USDA’s December 2023 Grain Stocks report shows higher corn and wheat stocks in all positions, while soybean stocks dropped from 2022.

Corn in all positions totaled 12.2 billion bushels, 13 percent above December 2022. Soybeans were estimated at three billion bushels, one percent lower than a year ago.

All wheat on December 1, 2023, totaled 1.41 billion bushels, eight percent above 2022. The winter wheat area planted for 2024 harvest is estimated at 34.4 million acres, six percent below 2023 but three percent higher than in 2022.

Kansas and Texas, the two states with the largest acreages, are expected to be down seven and eight percent, respectively. Michigan and Utah were expected to plant a record-low number of acres. Hard Red Winter Wheat seeded area is expected to be 24 million acres, five percent below 2023.