Stocks of corn are expected to come in at 7.885bb, up nearly 200 million bushels from last year.
Bean stocks at 1.893bb, up 330 million bushels from last year.
An interesting observation is that if stocks are above the year ago level why are the prices significantly above the year ago as well? Typically, larger stocks would mean lower prices, but keep in mind South American crop losses have not been fully factored in and will result in larger demand and the Russia/Ukraine conflict could also result in stronger demand.
Therefore, it is expected widely by the trade that the demand will be well above the USDA target and our stocks will be lowered over time for both corn and bean.
Wheat stocks at 1.064, down about 250 million bushels from last year as wheat stocks are expected to be down for the 5th year in a row.