Wheat, soybean stocks down from year ago, corn up
June 30, 2008
by Ron Sterk
WASHINGTON — Wheat stored in all positions on June 1 totaled 305,618,000 bus, down 33% from June 1, 2007, the U.S. Department of Agriculture said in its latest Grain Stocks report.
On-farm stocks of wheat were 25,635,000 bus, down 65% from a year ago, while off-farm stocks were 279,983,000 bus, down 27%. Indicated disappearance of wheat during the March-May period was 404 million bus, up 1% 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 278 million bus.
Durum stocks were 8,288,000 bus, down 61% from a year ago. Indicated disappearance during the March-May period was 16.9 million bus, down 3% from the same period a year ago.
Stocks of corn on June 1 totaled 4,028,017,000 bus, up 14% from a year ago. Indicated disappearance of corn during the March-May period was 2,830 million bus, up 12% from a year ago.
Soybean stocks in all positions were 676,091,000 bus, down 38% from June 1, 2007, the U.S.D.A said. Indicated disappearance during March-May was 758 million bus, up 9% from last year.
The U.S.D.A. stocks numbers for corn and soybeans also were above average trade expectations.