Grains –
Though it has been well over a week since the USDA’s Grain Stocks report, I thought it might be worth a quick look at the annual breakdown of US grain storage capacity and how Dec 1 stocks look in reference to capacity.
USDA reported that total on-farm storage capacity in the US in 2016 was up less than 1% from their revised 2015 estimate. Interestingly, the gains were seen outside of key Corn Belt states.
The attached map breaks down reported corn, soybean, and all wheat on-farm stocks by state and compares it to the state’s on-farm storage capacity as reported by USDA. Keep in mind that some states did not report on-farm levels, however, so these figures are not entirely precise. And of course there are more crops in storage than just the three shown here, but this should comprise the large majority of storage use.
I find it a little interesting to see such a high level of on-farm utilization in IL (and even IN) considering basis levels there are fairly solid compared to levels further west. It is also interesting to note that the YOY increase in combined on-farm stocks on Dec 1 is greater in the ECB than the WCB…with the exception of MO/KS if you count those states in the WCB. Obviously both states benefited from significant increases in soybean and wheat stocks this year.
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