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After stockpiling crops for much of this season due to low commodity prices, many U.S. farmers continue to turn away buyers despite few signs that prices will improve. Farm Policy News says grain supplies are ample, and early ratings of summer crops are good.
While USDA will update on-farm corn and bean stocks numbers at the end of June, a recent report showed corn stocks at the farm level were just over five billion bushels on March 1, the second highest on-farm stocks on record for that date. In states like Iowa, Nebraska, and Illinois, corn stocks on-farm were 105 to 160 million bushels higher than last year.
Farmers are also holding on to soybeans on-farm at a much higher level in 2024 than last year. The March Grains Stocks Report said that soybean stocks stored on farms are estimated at 933 million bushels, up 24 percent from a year ago.
(From the National Association of Farm Broadcasters)Â