USDA Releases Small Grains Summary

October 1, 2024

USDA is forecasting old-crop corn ending stocks at 1.76 billion bushels, and old-crop soybean ending stocks came in at 342 million bushels. Both stocks came in at the lower end of the analysts' pre-report estimates.

USDA released its Small Grains Summary and quarterly Grain Stocks reports on Monday.

Monday's Grain Stocks report was bullish for corn, slightly bullish for soybeans and neutral for wheat, said DTN Lead Analyst Todd Hultman. Monday's updated wheat production estimates are slightly bullish for wheat, he said.

CORN

Corn stocks in all positions on Sept. 1 totaled 1.76 billion bushels (bb), up 29% from a year ago. Of total stocks, 780 million bushels (mb) were stored on farms, up 29% from a year earlier. Off-farm stocks were pegged at 980 million bushels, up 30% from last year. The June-August indicated usage, or disappearance, came in at 3.24 billion bushels compared with 2.74 billion bushels for the same quarter a year ago.

USDA added a note revising down 2023-24 corn production by 1.08 million bushels.

SOYBEANS

Soybean ending stocks as of Sept. 1, 2024, totaled 342 mb, within the range of pre-report expectations. That's 29% higher than last year. Farmers kept 111 mb stored on farms and 231 mb in off-farm storage. Usage from June-August 2024 totaled 628 mb, up 18% from last year.

USDA also revised 2023 soybean production lower after accounting for end-of-the-marketing-year stock estimates, export and crush data, and farm program administrative data. Planted area was left unchanged at 83.6 million acres, but harvested acreage was changed to 82.3 million. Yield was left unchanged at 50.6 bushels per acre.

WHEAT

Wheat stocks as of Sept. 1, 2024, totaled 1.99 billion bushels, up 12% from last year and within the range of pre-report expectations. Farmers kept 664 mb stored on the farm and 1.32 billion bushels in off-farm storage. June-August usage is 682 mb, up 12% from last year.

SMALL GRAINS SUMMARY

All wheat production totaled 1.971 billion bushels in 2024, up from the 2023 total of 1.811 bb. All wheat yield came in at 51.2 bushels per acre, up from 48.7 bushels from 2023.

All wheat planted equaled 46.08 million acres, down from 49.58 million acres in 2023 and harvested acres came in at 38.47 million.

All winter wheat production was 1.349 billion bushels with yield at 51.7 bushels per acre. All winter wheat planted acreage came in at 33.39 million acres, and harvested acres came in at 26.1 million acres.

Hard red winter wheat production came in at 770.44 million bushels, up by 174 million bushels from a year ago.

Soft red winter wheat production is forecast at 342.44 million bushels, down from 449 million acres from one year ago.

White winter wheat production came in at 236 million bushels, down from 197 million bushels a year ago.

Spring wheat production was reported at 542.32 million bushels. Spring wheat acreage planted was 10.63 million acres and harvested acres came in at 10.33 million.

Durum wheat production was 80.1 million bushels and yield came in at 39.3 bpa. Planted durum acreage was 2.06 million acres and harvested acres were 2.04 million.

Small Grains Summary and Grain Stocks: https://www.nass.usda.gov/

Source: DTN

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