Chicago Board of Trade Market News
Outlook
Corn stocks in all positions on September 1, 2024, totaled 1.76 billion bushels, up 29.4 percent from September 1, 2023. Of the total stocks, 780 million bushels are stored on farms, up 29.1 percent from a year earlier. Off-farm stocks, at 980 million bushels, are up 29.7 percent from a year ago. The June – August 2024 indicated disappearance was 3.24 billion bushels, compared with 2.75 billion bushels during the same period last year.
On-farm corn stocks in Iowa are up 27.3%, slightly less than the national average, off-farm stocks in Iowa are down 0.5% compared to an increase of 4.3% nationally. And total stocks in Iowa are up 10.5% compared to an increase of 29.4% nationally. Of the major corn producing states, on-farm stocks are up the greatest in South Dakota (+102.6%) while Missouri stocks show the lowest yearly change (-20.5%). Off-farm corn stocks are up the most in Wisconsin (+74.3%) and down the most in Iowa (-0.5%). For total corn grain stocks, the state with the highest percentage increase in total stocks was South Dakota (+62.5%) followed closely by Indiana (+57.3%). The state with the lowest percentage gain in corn stocks was Missouri (+7.6%).
Soybeans stored in all positions on September 1, 2024, totaled 342 million bushels, up 29.4 percent from September 1, 2023. On-farm stocks totaled 111 million bushels, up 54.4 percent from a year ago. Off-farm stocks, at 230 million bushels, are up 20.1 percent from a year ago. Indicated disappearance for the June – August 2024 quarter totaled 627 million bushels, down 1.4 percent from the same period a year earlier. On-farm soybeans stocks in Iowa are 116.7% greater than a year ago. Off-farm soybean stocks in Iowa are 32.8% greater than a year ago. Total soybean stocks in Iowa as of June 1 are 53.9% greater than a year ago.
The state with the greatest percentage change in on-farm soybean stocks is Iowa as previously mentioned. South Dakota follows behind with a percent change of 94.9% from last year. The state with the lowest change in on-farm soybean stocks is Wisconsin (-30.7%). For off-farm soybean stocks, Indiana (+67.0%) has the greatest percentage increase in stocks, with Missouri (-9.2%) showing the greatest percentage drop in off-farm soybean stocks. For total soybean stocks, Indiana (+55.7%) shows the greatest increase in soybean stocks. Wisconsin shows the smallest percentage increase in soybean stocks, up only 3.6%.
The contract between the ports and about 45,000 members of the International Longshoremen’s Association expired at midnight, and even though progress was reported in talks on Monday, the workers went on strike. The strike affecting 36 ports is the first by the union since 1977. Other than port congestion and some delays in ship movements, this strike is not expected to significantly affect bulk grain shipments. It will affect shipments of containerized materials.
U.S. corn harvest is now reported to be 21% complete and soybean harvest 26% complete. That is ahead of both last year’s pace and the 5-year average. Planting progress in Brazil is off to a slow start. Mato Grosso reports less than 1% of planting is done, the slowest in 5 years.