U.S. wheat, corn, soybean stocks above expectations

by World Grain Staff
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WASHINGTON, D.C., U.S. — June 1 stocks of wheat, corn and soybeans were above pre-report trade expectations according to data from the U.S. Department of Agriculture (USDA) quarterly Grain Stocks report released on June 30.

Wheat stored in all positions on June 1 totaled 860,781,000 bushels, down 12% from 975,637,000 bushels on June 1, 2010, the USDA said. On-farm stocks of wheat were 130,915,000 bushels, down 38% from 209,900,000 bushels a year ago, while off-farm stocks were 729,866,000 bushels, down 5% from 765,737,000 bushels last year. Indicated disappearance of wheat during the March-May period was 565 million bushels, up 48% from the same period last year, the USDA said.

The wheat stocks number, which equates to carryover since the marketing year begins June 1, was above pre-report trade expectations that averaged about 825 million bushels.

Durum stocks were 35,182,000 bushels, up 1.5% from 34,649,000 bushels a year ago. On-farm stocks of 22,100,000 bushels were down 7.5% from 23,900,000 bushels a year ago while off-farm stocks of 13,082,000 bushels were up 22% from 10,749,000 bushels in 2010. Indicated disappearance during the March-May period was 21.2 million bushels, up 2% from a year ago, the USDA said.

Stocks of corn on June 1 totaled 3,670,154,000 bushels, down 15% from 4,310,071,000 bushels a year ago. On farm stocks of corn totaled 1,681,500,000 bushels, down 21% from 2,131,400,000 bushels a year earlier, while off-farm supplies were 1,988,654,000 bushels, down 9% from 2,178,671,000 bushels. Indicated disappearance of corn during the March-May period was 2.85 billion bushels, down 16% from 3.38 billion bushels during the same period last year, the USDA said.

Soybean stocks in all positions were 619,082,000 bushels, up 8% from 571,123,000 bushels on June 1, 2010, the USDA said. On-farm soybean stocks were 217,700,000 bushels, down 6% from 232,600,000 bushels on June 1, 2010, while off-farm stocks totaled 401,382,000 bushels, up 19% from 338,523,000 bushels. Indicated disappearance during March-May was 630 million bushels, down 10% from the same period a year earlier.

The USDA stocks number for corn was above the average of trade expectations that was near 3,324,000,000 bushels, and for soybeans was above the trade average of 597 million bushels.
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