March 28, 2024

Marketing year-end stocks higher

2021 ‘I’ yield adjustments

WASHINGTON — Corn, soybean and wheat year-over-year supplies were higher, and 2021 production revisions were reported, including increases in Illinois and Indiana average soybean yields, in the U.S. Department of Agriculture’s quarterly grain stocks estimates Sept. 30.

Old crop U.S. corn stocks in all positions on Sept. 1 totaled 1.38 billion bushels, up 12% from Sept. 1, 2021.

Of the total stocks, 510 million bushels were stored on farms, up 29% from a year earlier. Off-farm stocks, at 867 million bushels, were 3% higher than a year ago.

The June-August 2022 indicated disappearance was 2.97 billion bushels, compared with 2.88 billion bushels during the same period last year.

2021 Corn Revisions

“Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and farm program administrative data, the 2021 corn for grain production was revised down 41.4 million bushels from the previous estimate,” the USDA stated.

Corn planted area was revised to 93.3 million acres, and area harvested for grain was revised to 85.3 million acres.

Corn silage production was revised down 888,000 tons. Area harvested for silage was amended to 6.45 million acres.

The 2021 grain yield, at 176.7 bushels per acre, was down 0.3 bushel from the previous estimate. The 2021 silage yield, at 20.1 tons per acre, remained unchanged from the previous estimate.

Soybeans

Old crop U.S. soybeans stored in all positions on Sept. 1 totaled 274 million bushels, up 7% from Sept. 1, 2021.

U.S. soybean stocks stored on farms totaled 62.9 million bushels, 8% a year ago. Off-farm stocks, at 211 million bushels, were up 12% from last September.

Indicated disappearance for June-August 2022 totaled 698 million bushels, a 36% increase from the same period a year earlier.

2021 Soybean Revisions

Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2021 soybean production was revised up 30.2 million bushels from the previous estimate.

Planted area in 2021 was unchanged at 87.2 million acres, but harvested area was revised to 86.3 million acres. The 2021 yield, at 51.7 bushels per acre, was up 0.3 bushel from the previous estimate.

USDA increased Indiana’s average soybean yield from 59.5 to 60 bushels per acre for the 2021 growing season. Illinois’s average 2021 soybean yield was increased by 1 bushel to 65 bushels per acre.

Wheat

All U.S. wheat stored in all positions on Sept. 1 totaled 1.78 billion bushels, up less than 1% from a year ago.

On-farm stocks were estimated at 591 million bushels, a 41% increase from last September. Off-farm stocks, at 1.18 billion bushels, were down 13% from a year ago.

The June-August 2022 indicated disappearance was 543 million bushels, down 24% from the same period a year earlier.

Corn Stocks by Position

Sept. 1, 2021 and 2022

(1,000 bushels)

Illinois

2021 on-farm: 44,000

2021 off-farm: 83,820

2022 on-farm: 48,000

2022 off-farm: 97,403

Indiana

2021 on-farm: 25,000

2021 off-farm: 47,942

2022 on-farm: 41,000

2022 off-farm: 58,530

Iowa

2021 on-farm: 55,000

2021 off-farm: 196,870

2022 on-farm: 95,000

2022 off-farm: 160,256

Soybean Stocks by Position

Sept. 1, 2021 and 2022

(1,000 bushels)

Illinois

2021 on-farm: 10,000

2021 off-farm: 26,248

2022 on-farm: 8,400

2022 off-farm: 24,542

Indiana

2021 on-farm: 4,700

2021 off-farm: 15,619

2022 on-farm: 7,300

2022 off-farm: 18,375

Iowa

2021 on-farm: 10,500

2021 off-farm: 31,596

2022 on-farm: 11,000

2022 off-farm: 40,548

Tom Doran

Tom C. Doran

Field Editor