WINNIPEG, March 31 (MarketsFarm) – Stocks of wheat in the United States are significantly lower as of March 1, according to the U.S. Department of Agriculture (USDA). The department issued its grain stocks as of March 1 report today.
The USDA pegged total wheat stocks at 1.41 billion bushels, which is 11 per cent lower than the previous year. That’s on par with average market prediction of 1.43 million.
On-farm wheat stocks were estimated to be 338.69 million bushels, for a drop of eight per cent from last March. The off-farm stocks were said to be at 1.07 billion bushels, for a 12 per cent decline.
Durum stocks are down by almost a third at 51.48 million bushels, according to the USDA. Of that, 23.50 million bushels are on-farm, falling 42 per cent from March 2019. Those off-farm amounted to 27.98 million bushels, which is down 17 per cent.
MarketsFarm predicted durum stocks to have be at 49.50 million bushels.
Soybean stocks dropped 17 per cent to 2.25 billion bushels, which is slightly above the industry guess of 2.20 billion.
On-farm stocks are approximately 1.01 billion bushels, which is a 20 per cent drop from last year. Off-farm stocks are about 1.24 billion bushels, which is 15 per cent lower.
The USDA said corn stocks are at 7.95 billion bushels, which is close to the trade expectation of 8.10 billion.
On-farm corn stocks are down 13 per cent at 4.45 billion bushels and those off-farm are at 3.50 billion, for a slight increase compared to last March.