Current corn storage has swelled to levels not seen since the 1980’s, according to new data released by the Department of Agriculture.
USDA released its quarterly Grain Stocks report Friday. The report shows that old-crop corn stocks have reached a 30-year record at 2.2 billion bushels. That number was 32 percent higher than last year, but still below the pre-report expectations from market analyst, according to DTN.
USDA reports old-crop soybean ending stocks at 301 million bushels and wheat ending stocks at 2.2 billion bushels. The numbers are estimates by USDA of grain supplies as of September first, which marks the end of the 2016-17 marketing year.
USDA also released its Small Grains Summary Friday, with the latest estimates of the 2017 wheat crop, which was pegged at 1.7 billion bushels.
From the National Association of Farm Broadcasting News Service.