The USDA is reporting multi-year lows for the U.S. corn, soybean, and wheat supplies because of strong demand.

As of March 1st, corn stocks were 7.701 billion bushels, 3% below a year ago, and a six-year low. On-farm stocks were 4.037 billion bushels, 9% lower, while off-farm supplies were 3.664 billion bushels, 5% higher. The indicated disappearance for December 2020 through February 2021 was 3.59 billion bushels, compared to 3.38 billion during the same period a year ago.

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