LONDON – The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) has unveiled its latest Grain Stocks report, shedding light on the country’s current state of grain stocks.
The report indicates a minor decline in corn and soybean stocks as of 1 September 2023. Specifically, old crop corn stocks have been documented at 1.36 billion bushels, representing a 1% drop from the figures of September 2022.
Similarly, old-crop soybeans have seen a 2% reduction, with the total stocks amounting to 268 million bushels. Contrarily, wheat stocks have noted a slight uptick from the previous year.
Delving into the specifics, the report shows that 605 million bushels are stored on farms out of the total corn stocks, marking a 19% surge from 2022. However, off-farm stocks have witnessed a 13% decrease at 756 million bushels.
Between June and August 2023, the corn disappearance rate was pegged at 2.75 billion bushels, a tad lower than the 2.97 billion bushels recorded in 2022.
On the soybean front, stocks stored on farms have reached 72.0 million bushels, an increase of 14% year-on-year. Off-farm stocks, conversely, have decreased by 7% from September 2022, totalling 196 million bushels.
The soybean disappearance rate for the June-August 2023 window was 528 million bushels, a substantial 24% decline from the previous year.
Furthermore, the report has incorporated revisions to the 2022 production data for corn and soybeans, a routine procedure at the culmination of the marketing year. Both corn and soybean production estimates for 2022 have been marginally revised downwards.
In terms of wheat stocks, a modest growth has been observed. As of 1 September 2023, the total wheat stocks amounted to 1.78 billion bushels. On-farm stocks have risen by 1% to 598 million bushels, while off-farm stocks have largely remained consistent.
The wheat disappearance rate for June-August 2023 stood at 614 million bushels, an 8% increment from 2022.
Durum wheat stocks for September 2023 were reported at 57.3 million bushels, a 7% increase year-on-year. On-farm and off-farm stocks have risen by 5% and 8%, respectively.
Nonetheless, the disappearance rate for Durum wheat between June and August 2023 saw a 12% reduction compared to the same timeframe in 2022.
In conjunction with the Grain Stocks report, NASS unveiled the Small Grains Annual Summary. The summary highlighted that wheat production in 2023 reached 1.81 billion bushels, a commendable 10% growth from the revised 2022 data of 1.65 billion bushels.
NASS continues to offer precise and prompt data concerning U.S. agriculture, solidifying its position as the leading federal statistical agency in this sector.
