From the USDA Quarterly Grain Stocks report released Friday morning:
Old crop corn stocks in all positions on September 1, 2012 totaled 988 million bushels, down 12 percent from September 1, 2011. Of the total stocks, 314 million bushels are stored on farms, down slightly from a year earlier. Off-farm stocks, at 675 million bushels, are down 17 percent from a year ago. The June – August 2012 indicated disappearance is 2.16 billion bushels, compared with 2.54 billion bushels during the same period last year.
Old crop soybeans stored in all positions on September 1, 2012 totaled 169 million bushels, down 21 percent from September 1, 2011. Soybean stocks stored on farms totaled 38.3 million bushels, down 21 percent from a year ago.
Off-farm stocks, at 131 million bushels, are down 21 percent from last September. Indicated disappearance for June – August 2012 totaled 498 million bushels, up 23 percent from the same period a year earlier. Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2011 soybean production is revised to 3.09 billion bushels, up 37.5 million bushels from the previous estimate. Planted area is revised up 70,000 acres. Harvested area is revised up 140,000 acres to 73.8 million acres. The 2011 yield, at 41.9 bushels per acre, is up 0.4 bushel from the previous estimate. A table with 2011 acreage, yield, and production estimates by States is included on page 17 of this report.
All wheat stored in all positions on September 1, 2012 totaled 2.10 billion bushels, down 2 percent from a year ago. On-farm stocks are estimated at 573 million bushels, down 9 percent from last September. Off-farm stocks, at 1.53 billion bushels, are up 1 percent from a year ago. The June – August 2012 indicated disappearance is 908 million bushels, up 27 percent from the same period a year earlier.