By DOUG SCHMITZ

Iowa Correspondent

WASHINGTON, D.C. — U.S. corn stocks in all positions totaled 8.89 billion bushels, up 3 percent from last March, with soybean stocks up 21 percent and all wheat stocks down 10 percent, according to the March 1 USDA Quarterly Grain Stocks report released March 29.

“Of the total stocks, 5 billion bushels were stored on farms, up 2 percent from a year earlier,” the report said. Off-farm stocks, at 3.89 billion bushels, are up 5 percent.

The December 2017-February 2018 indicated disappearance is 3.68 billion bushels, compared with 3.76 billion bushels during the same period last year. In addition, soybeans stored in all positions on March 1 totaled 2.11 billion bushels, up 21 percent from March 1, 2017.

Soybean stocks stored on farms are estimated at 855 million bushels, up 28 percent from a year ago. Off-farm stocks, at 1.25 billion bushels, are up 17 percent from a year ago. Indicated disappearance for the December 2017-February 2018 quarter totaled 1.05 billion bushels, down 9 percent from the same period a year earlier.

Moreover, all wheat stored on March 1 totaled 1.49 billion bushels, down 10 percent from last March. On-farm stocks are estimated at 259 million bushels, down 26 percent, and off-farm stocks, at 1.24 billion bushels, are down 6 percent.

“The December 2017-February 2018 indicated disappearance is 379 million bushels, 10 percent below the same period a year earlier,” the report stated, adding durum wheat stocks in all positions totaled 49.2 million bushels, down 7 percent.

Grain sorghum stored in all positions totaled 138 million bushels, down 23 percent from last March. On-farm stocks, at 13.3 million bushels, are down 38 percent. Barley stocks totaled 129 million bushels nationwide, down 11 percent, and oats stored totaled 55.1 million bushels, down 13 percent.

Stocks in each state

In Illinois, corn stocks were at 1.64 billion bushels, up 18 percent from last March; on-farm stocks totaled 780 million bushels, while off-farm stocks totaled 864 million. The December 2017-February 2018 indicated disappearance was 469 million bushels.

Illinois soybean stock totaled 375 million bushels, up 35 percent. On-farm was 140 million bushels, while off-farm totaled 235 million. The quarterly indicated disappearance is 135 million bushels.

In Indiana, stored corn was at 572.9 million bushels, 8 percent above a year earlier; the quarterly disappearance was 236.2 million bushels, down from 289.3 million last March. State soybean stocks were 161.1 million bushels, up 15 percent, and quarterly disappearance was 82.2 million bushels, compared with 96.4 million last year. Wheat stocks on March 1 were 36.1 million bushels, down 2 percent.

In Iowa, corn stored totaled 1.7 billion bushels, down 1 percent. The quarterly indicated disappearance totaled 685 million bushels, also 1 percent below last March. Soybean stocks were 366 million bushels, 18 percent higher, and disappearance for December 2017-February 2018 is 121 million bushels, 18 percent below a year earlier.

In Michigan, corn stocks totaled 153.4 million bushels, down 7 percent; quarterly disappearance was 83 million bushels, compared with 89.2 million bushels last March. Soybean stocks were 43.8 million bushels, marginally lower than last March, and quarterly disappearance was 24 million bushels. Wheat stocks were 38 million bushels, 3 percent down.

In Ohio, corn totaled 325.3 million bushels, down 4 percent, and quarterly disappearance was 110.9 million bushels, compared with 124.3 million bushels last March. Ohio soybean stocks were 137 million bushels, 7 percent higher, and quarterly disappearance was 63.6 million bushels, compared with 70.3 million last March. Wheat stocks were 55.6 million bushels, down 8 percent.

Chris Hurt, Purdue University professor of agricultural economics, said production of both corn and soybeans will drop below usage, so ending stocks are likely to come down.

“For corn, the 2018 crop will be the second year of decreasing U.S. stocks and the first year for soybeans after four years of adding to ending stocks each year,” he explained. “This makes the 2018 crop a fundamental turning point in the grain markets.”