US corn ending stocks down 10% from September 2019
WASHINGTON – The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) Grain Stocks report released earlier this week shows that old crop corn stocks on hand as of Sept. 1, 2020 totaled 2.00 billion bushels, down 10% from Sept. 1, 2019. Old crop soybeans stored in all positions were down 42% from Sept. 1, 2019, and all wheat stocks were down 8% from a year earlier.
Of the total corn stocks, 751 million bushels were stored on farms, down 8% from a year earlier. Off-farm stocks, at 1.24 billion bushels, were down 12% from a year ago. The June-August 2020 indicated disappearance was 3.02 billion bushels, compared with 2.98 billion bushels during the same period a year earlier.
Old crop soybeans stored in all positions on Sept. 1, 2020 totaled 523 million bushels, down 42% from Sept. 1, 2019. Soybean stocks stored on farms totaled 141 million bushels, down 47% from a year ago. Off-farm stocks, at 382 million bushels, were down 41% from last September. Indicated disappearance for June-August 2020 totaled 858 million bushels, down 2% from the same period a year earlier.
This report also contains revisions to the previous season’s production for corn and soybeans. This has been the normal practice for soybeans for many years. Corn revisions were moved from January to this report to coincide with the end of the marketing season and align with soybeans. Production for 2019 corn was revised up fractionally while 2019 soybean production was revised down fractionally from the previous estimate.
All wheat stored in all positions on Sept. 1, 2020 totaled 2.16 billion bushels, down 8% from a year ago. On-farm stocks were estimated at 705 million bushels, down 4% from last September. Off-farm stocks, at 1.45 billion bushels, were down 10% from a year ago. The June-August 2020 indicated disappearance was 695 million bushels, up 4% from the same period a year earlier.
Durum wheat stocks in all positions on Sept. 1, 2020 totaled 70.6 million bushels, down 20% from a year ago. On-farm stocks, at 43.5 million bushels, were down 12% from Sept. 1, 2019. Off-farm stocks totaled 27.1 million bushels, down 30% from a year ago. The June-August 2020 indicated disappearance of 40.1 million bushels was up 95% from the same period a year earlier.
In preparation for this report, NASS conducted separate surveys for on-farm and off-farms stocks during the first two weeks of September.
NASS also released the Small Grains Annual Summary report today. Key findings from that report include:
- All wheat production totaled 1.83 billion bushels in 2020, down 5% from the revised 2019 total of 1.93 billion bushels.
- Area harvested for grain totaled 36.7 million acres, down 2% from 2019.
- The United States yield was estimated at 49.7 bushels per acre, down 2.0 bushels from 2019.
The levels of production and changes from 2019 by type were:
- Winter wheat, 1.17 billion bushels, down 11%.
- Other spring wheat, 586 million bushels, up 4%.
- Durum wheat, 68.8 million bushels, up 28%.