MarketsFarm — Although stocks of soybeans in the U.S. were estimated Monday to have increased dramatically compared to their year-ago level, the amount of that increase fell short of market expectations.
In the Grain Stocks report released Monday by the U.S. Department of Agriculture (USDA), total soybean stocks as of Sept. 1 were estimated to be 913.05 billion bushels — up 108.41 per cent from the same time last year, but well below markets’ projections for those stocks to exceed 982 billion bushels.
USDA reported on-farm stocks of soybeans jumped by more than 162.38 per cent from the same time last year, to about 265 million bushels. Off-farm stocks rose sharply by about 92.24 per cent from last year, to 648.05 billion bushels.
All-wheat stocks on farms increased more than 22.5 per cent from 2018, at more than 2.38 billion bushels, which came in above market predictions.
Meanwhile, off-farm and total positions were both down. At nearly 1.61 billion bushels, off-farm stocks slipped 8.42 per cent. Total positions stood at almost 2.38 billion bushels for a small decrease of 0.22 per cent.
Total positions for corn were reported at about 2.11 billion bushels and under trade forecasts of almost 2.45 billion.
On-farm corn stocks were up to about about 753.3 million bushels, an increase of 21.5 per cent. Off-farm stocks dropped 10.47 per cent and all positions, at 2.11 billion bushels, eased by 1.2 per cent.
— Glen Hallick reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.