WASHINGTON, D.C. (RFD NEWS) — U.S. grain stocks are building across major crops, with corn, soybean, and wheat inventories all higher than a year ago, according to the USDA’s latest Grain Stocks report. The USDA National Agricultural Statistics Service’s Quarterly Grain Stocks report (PDF Version), released on March 31, shows increased supplies across all major commodities, with corn, soybeans, and wheat stocks all rising compared to a year ago. Markets were anxious for this report, as well as the USDA’s annual Prospective Plantings report, to get an accurate read on commodity crops in the year ahead.
Corn stocks totaled 9.02 billion bushels as of March 1, up 11 percent from last year, while soybean stocks reached 2.10 billion bushels, up 10 percent, and all wheat stocks increased 5 percent to 1.30 billion bushels.
Corn supplies show a notable shift toward on-farm storage. Farm-held stocks jumped 21 percent to 5.43 billion bushels, while off-farm stocks declined slightly. At the same time, corn disappearance during the December through February quarter increased to 4.28 billion bushels, indicating strong usage despite larger inventories.
Soybean stocks are also higher, driven primarily by increased off-farm storage, which rose 16 percent. However, soybean disappearance slipped slightly compared to last year, suggesting demand has softened modestly during the winter quarter.
Wheat stocks increased overall, but the breakdown tells a different story. On-farm wheat stocks declined 3 percent, while off-farm stocks rose 8 percent. Wheat disappearance during the quarter rose 12 percent, signaling stronger usage than a year ago.
Outside the major crops, grain sorghum stocks rose 15 percent with sharply higher usage, while barley and oats stocks declined despite strong disappearance. These mixed trends highlight shifting demand patterns across feed grains and secondary crops.
Lewis Williamson with HTS Commodities joined us on Tuesday’s Market Day Report to share his outlook ahead of the release.
In his interview with RFD NEWS, Williamson discussed expectations for the reports and how the results could impact the markets. He also shared what he’s hearing from farmers as planting season ramps up across the country.
Corn Stocks Climb Double Digits
Corn stocks as of March 1, 2026, totaled 9.02 billion bushels, up 11 percent from the same time last year. On-farm storage saw the biggest increase, rising 21 percent to 5.43 billion bushels, while off-farm stocks declined slightly to 3.59 billion bushels, down 2 percent.
Disappearance during the December through February quarter reached 4.28 billion bushels, up from 3.93 billion bushels a year ago—signaling stronger usage despite larger supplies.
Soybean Stocks Increase, Demand Slightly Lower
Soybean stocks totaled 2.10 billion bushels, a 10 percent increase year-over-year. On-farm soybean stocks rose modestly to 900 million bushels, while off-farm stocks jumped 16 percent to 1.20 billion bushels.
Quarterly disappearance came in at 1.18 billion bushels, down slightly—1 percent lower than the same period last year—suggesting a small dip in demand.
Wheat Stocks Edge Higher
All wheat stocks totaled 1.30 billion bushels, up 5 percent from March 2025. On-farm wheat stocks declined 3 percent to 298 million bushels, while off-farm stocks increased 8 percent to 1.00 billion bushels.
Wheat disappearance for the quarter totaled 377 million bushels, up 12 percent from a year ago, indicating stronger usage.
Durum wheat stocks rose sharply, up 21 percent to 46.5 million bushels. On-farm durum stocks jumped 40 percent, while off-farm stocks fell 4 percent. However, disappearances fell 17 percent from last year, pointing to weaker demand in that segment.
