The National Agricultural Statistics Service (NASS) of the United States Department of Agriculture (USDA) released a report on March 28, 2024, detailing significant changes in agricultural stock levels. Corn, soybean, and all wheat stocks have seen notable increases since March 2023, while grain sorghum stocks have decreased.
As of March 1, 2024, corn stocks totaled 8.35 billion bushels, a 13% increase from the previous year. Farm-stored stocks rose by 24% to 5.08 billion bushels, while off-farm stocks slightly decreased by 1%, totaling 3.27 billion bushels. The December 2023 - February 2024 period showed a corn disappearance of 3.82 billion bushels, higher than the 3.42 billion bushels during the same period last year.
Soybean stocks reached 1.85 billion bushels, up 9% from March 1, 2023. On-farm soybean stocks were estimated at 933 million bushels, a 24% increase, while off-farm stocks decreased by 3% to 912 million bushels. The indicated disappearance for the December 2023 - February 2024 quarter was 1.16 billion bushels, a decrease of 13% from the previous year.
All wheat stocks increased by 16% to 1.09 billion bushels. On-farm stocks saw a 20% rise to 272 million bushels, and off-farm stocks grew by 14% to 816 million bushels. The indicated disappearance during the December 2023 - February 2024 period was 334 million bushels, 10% less than the previous year.
Durum wheat stocks were slightly up by 2%, totaling 36.6 million bushels. The indicated disappearance for this wheat variety was 8.71 million bushels, significantly lower by 29% compared to the same period last year.
Barley stocks increased by 26% to 112 million bushels, with on-farm stocks rising substantially by 51%. Oats stocks also saw an increase, up 20% to 51.6 million bushels, although on-farm stocks decreased by 5%.
In contrast, grain sorghum stocks experienced a 3% decrease to 106 million bushels. However, on-farm stocks increased by 18%, while off-farm stocks fell by 5%. The indicated disappearance was markedly higher, at 64% above the same period last year.
Sunflower stocks rose by 22% to 1.16 billion pounds. Stocks of oil type sunflower seeds totaled 1.03 billion pounds, while non-oil sunflower stocks amounted to 128 million pounds.
This report provides a comprehensive snapshot of the current state of key agricultural commodities, reflecting the changes in production and storage practices in the U.S. agriculture sector.
