March 1 wheat stocks up, corn, soybeans down

by Ron Sterk
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WASHINGTON — Wheat stored in all positions on March 1, 2011, totaled 1,424,558,000 bus, up 5% from 1,356,357,000 bus on March 1, 2010, the U.S. Department of Agriculture said in its latest Grain Stocks report.
On-farm stocks of wheat were 288,010,000 bus, down 17% from 348,250,000 bus a year ago, while off-farm stocks were 1,136,548,000 bus, up 13% from 1,008,107,000 bus last year. Indicated disappearance of wheat during the December 2010-February 2011 period was 508 million bus, up 20% from the same period a year ago, the U.S.D.A. said.

The U.S.D.A. all wheat stocks number was above pre-report trade expectations that averaged about 1,399 million bus.

Durum stocks on March 1, 2011, were 56,495,000 bus, up 2% from 55,516,000 bus a year ago. On-farm durum stocks were 35,700,000 bus, up 4% from a year earlier, while off-farm stocks were 20,795,000 bus, down 2%. Indicated disappearance during the December-February period was 11.8 million bus, down 42% from a year earlier, the U.S.D.A. said.

Stocks of corn in all positions on March 1 totaled 6,522,804,000 bus, down 15% from 7,693,787,000 bus a year ago. On-farm corn stocks were 3,384,000,000 bus, down 26% from last year, and off-farm stocks were 3,138,804,000 bus, down slightly from a year ago. Indicated disappearance of corn during the December-February period was 3.53 billion bus, up 10% from the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 1,248,885,000 bus, down 2% from 1,270,068,000 bus on March 1, 2010, the U.S.D.A said. On-farm stocks were 505,000,000 bus, down 17% from last year, and off-farm stocks totaled 743,885,000 bus, up 13%. Indicated disappearance during December-February was 1.03 billion bus, down 4% from the same period a year earlier, the U.S.D.A. said.

The U.S.D.A. stocks numbers were below trade expectations, which averaged 6,701 million bus for corn and 1,295 million bus for soybeans.

March 1, 2011, grain sorghum stocks in all positions totaled 170,822,000 bus, down 3% from a year ago, oats stocks totaled 86,345,000 bus, down 12%, and barley stocks totaled 137,972,000 bus, also down 12%.

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