WASHINGTON, D.C., U.S. — June 1 U.S. stocks of wheat and corn were down 14% from a year earlier while soybean stocks were up 8%, according to data from the June 29 U.S. Department of Agriculture (USDA) quarterly Grain Stocks report. 

Wheat stored in all positions on June 1 totaled 742,712,000 bushels, down 14% from 862,246,000 bushels on June 1, 2011, the USDA said. On-farm stocks of wheat were 112,030,000 bushels, down 14% from 130,915,000 bushels a year ago, while off-farm stocks were 630,682,000 bushels, down 14% from 731,331,000 bushels last year. Indicated disappearance of wheat during the March-May period was 457 million bushels, down 19% from the same period last year, the USDA said.

The wheat stocks number, which equates to carryover since the marketing year began June 1, was above the pre-report trade estimated average of 726 million bushels and fell near the top end of the 705 million to 748 million bushels range of estimates.

Durum stocks were 25,569,000 bushels, down 28% from 35,466,000 bushels a year ago. On-farm stocks of 15,200,000 bushels were down 31% from 22,100,000 bushels a year ago while off-farm stocks of 10,369,000 bushels were down 22% from 13,366,000 bushels in 2011. Indicated disappearance during the March-May period was 10.2 million bushels, down 51% from a year ago, the USDA said.

Stocks of corn on June 1 totaled 3,148,540,000 bushels, down 14% from 3,669,838,000 bushels a year ago. On farm stocks of corn totaled 1,482,000,000 bushels, down 12% from 1,681,500,000 bushels a year earlier, while off-farm supplies were 1,666,540,000 bushels, down 16% from 1,988,338,000 bushels. Indicated disappearance of corn during the March-May period was 2.87 billion bushels, up 1% from 2.85 billion bushels during the same period last year, the USDA said.

Soybean stocks in all positions were 667,475,000 bushels, up 8% from 619,283,000 bushels on June 1, 2011, the USDA said. On-farm soybean stocks were 179,000,000 bushels, down 18% from 217,700,000 bushels on June 1, 2011, while off-farm stocks totaled 488,475,000 bushels, up 22% from 401,583,000 bushels. Indicated disappearance during March-May 2012 was 707 million bushels, up 12% from the same period a year earlier.

The USDA stocks number for corn was below the average of trade expectations that was near 3.182 million bushels. The soybean number was above both the average trade estimate of 640 million bushels and the trade range of 595 million to 662 million bushels.

June 1 stocks of barley in all positions totaled 60,065,000 bushels, down 33% from 89,351,000 bushels a year earlier. Oats stocks totaled 54,999,000 bushels, down 19% from 67,629,000 bushels last year. Stocks of grain sorghum were 58,511,000 bushels, down 27% from 80,034,000 bushels a year earlier.