the same date a year ago and "the largest June 1 stocks on record," the USDA said.

On-farm stocks of soybeans totalled 500 million bushels and off-farm stocks totaled 591 million bushels, according to the USDA report.