Corn – Mar 1^st Stocks Decline 7.7% From the Previous Year, Finish Below Expectations Corn stored in all positions as of March 1^st, 2020 totaled 7.95 billion bushels, down 7.7% from the previous year and reaching a four year seasonal low level. Corn stocks finished 2.1% below average analyst estimates of 8.13 billion bushels. Stocks indicated disappearance of 3.45 billion bushels from the previous quarter, 3.8% greater than the drawdown experienced during the same period last year. Mar 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 Mar 1^st corn stocks was experienced throughout Illinois, followed by Indiana and Minnesota. Missouri and North Dakota experienced the largest YOY increases in corn stocks. Soybeans – Mar 1^st Stocks Decline 17.4% From the Previous Year but Finish Above Expectations Soybeans stored in all positions as of March 1^st, 2020 totaled 2.25 billion bushels, down 17.4% from the previous year but remaining at the second highest seasonal level on record. Soybean stocks finished 0.5% above average analyst estimates of 2.24 million bushels. Stocks indicated disappearance of 1.00 billion bushels from the previous quarter, 1.4% below the drawdown experienced during the same period last year. Mar 1^st soybean stocks were most significant within Iowa, followed by Illinois and Minnesota. The aforementioned states combined to account for over 40% of the total U.S. soybean stocks. The most significant YOY decline in Mar 1^st soybean stocks was experienced throughout Illinois, followed by South Dakota and Minnesota. Washington experienced the largest YOY increase in soybean stocks. Wheat – Mar 1^st Stocks Decline 11.3% From the Previous Year, Finish Below Expectations Wheat stored in all positions as of March 1^st, 2020 totaled 1.41 billion bushels, finishing 11.3% below the previous year and reaching a four year seasonal low level. Wheat stocks finished 1.4% below average analyst estimates of 1.43 billion bushels. Stocks indicated disappearance of 428 million bushels from the previous quarter, 2.9% greater than the drawdown experienced during the same period last year. Mar 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 Mar 1^st wheat stocks was experienced throughout Kansas, followed by North Dakota and Texas. Idaho and Oregon experienced the largest YOY increases in wheat stocks.