Corn – Dec 1^st Stocks Decline 4.6% From the Previous Year, Finish Below Expectations Corn stored in all positions as of December 1^st, 2019 totaled 11.39 billion bushels, down 4.6% from the previous year and reaching a four year seasonal low level. Corn stocks finished 1.1% below average analyst estimates of 11.51 billion bushels. Stocks increased seasonally by 9.17 billion bushels from the previous quarter, 6.4% below the build experienced during the same period last year. Dec 1^st corn stocks were most significant within Iowa, followed by Illinois and Nebraska. The aforementioned states combined to account for nearly one half of the total U.S. corn stocks. The most significant YOY decline in Dec 1^st corn stocks was experienced throughout Illinois, followed by South Dakota and Indiana, while Kansas and North Dakota experienced the largest YOY increases in corn stocks. Soybeans – Dec 1^st Stocks Decline 13.2% From the Previous Year but Finish Above Expectations Soybeans stored in all positions as of December 1^st, 2019 totaled 3.25 billion bushels, down 13.2% from the previous year but remaining at the second highest seasonal level on record. Soybean stocks finished 2.1% above average analyst estimates of 3.19 million bushels. Stocks increased seasonally by 2.34 billion bushels from the previous quarter, 29.2% below the build experienced during the same period last year. Dec 1^st soybean stocks were most significant within Illinois, followed by Iowa and Minnesota. The aforementioned states combined to account for over 40% of the total U.S. soybean stocks. The most significant YOY decline in Dec 1^st soybean stocks was experienced throughout Illinois, followed by South Dakota and Minnesota, while Kansas experienced the largest YOY increase in soybean stocks. Wheat – Dec 1^st Stocks Decline 8.7% From the Previous Year, Finish Below Expectations Wheat stored in all positions as of December 1^st, 2019 totaled 1.83 billion bushels, finishing 8.7% below the previous year and reaching a four year seasonal low level. Wheat stocks finished 4.3% below average analyst estimates of 1.92 billion bushels. Stocks indicated disappearance of 512 million bushels from the previous quarter, 34.6% greater than the drawdown experienced during the same period last year. Dec 1^st wheat stocks were most significant within Kansas, followed by North Dakota and Montana. The aforementioned states combined to account for 45% of the total U.S. wheat stocks. The most significant YOY decline in Dec 1^st wheat stocks was experienced throughout Kansas, followed by Ohio and Texas, while Idaho experienced the largest YOY increase in wheat stocks.