Corn & Soybean Stocks Smaller Than Expected

Posted on 09/30/2019 10:52 AM

NOTE: USDA normally sets 2019 wheat production with its Sept. 30 Small Grains Summary. But this year, USDA says that at the time the survey was conducted, there was “significant unharvested acreage of durum wheat in Idaho, Montana, and North Dakota; and a large proportion of other spring wheat acreage not yet harvested in Idaho, Minnesota, Montana, North Dakota, South Dakota and Washington.”

Therefore, NASS will resurvey respondents who previously reported acreage not yet harvested in these states. USDA says, “If the newly collected data justifies any changes, NASS will update the September 30 estimates in the November 8 Crop Production report. Stocks estimates are also subject to review since unharvested production is included in the estimate of on-farm stocks.”

Quarterly Grain Stocks

Corn – billion bu.

USDA Sept. 1, 2019

2.114

Average est. for Sept. 1, 2019

2.428

USDA June 1, 2019

5.202

USDA Sept. 1, 2018

2.140

 

Soybeans – billion bu.

USDA Sept. 1, 2019

0.913

Average est. for Sept. 1, 2019

0.982

USDA June 1, 2019

1.790

USDA Sept. 1, 2018

0.438

 

Wheat – billion bu.

USDA Sept. 1, 2019

2.385

Average est. for Sept. 1, 2019

2.318

USDA June 1, 2019

1.072

USDA Sept. 1, 2018

2.390

 

 

U.S. Wheat Production

All wheat – billion bu.

USDA

1.962

Average est.

1.968

USDA August

1.980

 

Winter wheat – billion bu.

USDA

1.304

Average est.

1.327

USDA August

1.326

 

HRW wheat – million bu.

USDA

833

Average est.

841

USDA August

840

 

SRW wheat – million bu.

USDA

239

Average est.

256

USDA August

257

 

White winter wheat – million bu.

USDA

232

Average est.

229

USDA August

229

 

Other Spring – million bu.

USDA

600

Average est.

585

USDA August

597

 

Durum – million bu.

USDA

58

Average est.

56

USDA August

57

 

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