By Blake Jackson
The United States Department of Agriculture's (USDA) National Agricultural Statistics Service released its June 1, 2024, grain stocks report for Wisconsin. The report reveals modest increases in corn and soybean stockpiles compared to the same date in 2023.
Corn inventories reached 215 million bushels, reflecting a 3% year-over-year uptick. Notably, over half (51%) of this corn is stored on-farm, indicating a potential shift in farmer behavior compared to the previous year.
Soybean stocks also saw an increase of 14%, totaling 30.4 million bushels. However, the proportion of soybeans stored on farms witnessed a slight decline.
While stockpiles increased for both crops, the report highlights a divergence in utilization patterns. Disappearance, a metric reflecting corn and soybean usage during the March-May 2024 period, rose significantly for corn. Compared to the same timeframe in 2023, corn disappearance surged by 36%.
This suggests a potential increase in corn consumption for livestock feed or ethanol production. Conversely, soybean disappearance during the same period declined by 17%.
This could indicate a more cautious approach from soybean processors, potentially delaying utilization until market conditions become clearer.
The USDA report paints a picture of cautious optimism within Wisconsin's agricultural sector. The rise in corn stockpiles, particularly the increase in on-farm storage, suggests potential strategic planning by farmers.
Although soybean stocks are also up, their utilization seems to be behind corn. This information offers valuable insights for both farmers and industry players as they navigate the remaining months of the 2024 growing season.
Photo Credit: usda
Categories: Wisconsin, Crops, Corn, Soybeans