Grain stored on Iowa farms up sharply from 2013

Iowa farmers are storing more of their 2013 corn crop than they did with the 2012 crop at this time a year ago, which could lead to storage problems with the prospect of a bin-buster harvest this year.

The U.S. Department of Agriculture reports Iowa corn stocks stored on farm and off farm on Sept. 1 totaled 268 million bushels, up 32 percent from the same date last year. Of the total stocks, 34 percent were stored in on-farm storage facilities.

Iowa farmers are expected to produce a record 2.44 billion bushels of corn, up from 2.2 billion bushels last year. The crop is forecast to yield 185 bushels per acre, up from 165 bushels per acre last year.

If realized, the yield will be the highest on record — 3 bushels above the previous high set in 2009.

Jason Roose, vice president of U.S. Commodities in West Des Moines, said the sharp drop in corn prices to $3 per bushel and the lack of any meaningful rally has prompted many farmers to store more of last year's crop rather than sell it.

'Over the last five to eight years, on-farm storage has increased dramatically,' Roose said. 'Is that going to be enough to handle a record crop?'

Farmers nationwide are projected to produce a record 14.4 billion bushels, up 3 percent from 2013. Yields are expected to average a record high 46.6 bushels per acre, up 3.3 bushels from last year.

Roose said wet conditions that might slow this year's harvest could be a blessing in that it will ease storage conditions by lengthening the harvest process.

'I think a lot of farmers would like to let their crop dry in the field rather than have to resort to paying it to be dried before storing it,' Roose said.

On the flip side, Iowa soybeans stored on farm and off farm on Sept. 1 totaled 21.6 million bushels, down 46 percent from Sept. 1, 2013. That's the lowest Sept. 1 stocks since 1973.

Of the total stocks, 27 percent were held in on-farm storage facilities.