December ’16 USDA World Agriculture Supply and Demand

’15/’16 Corn

• No significant changes

’16/’17 Corn

• No significant changes
• Ending stocks at 2.4 billion bushels or 60.0 days of use was above average private estimates.

’15/’16 Soybeans

• No significant changes

’16/’17 Soybeans

• No significant changes
• Ending stocks at 480 million bushels or 42.7 days of use was above private estimates.

’15/’16 Wheat

• No significant changes.

’16/’17 Wheat

• No significant changes.
• Ending stocks at 1,143 million bushels was in line with private estimates.

World Estimates

• World corn production was increased 240 million bushels led primarily by Australia bumping ending stocks for 16/17 to new record highs.
• World wheat production was increased 360 million bushels led by Brazil and China bumping ending stocks for 16/17 to new record highs.
• World soybean production was increased 70 million bushels bumping ending stocks for 16/17 to new record highs.