June 1 wheat stocks up 48% from year ago

by Ron Sterk
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WASHINGTON — Wheat stored in all positions on June 1 totaled 973,392,000 bus, up 48% from 656,505,000 bus on June 1, 2009, the U.S. Department of Agriculture said in its latest Grain Stocks report.

On-farm stocks of wheat were 209,900,000 bus, up 49% from 140,745,000 bus a year ago, while off-farm stocks were 763,492,000 bus, up 48% from 515,760,000 bus last year. Indicated disappearance of wheat during the March-May period was 383 million bus, down slightly from the same period last year, the U.S.D.A. said.

The wheat stocks number was above pre-report trade expectations that averaged about 938 million bus.
Durum stocks were 34,603,000 bus, up 38% from 25,074,000 bus a year ago. On-farm stocks of 23,900,000 bus were up 80% from a year ago while off-farm stocks of 10,703,000 bus were down 9%. Indicated disappearance during the March-May period was 20.9 million bus, up 191% from a year ago, the U.S.D.A. said.

Stocks of corn on June 1 totaled 4,310,044,000 bus, up 1% from 4,261,427,000 bus a year ago. On farm stocks of corn totaled 2,131,400,000 bus, down 3% from a year earlier, while off-farm supplies were 2,178,644,000 bus, up 6%. Indicated disappearance of corn during the March-May period was 3.38 billion bus, up 27% from the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 571,017,000 bus, down 4% from 596,159,000 bus on June 1, 2009, the U.S.D.A said. On-farm soybean stocks were 232,600,000 bus, up 3% from June 1, 2009, while off-farm stocks totaled 338,417,000 bus, down 9%. Indicated disappearance during March-May was 699 million bus, down 1% from the same period a year earlier.

The U.S.D.A. stocks numbers for corn and soybeans were below trade expectations, which averaged near 4,613 million bus for corn and near 592 million bus for soybeans.
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