Grain Stocks

USDA’s September 1 Grain Stocks report shows a sharply larger old-crop corn cushion heading into the new marketing year, with stocks in all positions at 2.10 billion bushels, up 35% from a year earlier; off-farm holdings rose to 1.31 billion bushels and June-August indicated disappearance reached 3.20 billion, versus 3.10 billion a year ago. The combination points to substantially more corn available through commercial channels despite slightly stronger summer use, an important supply signal for elevators, feed buyers and processors. Soybean stocks were comparatively tighter at 315 million bushels, down 3% year over year, while June-August disappearance accelerated to 744 million bushels from 683 million, with 224.7 million bushels off-farm and 90.4 million on-farm. Wheat stocks fell 14% to 1.85 billion bushels, but the sharper demand contrast was negative: June-August disappearance totaled 608 million bushels, down from 710 million a year earlier. Barley stocks dropped 13% to 131 million bushels and sorghum fell 13% to 35.0 million, with sorghum disappearance down 47% to 31.7 million. Sunflower stocks rose 45% to 303 million pounds, led by 263 million pounds of oil-type seed.