The U.S. Department of Agriculture (USDA) estimated June 1 soybean stocks at 1.8 billion bushels, which is up 571 million bushels from a year ago. In the upper Mississippi River and Illinois River draw area of Missouri, Illinois, Iowa, Minnesota, South Dakota, and North Dakota, the June soybean stocks increased 332 million bushels versus 2018. It should be noted the 2018 June soybean stocks increase was 170 million bushels versus 2017. June soybean stocks are a half a billion bushels higher than 2017 with 237 million bushels stored off farm and 265 million stored on farm. From 2017, June soybean stocks on the farm have increased 122%.
With soybean barge movements still running below last year’s levels, the window is closing on clearing out storage space before 2019 harvest is in full swing. The Mississippi River at St. Louis has been at or above flood stage for over 125 consecutive days, which shattered the old record of 104 days set during 1993. With Hurricane Barry pumping rain from Louisiana to Missouri, another full week of “normal” river conditions will be lost. By October first, typically one third of Illinois soybeans are harvested. From July 24 to October 1, the farmer will either ship out a large quantity of soybeans or invest in temporary storage. The storage situation will add stress to farmers during harvest.
