According to the USDA’s quarterly “Grain Stocks” report, old crop corn stocks on Sept. 1 totaled 824 million bushels, down 17 percent from September 2012.  This is more than 140 million bushels higher than trader average estimates.  

Of these stocks, 275 million bushels are stored on farms. This is down 12 percent from last year. Off-farm stocks, reported at 549 million bushels, are down 19 percent from 2012.

Nearly all of the nation’s top corn-producing states reported a dip in 2013 corn stocks with the exception of Kentucky, North Carolina, North Dakota and Pennsylvania. Indiana was the region’s biggest loser, with the state’s old crop corn stocks down 43 percent from 2012 to 38.6 million bushels.

Old crop soybean stocks were also reported down. The USDA reported these stocks at 141 million bushels, down 17 percent from 2012.

The USDA also revised its 2012 soybean production.

“The 2012 soybean production is revised to 3.03 billion bushels, up 18.6 million bushels from the previous estimate. Planted area is unchanged, but harvested area is revised up 60,000 acres to 76.2 million acres. The 2012 yield, at 39.8 bushels per acre, is up 0.2 bushel from the previous estimate,” the report said.

Read the full report here.