June 1st corn and soybean stocks were above year ago levels.
The USDA says corn totaled 4.346 billion bushels, 6% above a year ago, with the implied third quarter usage falling below last year’s levels at 3.41 billion bushels, compared to 3.58 billion the year before. On-farm stocks were 2.121 billion bushels, 22% higher, and off-farm stocks were 2.225 billion bushels, 6% lower.
Soybeans came out at 971.44 million bushels, an increase of 26% on the year, with strong third quarter demand, up 21% from Q3 2020/21, canceled out by slower demand earlier in the marketing year and a larger crop.
