In the latest release from the U.S. Department of Agriculture's National Agricultural Statistics Service (NASS), the Grain Stocks report for September 1, 2023, offers a comprehensive snapshot of the nation's grain storage status. The report reveals intriguing shifts in old crop corn, soybean, and wheat stocks, providing valuable insights for the agricultural industry.
Corn stocks show modest decline
As of September 1, 2023, old crop corn stocks stood at 1.36 billion bushels, marking a 1% decrease from the previous year. Among these stocks, 605 million bushels were stored on farms, marking a notable 19% increase compared to the previous year. In contrast, off-farm stocks saw a decline of 13%, standing at 756 million bushels. The indicated disappearance for June-August 2023 was 2.75 billion bushels, down from 2.97 billion bushels during the same period in 2022.
Soybean stocks dip
Old crop soybean stocks, as of September 1, 2023, totaled 268 million bushels, down by 2% from the previous year. Among these stocks, those stored on farms increased by 14%, reaching 72.0 million bushels. Off-farm stocks, on the other hand, decreased by 7%, standing at 196 million bushels. Indicated disappearance for June-August 2023 was 528 million bushels, representing a 24% decrease from the same period in 2022.
Steady increase in wheat stocks
The report indicates that all wheat stocks in all positions on September 1, 2023, totaled 1.78 billion bushels, showing a slight increase from the previous year. On-farm stocks were estimated at 598 million bushels, up 1% from the previous September. Conversely, off-farm stocks witnessed a marginal decrease, falling by less than 1% to 1.18 billion bushels. The indicated disappearance for June-August 2023 was 614 million bushels, marking an 8% increase from the same period in 2022.
Durum wheat records gains
Durum wheat stocks on September 1, 2023, totaled 57.3 million bushels, reflecting a 7% increase from the previous year. On-farm stocks accounted for 33.2 million bushels, up by 5% from September 1, 2022, while off-farm stocks reached 24.1 million bushels, marking an 8% increase. However, the indicated disappearance for June-August 2023 decreased by 12% compared to the same period in 2022, totaling 29.8 million bushels.
The NASS conducted separate surveys for on-farm and off-farm stocks in the first two weeks of September to compile this comprehensive Grain Stocks report. Additionally, the agency released the Small Grains Annual Summary report on the same day, which contains several key findings:
- All wheat production for 2023 reached 1.81 billion bushels, a 10% increase from the revised 2022 total of 1.65 billion bushels.
- The area harvested for grain grew by 5% to 37.3 million acres compared to 2022.
- The U.S. yield was estimated at 48.6 bushels per acre, representing a 2.1-bushel increase from 2022.
The Small Grains Annual Summary report also provides detailed insights into production levels and changes by wheat type, including:
- Winter wheat production, totaling 1.25 billion bushels, rose by 13%.
- Other spring wheat production reached 505 million bushels, marking a 5% increase.
- Durum wheat production dipped by 7% to 59.3 million bushels.
For access to the complete Grain Stocks and Small Grains Annual Summary reports, as well as other NASS publications, please visit nass.usda.gov/Publications.
