U.S. has less corn and beans in storage than previously thought

Published: Oct. 1, 2020 at 7:16 AM CDT
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ALTOONA, Wis. (WEAU) - As of this week, the USDA has sent out just over 10 billion of the $16 billion allocated for the first Coronavirus Food Assistance Program. The breakdown of those payments shows $5 billion has gone to livestock producers, 2.6 billion to non-specialty crops, 1point 8 billion to dairy and 102 million dollars for specialty crops. Iowa farmers have gotten the most money from the program at $968 million with Nebraska farmers getting 711 million, California 653 million, Texas 625 million, Minnesota 608 million and Wisconsin farmers next with 523 million dollars in government payments.

Congress has passed and sent to President Trump a bill that will keep the government open until December 11th. That bill includes some nutrition and agricultural policy plans in a $2.2 trillion Covid aid plan. For agriculture the plan would let the Commodity Credit Corporation use some of its money to help farmers deal with the removal and disposal of livestock and poultry because of processing plant shutdowns caused by Covid-19 outbreaks in many processing plants. The plan would also allow the CCC to pay farmers some compensation for animals that had to be euthanized. The plan would also give more money to the Supplemental Nutrition Assistance Program to cover increased benefit levels and cover the costs of the expected increase in demand for food stamps.

Yesterday’s USDA Grain Stocks report shows we have less corn and beans in storage than the grain trade thought. For corn, USDA economists say we have 2 billion bushels in storage-down 10% from last September 1st. Of that total, 751 million bushels are stored on farm with another 1.24 billion bushels in off-farm storage. The drop in soybean stocks is even more dramatic. As of September 1st, we had 523 million bushels in storage-down 42% from a year ago. The numbers show 141 million bushels in on-farm storage with 382 million bushels in off-farm storage-both down over 40% from last September.

In Wisconsin there are just over 92 million bushels of corn in bins-12% less than last year. 42% of that corn is currently in on-farm storage. The amount of soybeans in storage in the state is down a lot from last year. As of September 1st, we had 15 million bushels in storage-down 49% from a year ago. About 19% of that total is in on-farm storage bins.

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