Market News & Headlines >> June 1 Grain Stocks Seen Historically Large
USDA’s quarterly Grain Stocks report is expected to show June 1 U.S. stocks of corn, soybeans and wheat up substantially from a year earlier to historically large levels following bumper 2016 crops.
Trade estimates of June 1 corn stocks average 5.123 billion bushels, up 8.7% from the June 1, 2016 stocks of 4.711 billion bushels, according to a Reuters News Service survey of 26 analysts. At that level, June 1 stocks would be the largest since 1988 and the third highest on record. Trade corn stocks estimates range from 4.690-5.360 billion bushels.
Pre-report expectations for June 1 soybean stocks average 983 million bushels in a range from 870 million to 1.119 billion bushels. The average of trade estimates is 12.8% above the June 1, 2016 soybean stocks of 872 million bushels. At 983 million bushels, June 1 soybean stocks would be the largest since 2007 and the third highest on record.
Trade expectations for June 1 U.S. wheat stocks average 1.137 billion bushels in a range from 968 million to 1.185 billion bushels. At 1.137 billion bushels, June 1 wheat stocks would be up 16.5% from June 1, 2016 stocks of 976 million bushels and would be the largest since 1988.
The Grain Stocks report is set to be released at 11:00 a.m. CT on Friday, along with USDA’s annual Crop Acreage report.