USDA estimates U.S. corn stocks as of Mar. 1 were 8.6 billion bushels, with 5.1 billion stored on-farm and 3.5 billion off-farm. This stocks volume is 3 percent lower than a year ago but 4 percent higher than the average of analyst expectations, which was around 8.3 billion bushels. Over 3.3 billion bushels of corn were removed from storage during Dec-Feb 2018/19 vs. the disappearance of 3.7 billion bushels during that quarter last season and 3.8 billion bushels in 2016/17. The drop in ethanol production, compounded by higher yields ethanol producers are obtaining compared to past years, has played a role in lower corn consumption this season.

Quarterly reported corn stocks

Source: USDA
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