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Quarterly stocks mostly up on year
U.S. corn stocks on March 1st were a little bit tighter than what analysts were expecting, while soybeans and wheat topped estimates.
The USDA says corn stocks halfway through the marketing year were 8.347 billion bushels, just under the average pre-report guess, but still up 13% on the year, partially due to slow farmer selling, even with a higher rate of implied use during the second quarter.
Soybeans were pegged at 1.845 billion bushels, larger than anticipated and 9% more than a year ago, also seeing slow farmer selling, with implied second quarter usage falling 13%.
Wheat stocks at the start of the third quarter were above expectations at 1.088 billion bushels, an increase of 16%, reflecting the overall slow demand, with a 10% decrease in third quarter use.
Sorghum was reported at 105.806 million bushels, down 3% on the year, with a 64% jump in second quarter use, likely because of improved export demand.
March 1st rough rice stocks were 100.46 million hundredweight, 31% larger than a year ago, with milled rice at 6.453 million hundredweight, 48% higher.
The USDA’s next set of supply and demand estimates is out April 11th.
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