June 1 wheat stocks up 48% from year ago
02.07.2010 10:47 "Agro Perspectiva" (Kyiv) —
Wheat stored in all positions on June 1 totaled 973,392,000 bushels, up 48% from 656,505,000 bushels on June 1, 2009, the U. S. Department of Agriculture (USDA) said in its latest Grain Stocks report.
On-farm stocks of wheat were 209,900,000 bushels, up 49% from 140,745 bushels a year ago, while off-farm stocks were 763,492,000 bushels, up 48% from 515,760,000 bushels last year. Indicated disappearance of wheat during the March-May period was 383 million bushels, down slightly from the same period last year, the USDA said.
The wheat stocks number was above pre-report trade expectations that averaged about 938 million bushels.
Durum stocks were 34,603,000 bushels, up 38% from 25,074,000 bushels a year ago. On-farm stocks of 23,900,000 bushels were up 80% from a year ago while off-farm stocks of 10,703,000 bushels were down 9%. Indicated disappearance during the March-May period was 20.9 million bushels, up 191% from a year ago, the USDA said.
Stocks of corn on June 1 totaled 4,310,044,000 bushels, up 1% from 4,261,427,000 bushels a year ago. On farm stocks of corn totaled 2,131,400,000 bushels, down 3% from a year earlier, while off-farm supplies were 2,178,644,000 bushels, up 6%. Indicated disappearance of corn during the March-May period was 3.38 billion bushels, up 27% from the same period last year, the USDA said.
Soybean stocks in all positions were 571,017,000 bushels, down 4% from 596,159,000 bushels on June 1, 2009, the USDA said. On-farm soybean stocks were 232,600,000 bushels, up 3% from June 1, 2009, while off-farm stocks totaled 338,417,000 bushels, down 9%. Indicated disappearance during March-May was 699 million bushels, down 1% from the same period a year earlier.
The USDA stocks numbers for corn and soybeans were below trade expectations, which averaged near 4,613 million bushels for corn and near 592 million bushels for soybeans.
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