Source: Oleoscope (Russia)
According to the quarterly report from the National Agricultural Statistics Service (USDA), U.S. soybean inventories as of March 1 increased 10% year-over-year to 2.10 billion bushels. US grain stocks March thus reveal a clear upward trend. Corn inventories increased 11% (9.02 billion bushels). Furthermore, wheat inventories increased 5% (1.30 billion bushels). However, soybean inventories exceeded market forecasts. In contrast, corn and wheat figures were below analyst expectations.
Key crop figures for US grain stocks March
Key crop figures were:
- Soybeans: On-farm stocks of 900 million bushels (up 3% from 2025), off-farm stocks of 1.20 billion (up 16%). Quarterly utilization decreased 1%.
- Corn: On-farm stocks increased 21% (5.43 billion bushels), off-farm stocks decreased 2% (3.59 billion). Quarterly utilization increased 9%.
- Wheat: Stocks as of March 1 were the highest since 2021 and 16% above the five-year average (1.12 billion bushels). Twenty-three percent of stocks (298.5 million) are held on farms.
Analyst assessment and market impact
Analysts note that wheat stockpiles indicate insufficient feed utilization. Consequently, the overall market impact is moderate.
Key future market drivers
Key factors that will continue to influence grain markets include the energy situation, winter crop acreage (especially wheat), and feed utilization data.
Earlier, it was reported that US soybean meal exports are rising amid increased processing (+9 y/y).
