June Soybean Stocks Up Significantly From 2018

This article has been reprinted from the July 3 USDA Grain Transportation Report.

Last week, USDA’s National Agricultural Statistics Service (NASS) published its quarterly (June) Grain Stocks and annual Acreage reports, which provide insight for current and upcoming grain transportation.

U.S. grain stores are high, mainly due to high soybean inventories.

As of June 1, 2019, national grain stocks (including barley, corn, grain sorghum, oats, soybeans, and wheat) were 8.3 billion bushels (bbu), a 6 percent increase from a year ago and 12 percent higher than the 3-year average.

While June corn stocks (5.2 billion bushels) were down 2 percent (-102 million bushels) compared to 2018, soybean stocks were up 47 percent (+571 million bushels).

Grain “disappearance” from December to June—a proxy for movements—was down 4 percent from last year.

NASS anticipates a 2 percent increase in the area harvested for corn, but a 3 and 10 percent decline in the area harvested for wheat and soybeans, respectively.

Due to excessive rainfall affecting plantings, NASS is collecting updated acreage information.

Data are expected on August 12.