The USDA Report on grain stocks, released January 12th 2021 quantified a lower level of soybeans both on- and off- farms compared to the corresponding period in 2019 consistent with increased exports. Corn stocks were little changed. The following data is extracted from the report:-

“Corn stored in all positions on December 1, 2020 totaled 11.3 billion bushels, down slightly from December 1, 2019. Of the total stocks, 7.05 billion bushels are stored on farms, down 1 percent from a year earlier. Off-farm stocks, at 4.28 billion bushels, are up 1 percent from a year ago. The September - November 2020 indicated disappearance is 4.78 billion bushels, compared with 4.51 billion bushels during the same period last year”.

“Soybeans stored in all positions on December 1, 2020 totaled 2.93 billion bushels, down 10 percent from December 1, 2019. Soybean stocks stored on farms totaled 1.31 billion bushels, down 14 percent from a year ago. Off-farm stocks, at 1.62 billion bushels, are down 6 percent from last December. Indicated disappearance for September - November 2020 totaled 1.73 billion bushels, up 43 percent from the same period a year earlier”.