Corn Stocks Up 13 Percent from March 2023 Soybean Stocks Up 9 Percent

All Wheat Stocks Up 16 Percent

Corn stocks in all positions on March 1, 2024 totaled 8.35 billion bushels, up 13 percent from March 1, 2023. Of the total stocks, 5.08 billion bushels were stored on farms, up 24 percent from a year earlier. Off-farm stocks, at 3.27 billion bushels, are down 1 percent from a year ago. The December 2023 - February 2024 indicated disappearance is 3.82 billion bushels, compared with 3.42 billion bushels during the same period last year.

Soybeans stored in all positions on March 1, 2024 totaled 1.85 billion bushels, up 9 percent from March 1, 2023. Soybean stocks stored on farms are estimated at 933 million bushels, up 24 percent from a year ago. Off-farm stocks, at 912 million bushels, are down 3 percent from last March. Indicated disappearance for the December 2023 - February 2024 quarter totaled 1.16 billion bushels, down 13 percent from the same period a year earlier. 

How is it that commercial inventories are down.. but more than offset by on farm stocks?  In round numbers..  shouldn’t the two move together?

it looks like NASS was driving a square peg through a round hole to me.. “The on farm numbers MUST BE HIGHER.. in order to match the yield guesstimated..

OR.. the yield is also too high?  Since you don’t have all the counties estimated.. how do you know? 

NOLA isn’t the only demand driver in the US.

please.. your numbers don’t add. 

“The farmer is undersold..”. On bushels which only exist on paper.