USDA Reports Record High U.S. Corn Inventories

U.S. corn inventories have entered the new marketing year sharply higher than last year, adding pressure on farmers as harvest gets underway.

The U.S. Department of Agriculture reported that old-crop corn stocks totaled 2.10 billion bushels as of September 1, a 35% increase from the same time last year.

Of this total, about 787 million bushels were stored on farms, up 22% from a year earlier, while off-farm corn stocks climbed even more sharply, rising 44% to 1.31 billion bushels.

Corn disappearance during the June-through-August quarter totaled 3.20 billion bushels, slightly above the same period last year.