The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) announced today that old crop corn and soybean stocks in storage as of September 1, 2024, saw substantial increases from the previous year, with both rising 29%. Additionally, total wheat stocks grew by 12% compared to a year earlier, according to the latest Grain Stocks report.
The report revealed that total old crop corn stocks were at 1.76 billion bushels, marking a 29% jump from September 1, 2023. Of this, 780 million bushels were stored on farms, up 29%, while off-farm stocks reached 980 million bushels, a 30% increase. June-August 2024 corn disappearance totaled 3.24 billion bushels, significantly higher than the 2.74 billion bushels recorded during the same period last year.
Similarly, old crop soybean stocks as of September 1 were at 342 million bushels, up 29% from the previous year. On-farm soybean stocks grew to 111 million bushels, a 54% rise, and off-farm stocks increased to 231 million bushels, up 20% year-over-year. Soybean disappearance for the June-August period was 628 million bushels, reflecting an 18% rise from the same period last year.
Wheat stocks and production trends
All wheat stocks totaled 1.99 billion bushels, up 12% from a year ago. On-farm wheat stocks were estimated at 664 million bushels (up 11%), and off-farm stocks reached 1.32 billion bushels (up 13%). The wheat disappearance for June-August 2024 was 682 million bushels, representing a 12% increase over the same period last year.
Durum wheat stocks also showed strong growth, totaling 67.3 million bushels, up 17% from last year. Notably, on-farm durum wheat stocks increased by 42%, while off-farm stocks decreased by 16%. The June-August disappearance of durum wheat rose by 13% to 33.8 million bushels.
Small grains annual summary
The USDA’s Small Grains Annual Summary, also released today, highlighted a notable increase in U.S. wheat production for 2024. Total wheat production reached 1.97 billion bushels, up 9% from the revised 2023 total of 1.80 billion bushels. The report also noted a 4% increase in the area harvested for grain, which totaled 38.5 million acres, with the national average yield estimated at 51.2 bushels per acre, up 2.5 bushels from 2023.
The report detailed production by wheat type:
- Winter wheat: 1.35 billion bushels, up 9%.
- Other spring wheat: 542 million bushels, up 8%.
- Durum wheat: 80.1 million bushels, up 35%.
Implications for the agricultural sector
The growth in grain stocks and increased wheat production are indicative of a strong harvest season and robust grain management, providing a positive outlook for the agricultural supply chain. However, the increases in on-farm storage may signal caution among farmers, potentially reflecting concerns over market conditions or a wait-and-see approach to pricing.
USDA’s next steps
NASS will hold a live Stat Chat on X (formerly Twitter) today at 1 p.m. EDT, hosted by NASS Agricultural Statistics Board Chair, Lance Honig, to discuss the latest data. The next Stat Chat is scheduled for October 11 to cover the USDA’s upcoming Crop Production report.
