Quarterly Grain Stocks Report Shows Big Decline in Corn, Soybean Stocks

According to USDA's National Agricultural Statistics Service - there were 824-million bushels of old crop corn and 141-million bushels of old crop soybeans in storage. The quarterly Grain Stocks report showed that corn and soybean stocks stored in all positions were down 17-percent from 2012. There were 275-million bushels of corn stored on farms and 549 stored off the farm on September 1st - down 12 and 19-percent respectively from the previous year. U.S. corn disappearance totaled 1.94-billion bushels during June to August - down from 2.16-billion bushels during the same period last year. NASS reported there were 39.6-million bushels of soybeans stored on the farm - up three-percent from 2012 - on September 1st. The amount stored off the farm - at 101-million bushels - was down 23-percent from last September. The U.S. soybean disappearance during June to August totaled 294-million bushels - a 41-percent decline from the same period last year.

NASS also released the Small Grains 2013 Summary. The report included the final tallies for U.S. wheat, oats and other small grains. In 2013 - according to the report - growers harvested 45.2-million acres of wheat - down eight-percent from 2012. Oat production is estimated at 66-million bushels - up three-percent from 2012 - but the third lowest production on record.

NASS will re-survey small grain growers in Montana and North Dakota due to delays in this year's harvest. There was significant unharvested acreage in these two states when producers were surveyed earlier this month. As a result - NASS may release updated estimates for small grains in the Crop Production report released on November 8th.

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