The Quarterly Grain Stocks Report came out last week, and for the most part, there were increases in stocks in all categories.
Corn stocks came in at almost 12.2 billion bushels, which is up 12.5 percent from the same time last year. Soybean stocks were down just less than a percent at 3 billion bushels.
USDA’s Chief Economist Seth Meyer tells us why.
“They’re way up at the top end of the range in terms of total stocks and this is the first quarter, remember, but I think it goes back to the fact that we saw upward revisions on corn and upward revisions on soybean production. So in both cases yields a little bit better than anticipated and in the case of corn offsetting a modest downward revision in area.”
As for December hay stocks, totals came in more than 76 million tons, which is up 7 percent from the previous season.
