April 16, 2021

Lower quarterly stocks reflect strong demand

WASHINGTON — Grain stocks continued a year-over-year downward trend through the first half of the 2020-2021 marketing year.

The U.S. Department of Agriculture’s quarterly grain stocks report estimated soybeans stored in all positions on March 1 totaled 1.56 billion bushels, down 31% from March 1, 2020.

This marked the sixth consecutive quarter soybean stocks declined year-over-year going back to the Sept. 1, 2019, report when soybean stocks were up 108% from the previous year.

Soybean stocks stored on farms are estimated at 594 million bushels, 41% lower than a year ago.

Off-farm soybean stocks, at 970 million bushels, are down 22% from last March.

The indicated disappearance for the December 2020 to February 2021 quarter totaled 1.38 billion bushels, 39% higher than the same period a year earlier.

Corn Stocks

The USDA reported the nation’s corn stocks in all positions on March 1 totaled 7.70 billion bushels, down 3% from March 1, 2020.

This was the third consecutive quarter that corn stocks were lower than the year going back to June 1, 2020, when year-over-year stocks were up less than 1%.

Of the total stocks, 4.04 billion bushels were stored on farms, down 9% from a year earlier. Off-farm stocks, at 3.66 billion bushels, are up 5% from a year ago.

The December 2020 to February 2021 indicated disappearance is 3.59 billion bushels, compared with 3.38 billion bushels during the same period last year.

Wheat Stocks

All wheat stored in all positions on March 1 totaled 1.31 billion bushels, a 7% decline from a year ago and the eighth consecutive quarterly report showing a year-over-year drop in all wheat stored.

On-farm stocks are estimated at 284 million bushels, down 16% from last March. Off-farm stocks, at 1.03 billion bushels, are 4% lower than a year ago.

The December 2020 to February 2021 indicated disappearance is 388 million bushels, 9% below the same period a year earlier.

Corn Stocks by Position

March 1, 2020 and 2021

(1,000 bushels)

Illinois

On-farm 2020, 530,000; off-farm 2020 696,078

On farm 2021, 530,000; off-farm 2021 702,813

Indiana

On-farm 2020, 280,000; off-farm 2020, 211,374

On-farm 2021, 295,000; off-farm 2021, 220,496

Iowa

On-farm 2020, 890,000; off-farm 2020, 629,756

On-farm 2021, 780,000; off-farm 2021, 612,771

Soybean Stocks by Position

March 1, 2020 and 2021

(1,000 bushels)

Illinois

On-farm 2020, 155,000; off-farm 2020, 230,384

On-farm 2021, 90,000; off-farm 2021, 149,778

Indiana

On-farm 2020, 91,000; off-farm 2020, 83,295

On-farm 2021, 56,000; off-farm 2021, 86,496

Iowa

On-farm 2020, 185,000; off-farm 2020, 217,986

On-farm 2021, 95,000; off-farm 2021, 160,035

Tom Doran

Field Editor