In the June Quarterly Grains Stocks Report from USDA, corn stocks as of June 1 were up less than one percent compared to the previous year at 5.22 billion bushels. That is above trade expectations of 4.95 billion bushels. On-farm stocks increased slightly, and off-farm stocks decreased. U.S. soybean stocks dropped by 22 percent to 1.39 billion bushels, spot on with trade estimates. On-farm stocks are down 13 percent from the previous year and off-farm stocks are down 28 percent. Old crop wheat stocks come in at 1.04 billion bushels. That is a decrease of three percent when compared to the 2019 figure and above trade estimates. There is a 12 percent increase in on-farm all wheat stocks and a seven percent decrease in off-farm stocks from one year ago. The full report is available here.
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