Stocks report finds lower 2023 production

WASHINGTON — The final quarterly grain stocks report for the 2023-2024 marketing year included revisions in production for last year’s crop.

Nationally, corn production for 2023 was revised downward by 1.08 million bushels and soybean production was lowered by 2.62 millon bushels from the previous U.S. estimate.

The U.S. Department of Agriculture made no revisions in 2023 corn and soybean yields and harvested acres for Illinois, Indiana and Iowa.

The quarterly grain stocks report from USDA’s National Agricultural Statistics Service on Sept. 30 reflects on-farm and off-farm storage as of Sept. 1, the end of the 2023-2024 marketing year.

Soybeans

U.S. old crop soybeans stored in all positions on Sept. 1 totaled 342 million bushels, up 29% from Sept. 1, 2023.

Soybean stocks stored on farms totaled 111 million bushels, 54% higher than a year ago.

Off-farm stocks, at 231 million bushels, are up 20% from last September.

Indicated disappearance for June-August 2024 totaled 628 million bushels, up 18% from the same period a year earlier.

Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2023 soybean production was revised down 2.62 million bushels from the previous estimate.

The soybean planted area was unchanged at 83.6 million acres, but harvested area was revised to 82.3 million acres. The 2023 yield, at 50.6 bushels per acre, is unchanged from the previous estimate.

Corn

The nation’s old crop corn stocks in all positions on Sept. 1 totaled 1.76 billion bushels, 29% higher than Sept. 1, 2023.

Of the total stocks, 780 million bushels are stored on farms, up 29% from a year earlier.

Off-farm stocks, at 980 million bushels, are 30% above a year ago.

The June-August 2024 indicated disappearance is 3.24 billion bushels, compared with 2.74 billion bushels during the same period last year.

Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports, and farm program administrative data, the 2023 corn for grain production was revised down 1.08 million bushels from the previous estimate.

Corn silage production was revised down 140 thousand tons. Planted area was unchanged at 94.6 million acres, but area harvested for grain is revised down 7,000 acres to 86.5 million acres. Area harvested for silage is revised down 10,000 acres to 6.46 million acres.

The 2023 grain yield, at 177.3 bushels per acre, was unchanged from the previous estimate. The 2023 silage yield, at 20.1 tons per acre, remains unchanged from the previous estimate.

Wheat

All wheat stored in all positions on Sept. 1 totaled 1.99 billion bushels, 12% above 12 months ago.

On-farm stocks are estimated at 664 million bushels, up 11% from last September.

Off-farm stocks, at 1.32 billion bushels, are 13% higher than a year ago.

The June-August 2024 all wheat indicated disappearance is 682 million bushels, 12% higher than the same period a year earlier.

Survey Procedure

The grain stocks estimates in USDA’s report are based on surveys conducted during the first 2 weeks of September.

Separate surveys are conducted to obtain the on-farm and off-farm estimates.

The on-farm stocks survey is a probability survey that includes a sample of approximately 56,000 farm operators selected from a list of producers that ensures all operations in the U.S. have a chance to be selected. These producers are asked to provide the total quantities of grain stored on their operations as of Sept. 1, 2024. This includes all whole grains and oilseeds stored whether for feed, seed, or sale as well as any stored under a government program.

The off-farm stocks survey is an enumeration of all known commercial grain storage facilities. This includes approximately 8,000 facilities with 11.9 billion bushels of storage capacity. An effort was made to obtain a report from all facilities.

Reports of stock holdings are normally received from operations covering about 90% of the capacity. Estimates are made for missing facilities to make the survey complete.

Corn Stocks by Position

Sept. 1, 2023 and 2024

(1,000 bushels)

Illinois

2023 on-farm: 56,000

2023 off-farm: 90,778

2024 on-farm: 76,000

2024 off-farm: 154,893

Indiana

2023 on-farm: 34,000

2023 off-farm: 46,797

2024 on-farm: 41,000

2024 off-farm: 75,010

Iowa

2023 on-farm: 110,000

2023 off-farm: 166,962

2024 on-farm: 140,000

2024 off-farm: 166,178

Soybean Stocks by Position

Sept. 1, 2023 and 2024

1,000 bushels

Illinois

2023 on-farm: 7,200

2023 off-farm: 23,696

2024 on-farm: 11,500

2024 off-farm: 34,489

Indiana

2023 on-farm: 3,300

2023 off-farm: 13,685

2024 on-farm: 3,600

2024 off-farm: 22,849

Iowa

2023 on-farm: 12,000

2023 off-farm: 35,640

2024 on-farm: 26,000

2024 off-farm: 47,337