Corn – Dec 1^st Stocks Reach a Five Year Low Seasonal Level, Finish Below Expectations Corn stored in all positions as of December 1^st, 2020 totaled 11.32 billion bushels, down 0.05% from the previous year and reaching a five year low seasonal level. Corn stocks finished 5.3% below average analyst estimates of 11.95 billion bushels. Stocks increased seasonally by 9.40 billion bushels from the previous quarter, 3.2% above the build experienced during the same period last year. Dec 1^st corn stocks were most significant within Iowa, followed closely by Illinois. Iowa and Illinois combined to account for just under one third of the total U.S. corn stocks. The most significant YOY declines in Dec 1^st corn stocks were experienced throughout Iowa, Nebraska and North Dakota. Minnesota and South Dakota experienced the largest YOY increases in corn stocks. Soybeans – Dec 1^st Stocks Reach a Four Year Low Seasonal Level, Remain Slightly Above Expectations Soybeans stored in all positions as of December 1^st, 2020 totaled 2.93 billion bushels, down 9.8% from the previous year and reaching a four year low seasonal level. Soybean stocks remained 0.5% above average analyst estimates of 2.92 billion bushels, however. Stocks increased seasonally by 2.41 billion bushels from the previous quarter, 2.8% above 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 declines in Dec 1^st soybean stocks were experienced throughout Iowa, Nebraska and Illinois. South Dakota experienced the largest YOY increase in soybean stocks. Wheat – Dec 1^st Stocks Reach a Six Year Low Seasonal Level, Finish Below Expectations Wheat stored in all positions as of December 1^st, 2020 totaled 1.67 billion bushels, finishing 9.1% below the previous year and reaching a six year low seasonal level. Wheat stocks finished 1.3% below average analyst estimates of 1.70 billion bushels. Stocks indicated disappearance of 484 million bushels from the previous quarter, 4.1% below 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 over 40% of the total U.S. wheat stocks. The most significant YOY declines in Dec 1^st wheat stocks were experienced throughout Kansas, Colorado and North Dakota. Washington experienced the largest YOY increase in wheat stocks.