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U.S. Grain Stocks Update

June 2024 Edition

Date: 01/07/2024 – Grains

Welcome to our latest update on U.S. grain stocks, summarizing the recent USDA NASS June 28 data release, with comparisons made against the previous years June 1st, 2023, data. This report provides an overview of the stock state in the United States of key grain stocks, including corn, soybeans, wheat, barley, oats, sorghum, and pulse crops.

There has been significant increases in corn, soybean, and all wheat stocks compared to last years figures, however notable contrast in durum wheat, sorghum, and pulse crop stocks, highlighting specific areas of market tightness and supply challenges.

Corn Updates

  • Total Stocks: As of June 1, 2024, U.S. total corn stocks were at 4.99 billion bushels, a 22% increase from Jun/23.
  • On-Farm Stocks: 3.03 billion bushels, up 37% on last year’s Jun/23 figures.
  • March – May 2024 Disappearance: 3.36 billion bushels, compared to 3.29 billion bushels during the same period last year.
  • Off-Farm Stocks: 1.97 billion bushels, up 4% on last year’s Jun/23 figures.

Soybean Updates

  • Total Stocks: Soybeans stored in all positions totalled 970 million bushels, a 22% increase from Jun/23.
  • On-Farm Stocks: 466 million bushels, up 44% on last year’s Jun/23 figures.
  • March – May 2024 Disappearance: 875 million bushels, down 2% from the same period last year.
  • Off-Farm Stocks: 504 million bushels, up 6% on last year’s Jun/23 figures.

All Wheat Updates

  • Total Stocks: Old crop all wheat stored in all positions totalled 702 million bushels, a 23% increase from Jun/23.
  • On-Farm Stocks: 139 million bushels, up 12% on last year’s Jun/23 figures.
  • Off-Farm Stocks: 563 million bushels, up 27% on last year’s Jun/23 figures.
  • March – May 2024 Disappearance: 387 million bushels, up 4% from the same period last year.

Durum Wheat Updates

  • Total Stocks: Old crop Durum wheat stocks in all positions totalled 21.1 million bushels, down 24% from Jun/23.
  • On-Farm Stocks: 9.99 million bushels, down 22% from June 1, 2023.
  • Off-Farm Stocks: 11.1 million bushels, down 26% from a year ago.
  • March – May 2024 Disappearance: 15.3 million bushels, up 90% from the same period last year.

Barley Updates

  • Total Stocks: Old crop barley stocks in all positions totalled 77.9 million bushels, up 18% from Jun/23.
  • On-Farm Stocks: 28.9 million bushels, up 51% on last year’s Jun/23 figures.
  • Off-Farm Stocks: 49.1 million bushels, up 5% on last year’s Jun/23 figures.
  • March – May 2024 Disappearance: 33.7 million bushels, up 47% from the same period a year earlier.

Oat Updates

  • Total Stocks: Old crop oats stored in all positions totalled 36.3 million bushels, up 4% from Jun/23.
  • March – May 2024 Disappearance: 15.2 million bushels, up 87% from the same period last year.
  • On-Farm Stocks: 11.7 million bushels, down 15% against last year’s Jun/23 figures.
  • Off-Farm Stocks: 24.6 million bushels, up 17% on last year’s Jun/23 figures.

Sorghum Updates

  • Total Stocks: Grain sorghum stored in all positions totalled 49.8 million bushels, down 6% against Jun/23.
  • On-Farm Stocks: 5.23 million bushels, down 18% against last year’s Jun/23 figures.
  • Off-Farm Stocks: 44.5 million bushels, down 4% against last year’s Jun/23 figures.
  • March – May 2024 Disappearance: 56.0 million bushels, up less than 1% from the same period last year.

Pulses Update

  • Dry Edible Peas: 2.59 million cwt, down 39% against last year’s Jun/23 figures.
  • Lentils: 844 thousand cwt, down 28% against last year’s Jun/23 figures.
  • All Chickpeas: 1.37 million cwt, down 9% against last year’s Jun/23 figures.
  • Small Chickpeas: 494 thousand cwt, up 11% on last year’s Jun/23 figures.
  • Large Chickpeas: 879 thousand cwt, down 18% against last year’s Jun/23 figures.

References

  • USDA Grain Stocks – Link
  • Image Credit: John Lillis (uuid:faf5bdd5-ba3d-11da-ad31-d33d75182f1b)