USDA released its quarterly Grain Stocks report, which contains state-level survey data for off-farm and on-farm storage of corn, wheat, and soybeans, and others. These stocks estimates were incorporated by USDA into the January 2025 WASDE estimates.

Corn stored in all positions on December 1 totaled 12.1 billion bushels. This was 1 percent lower than the previous year but near the average pre-report estimate 12.164 billion bushels (11.912 to 12.320 billion range). On-farm stocks were down 2 percent from a year earlier while off-farm stocks were up 2 percent. The September-November 2024 implied disappearance of 4.56 billion bushels was about 0.7 percent higher than the same period a year earlier.

Soybeans stored in all positions on December 1 totaled 3.10 billion bushels. This was 3 percent higher than the previous year but lower than the average pre-report estimate of 3.236 billion bushels (3.040 to 3.587 billion range). On-farm stocks were up 6 percent from a year ago while off-farm stocks were up 1 percent from the previous year. The September-November 2024 implied disappearance of 1.61 billion bushels was 13 percent higher than the same period a year earlier.

All wheat stored in all positions on December 1 totaled 1.57 billion bushels. This was 10 percent higher than the previous year and nearly identical to the average pre-report estimate of 1.578 billion bushels. On-farm stocks were up 16 percent from a year ago while off-farm stocks were up 8 percent. The September-November 2024 implied disappearance of 423 million bushels was 22 percent above the same period a year earlier.