Market News & Headlines >> U.S. Corn Stocks Down 4.9% on Year
U.S. Dec. 1 corn stocks were down 4.9% from a year earlier and near the low end of trade expectations thanks to smaller-than-expected 2018 production, while soybean stocks were record large as expected and wheat stocks were larger than expected.
Dec. 1 soybean stocks were up a steep 18.2% from a year earlier, in line with trade expectations, despite a downward revision in 2018 production. Dec. 1 wheat stocks came in 6.7% above a year earlier and at the high end of trade expectations, implying lower-than-expected usage.
The USDA quarterly Grain Stocks report released on Feb. 8 pegged Dec. 1 U.S. corn stocks at 11.952 billion bushels, down from 12.567 billion a year earlier and 1.1% below the average of pre-report expectations in a Reuters News Service survey. Pre-report estimates of corn stocks averaged 12.092 billion bushels in a range from 11.940-12.400 billion. Dec. 1 corn stocks in the top-producing state of Iowa were down nearly 202 million bushels or 8.5% from a year earlier.
USDA reported Dec. 1 soybean stocks of 3.736 billion bushels, up from 3.161 billion a year earlier and just 7 million bushels below the average of trade expectations, which ranged from 3.414-3.872 billion bushels. Notably, Illinois soybean stocks at over 671 million bushels, were up 31.5% from a year earlier.
Dec. 1 wheat and durum stocks were estimated by USDA at 1.999 billion bushels, up from 1.873 billion a year earlier and 2.1% above the average of trade expectations. Expectations averaged 1.957 billion bushels in a range from 1.846-2.003 billion. Kansas wheat stocks at over 450 million bushels, were up 12.6 from a year earlier, while North Dakota stocks of over 279 million bushels were up 34.1%.