According to the USDA's latest Grain Stocks report, corn stocks in all positions on June 1, 2012 totaled 3.15 billion bushels, down 14 percent from June 1, 2011. Of the total stocks, 1.48 billion bushels are stored on farms, down 12 percent from a year earlier.

Off-farm stocks, at 1.67 billion bushels, are down 16 percent from a year ago. The March - May 2012 indicated disappearance is 2.87 billion bushels, compared with 2.85 billion bushels during the same period last year.