WASHINGTON – June 1 stocks of corn were down 14 percent from a year earlier while soybean stocks were up 8 percent, according to data from the US Department of Agriculture quarterly Grain Stocks report.
Stocks of corn on June 1 totaled 3,148,540,000 bushels, down 14 percent from 3,669,838,000 bushels a year ago. On farm stocks of corn totaled 1,482,000,000 bushels, down 12 percent from 1,681,500,000 bushels a year earlier, while off-farm supplies were 1,666,540,000 bushels, down 16 percent from 1,988,338,000 bushels. Indicated disappearance of corn during the March-May period was 2.87 billion bushels, up 1 percent from 2.85 billion bushels during the same period last year, the USDA said.
Soybean stocks in all positions were 667,475,000 bushels, up 8 percent from 619,283,000 bushels on June 1, 2011, the USDA said. On-farm soybean stocks were 179,000,000 bushels, down 18 percent from 217,700,000 bushels on June 1, 2011, while off-farm stocks totaled 488,475,000 bushels, up 22 percent from 401,583,000 bushels. Indicated disappearance during March-May 2012 was 707 million bushels, up 12 percent from the same period a year earlier.
The USDA stocks number for corn was below the average of trade expectations that was near 3.182 million bushels. The soybean number was above both the average trade estimate of 640 million bushels and the trade range of 595 million to 662 million bushels.
June 1 stocks of barley in all positions totaled 60,065,000 bushels, down 33 percent from 89,351,000 bushels a year earlier. Oats stocks totaled 54,999,000 bushels, down 19 percent from 67,629,000 bushels last year. Stocks of grain sorghum were 58,511,000 bushels, down 27 percent from 80,034,000 bushels a year earlier.