USDA’s most recent Grain Stocks report indicated that at the beginning of December 2018 a record 3.74 billion bushels of soybeans and 12 billion bushels of corn were stored across the U.S. These stock levels were up 18 percent for soybeans and down 5 percent for corn relative to prior-year levels. Given marketing year average prices of $8.60 per bushel and $3.55 per bushel for soybeans and corn, respectively, these stock levels represent $32 billion of soybeans in inventory and $42 billion of corn in inventory. Combined, $74.6 billion in corn and soybeans were in storage as of Dec. 1, 2018.
Passage of the Water and Agriculture Tax Reform Act of 2019 (H.R. 807, S. 361) would help farmers and ranchers more efficiently operate mutual ditch, irrigation and water companies, according to the American Farm Bureau Federation.