Old Grain Stocks Sharply Down from 2019

The Quarterly Grain Stocks report shows old crop corn stocks on hand as of September 1, 2020, totaled 2.0 billion bushels, down ten percent from a year ago. Old crop soybeans stored in all positions were down 42 percent, and all wheat stocks were down eight percent from a year earlier.

Released by the Department of Agriculture’s National Agricultural Statistics Service, the report found that of the total corn stocks, 751 million bushels were stored on farms, down eight percent from a year earlier. Off-farm stocks, at 1.24 billion bushels, were down 12 percent from a year ago. Old crop soybeans stored in all positions totaled 523 million bushels. Soybean stocks stored on farms totaled 141 million bushels, down 47 percent, and off-farm stocks, at 382 million bushels, were down 41 percent. All wheat stored in all positions totaled 2.16 billion bushels. On-farm stocks were estimated at 705 million bushels, down four percent, and off-farm stocks were down ten percent at 1.45 billion bushels.

NASS also released the Small Grains Annual Summary report. The report found All wheat production totaled 1.83 billion bushels in 2020, down five percent from the revised 2019 total of 1.93 billion bushels. Area harvested for grain totaled 36.7 million acres, down two percent from 2019, and The United States yield was estimated at 49.7 bushels per acre, down 2.0 bushels from 2019.