According to the USDA's latest Grain Stocks report, old crop corn stocks in all positions on September 1, 2012 totaled 988 million bushels, down 12 percent from Sept. 1, 2011.

Of the total stocks, 314 million bushels are stored on farms, down slightly from a year earlier. Off-farm stocks, at 675 million bushels, are down 17 percent from a year ago. The June - August 2012 indicated disappearance is 2.16 billion bushels, compared with 2.54 billion bushels during the same period last year.

Read more from the USDA here.