Wheat stocks up 118%, corn up, soybeans down

by Eric Schroeder
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WASHINGTON — Wheat stored in all positions on June 1 totaled 667,044,000 bus, up 118% from 305,818,000 bus on June 1, 2008, the U.S. Department of Agriculture said in its latest Grain Stocks report.

On-farm stocks of wheat were 140,745,000 bus, up 449% from the year-ago amount of 25,635,000 bus, while off-farm stocks were 526,299,000 bus, up 88% from 280,183,000 bus last year. Indicated disappearance of wheat during the March-May period was 373 million bus, down 7% 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 670 million bus.

Durum stocks were 25,174,000 bus, up 204% from 8,288,000 bus a year ago. Indicated disappearance during the March-May period was 7.1 million bus, down 58% from a year ago.

Stocks of corn on June 1 totaled 4,265,553,000 bus, up 6% from 4,028,017,000 bus a year ago. Indicated disappearance of corn during the March-May period was 2.69 billion bus, down 5% from the same period last year, the U.S.D.A. said.

Soybean stocks in all positions were 597,044,000 bus, down 12% from 676,143,000 bus on June 1, 2008, the U.S.D.A said. Indicated disappearance during March-May was 705 million bus, down 7% from the same period a year earlier.

The U.S.D.A. stocks numbers for corn and soybeans were above the average of trade expectations.

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