Grain stocks surpass year ago

WASHINGTON — Year-over-year quarterly grain stocks were up across the board midway through the marketing year, according the U.S. Department of Agriculture.

USDA’s released its quarterly grain stocks report March 28, reflecting on-farm and off-farm grain supplies as of March 1.

U.S. corn stocks in all positions on March 1 totaled 8.35 billion bushels, up 13% from March 1, 2023.

Of the total corn stocks, 5.08 billion bushels were stored on farms, 24% above a year earlier. Off-farm stocks, at 3.27 billion bushels, are down 1% from a year ago.

The December 2023-February 2024 indicated disappearance is 3.82 billion bushels of corn, compared with 3.42 billion bushels during the same period last year.

Soybeans stored in all positions in the United States on March 1 totaled 1.85 billion bushels, up 9% from March 1, 2023.

Domestic soybean stocks stored on farms are estimated at 933 million bushels, up 24% from a year ago. Off-farm stocks of 912 million bushels are down 3% from last March.

Indicated disappearance for the December 2023-February 2024 quarter totaled 1.16 billion bushels, down 13% from the same period a year earlier.

U.S. wheat stored in all positions on March 1 totaled 1.09 billion bushels, 16% higher than a year ago.

On-farm wheat stocks are estimated at 272 million bushels, up 20% from last March. Off-farm stocks, at 816 million bushels, are up 14% from a year ago.

The December 2023-February 2024 indicated disappearance is 334 million bushels, 10% below the same period a year earlier.

Survey Procedures

The grain stocks estimates in this report are based on surveys conducted during the first two weeks of March. Separate surveys are conducted to obtain the on-farm and off-farm estimates.

The on-farm stocks survey is a probability survey that includes a sample of approximately 71,800 farm operators selected from a list of producers that ensures all operations in the United States have a chance to be selected.

These producers are asked to provide the total quantities of grain stored on their operations as of March. This includes all whole grains and oilseeds stored whether for feed, seed, or sale, as well as any stored under a government program.

The off-farm stocks survey is an enumeration of all known commercial grain storage facilities. This includes approximately 8,000 facilities with 11.9 billion bushels of storage capacity. An effort is made to obtain a report from all facilities.

Reports of stock holdings are normally received from operations covering about 90% of the capacity. Estimates are made for missing facilities to make the survey complete.

Corn Stocks by Position

March 1, 2023 and 2024

(1,000 bushels)

Illinois

2023 on-farm: 620,000

2023 off-farm:716,475

2024 on-farm: 780,000

2024.off-farm: 704,199

Indiana

2023 on-farm: 355,000

2023 off-farm: 232,488

2024 on-farm: 395,000

2024 off-farm: 214,591

Iowa

2023 on-farm: 750,000

2023 off-farm: 566,061

2024 on-farm: 890,000

2024 off-farm: 527,286

Soybean Stocks by Position

March 1, 2023 and 2024

(1,000 bushels)

Illinois

2023 on-farm: 125,000

2023 off-farm: 145,576

2024 on-farm: 170,000

2024 off-farm: 162,524

Indiana

2023 on-farm: 68,000

2023 off-farm: 79,889

2024 on-farm: 85,000

2024 off-farm: 64,318

Iowa

2023 on-farm: 120,000

2023 off-farm: 181,416

2024 on-farm: 145,000

2024 off-farm: 168,023