US wheat stocks up 14%

The National Agricultural Statistics Service (NASS) of the US Department of Agriculture, in its quarterly Grain Stocks report issued March 31, said stocks of wheat held in all positions in the United States on March 1 totaled 1.24 billion bushels, up 148.24 million bushels, or 14%, from 1.09 billion bushels as the wheat inventory on March 1, 2024.

It was the largest March 1 wheat holdings since 1.31 billion bushels in 2021 and compared with the five-year average all-wheat March 1 inventory at 1.16 billion bushels. The average of pre-report trade estimates for March 1 all-wheat stocks was 1.22 billion bushels.

Of the March 1 US wheat inventory, 307.13 million bushels, or 25%, was held in storage on farms.

NASS estimated the disappearance of wheat during the December-February quarter at 336.04 million bushels, up 1% from 333.63 million bushels in the third quarter of 2023-24.

The largest regional March 1 wheat inventory was held in the hard red winter wheat states of the Southwest — Colorado, Kansas, Nebraska, Oklahoma and Texas. Southwest wheat stocks totaled 450.48 million bushels, up 141.17 million bushels, or 46%, from 309.26 million bushels on March 1, 2024. The Southwest inventory comprised 41% of all US wheat stocks. Only 25.5 million bushels, or 6%, of all stocks in the region were held on farms.

The second-largest March 1 regional wheat inventory was held in the spring wheat states of the Upper Midwest — Minnesota, Montana, North Dakota and South Dakota. At 389.39 million bushels, Upper Midwest wheat stocks were up 30.63 million bushels, or 8.5%, from 358.76 million bushels on March 1, 2024. The Upper Midwest inventory comprised 31% of all US wheat stocks. Wheat stored on farms totaled 232 million bushels, or 60%, of the region’s total. Upper Midwest on-farm wheat stocks accounted for 76% of all wheat stocks held on US farms.

March 1 wheat stocks in the Central states — Missouri, Illinois, Indiana, Ohio and Michigan — the most important region for soft red winter wheat, totaled 139.8 million bushels, down 5% from 146.47 million bushels a year earlier. Only 5%, or 6.91 million bushels, of the region’s stocks was held on farms.

Wheat stocks held in the Pacific Northwest states — Idaho, Oregon and Washington — on March 1 totaled 147.14 million bushels, down 4.77 million bushels, or 3%, from 151.91 million bushels a year earlier. On-farm stocks at 29.4 million bushels accounted for 20% of the region’s March 1 holdings.

NASS estimated March 1 durum stocks at 38.72 million bushels, up 2.37 million bushels, or 6%, from 36.38 million bushels a year earlier. Fifty-six percent of the March 1 durum inventory, or 21.6 million bushels, was held on farms.

Tags: stocks, wheat, USA