USDA: Corn stocks up 25 percent from September 2007 (10/08/08)
Corn stocks in all positions as of Sept. 1 totaled 1.62 billion bushels, up 25 percent from a year ago, the U.S. Department of Agriculture reported Tuesday morning. This will help provide a cushion for the corn industry as growers reap a harvest expected to be lower than that in 2007, according to the National Corn Growers Association.
“Each year, our carry-in stock of old corn is part of what helps us meet the many demands for corn as food, feed, fuel and fiber,” said Ron Litterer, NCGA president. “With the several weather challenges we had this year, it is especially welcome to have a higher number to absorb some of the impact of a cool, wet season. The nature of farming dictates that bumper years such as the record 2007 crop help the industry prepare for years where we are not so fortunate.”
According to current estimates, Litterer noted, the domestic corn industry is expected to harvest the second-largest crop on record this fall – 12.1 billion bushels. The USDA next updates its crop estimate on Oct. 10.
In Tuesday’s report, The USDA reported that, of the total stocks, 500 million bushels are stored on farms, up 9 percent from a year earlier. Off-farm stocks, at 1.12 billion bushels, are up 33 percent from a year ago. The June-to-August indicated disappearance is 2.40 billion bushels, compared with 2.23 billion bushels during the same period last year. The September carry-in reported is higher than the previous USDA estimate of 1.58 billion bushels.
Visit http://usda.mannlib.cornell.edu/usda/current/GraiStoc/GraiStoc-09-30-2008.pdf for the full grain stocks report, including state-by-state breakdowns and reports on other commodities. The USDA also reported that soybean stocks are down 64 percent and all wheat stocks are up 8 percent.
