March 1 wheat stocks up 46%, corn up 1%

by Ron Sterk
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WASHINGTON — Wheat stored in all positions on March 1 totaled 1,036,572,000 bus, up 46% from 709,270,000 bus on March 1, 2008, the U.S. Department of Agriculture said in its latest Grain Stocks report.

On-farm stocks of wheat were 280,200,000 bus, up 205% from the year-ago amount of 91,990,000 bus, while off-farm stocks were 756,372,000 bus, up 23% from 617,280,000 bus last year. Indicated disappearance of wheat during the December-February period was 386 million bus, down 9% from the same period last year, the U.S.D.A. said.

The wheat stocks number was below pre-report trade expectations that averaged about 1,062 million bus.

Durum stocks were 32,801,000 bus, up 30% from 25,158,000 bus a year ago. Indicated disappearance during the December-February period was 11.7 million bus.

Stocks of corn on March 1 totaled 6,958,397,000 bus, up 1% from 6,858,722,000 bus a year ago. Indicated disappearance of corn during the December-February period was 3.12 billion bus, down 9% from the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 1,301,606,000 bus, down 9% from March 1, 2008, the U.S.D.A said. Indicated disappearance during December-February was 974 million bus, up 5% from the same period a year earlier.

The U.S.D.A. stocks numbers for corn and soybeans also were below trade expectations, which averaged 7,003 million bus for corn and 1,322 million bus for soybeans.

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