US wheat stocks up 14%

The National Agricultural Statistics Service (NASS) has reported a 14% increase in the US wheat stocks to 1.24 billion bushels by March 1, the largest since 2021. The largest regional inventory was held in the hard red winter wheat states of the Southwest, accounting for 41% of all US wheat stocks. Meanwhile, the Central states, important for soft red winter wheat, saw a 5% decrease in wheat stocks, and the Pacific Northwest states also experienced a 3% decrease. NASS also estimated a slight increase in durum stocks.

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 ...