Corn – U.S. and Global Ending Stocks Significantly Above Private Estimates

• ’19-’20 U.S. ending stocks of 2.181 billion bushels significantly above expectations
• ’19-’20 global ending stocks of 307.7 million MT significantly above expectations

The ’19-’20 U.S. corn supply projections were raised from the previous month as higher projected yields more than offset lower acres while beginning stocks were also projected higher. ’19-’20 usage projections were reduced from the previous month on lower exports and ethanol usage. ’19-’20 projected U.S. corn ending stocks of 2.181 billion bushels, or 56.3 days of use, finished 8.5% above the previous month estimate and 34.6% above expectations. The ’19-’20 global corn ending stock projection finished 2.9% above the previous month estimate and 6.1% above expectations. Projected increases in Ukrainian, U.S. and EU-28 production, coupled with projected declines in Chinese and Brazilian usage, accounted for the majority of the increase in the global corn ending stock projection. Soybeans – U.S. and Global Ending Stocks Below Private Estimates

• ’19-’20 U.S. ending stocks of 755 million bushels significantly below expectations
• ’19-’20 global ending stocks of 101.7 million MT below expectations

The ’19-’20 U.S. soybean supply projections were reduced from the previous month as lower production due to a reduction in harvested acres more than offset a projected increase in beginning stocks. Lower supply projections more than offset lower projected exports, resulting in ’19-’20 projected U.S. soybean ending stocks of 755 million bushels, or 68.6 days of use, finishing 5.0% below the previous month estimate and 8.0% below expectations. The ’19-’20 global soybean ending stock projection finished 2.7% below the previous month estimate and 2.9% below expectations. Lower projected U.S. production accounted for the majority of the reduction in the global soybean ending stock projection. ’19-’20 U.S. soybean meal ending stocks were unchanged from the previous month as lower projected domestic disappearance was offset by higher projected exports. Globally, ’19-’20 soybean meal ending stocks were reduced slightly from the previous month. ’19-’20 U.S. soybean oil ending stocks were reduced from the previous month as lower projected beginning stocks more than offset lower projected biodiesel usage. Globally, ’19-’20 soybean oil ending stocks were raised slightly from the previous month. Wheat – U.S. and Global Ending Stocks Above Private Estimates

• ’19-’20 U.S. ending stocks of 1.014 billion bushels above expectations
• ’19-’20 global ending stocks of 285.4 million MT slightly above expectations

The ’19-’20 U.S. wheat supply projections were raised from the previous month as higher production due to an increase in yields more than offset slightly lower projected imports. Higher supply projections more than offset higher projected feed & residual usage and exports, resulting in ’19-’20 projected U.S. wheat ending stocks of 1.014 billion bushels, or 170.3 days of use, finishing 1.4% above the previous month estimate and 1.5% above expectations. The ’19-’20 global wheat ending stock projection finished 0.4% below the previous month estimate but remained 0.5% above expectations. Lower projected Turkish, EU-28, Russian and Kazakhstan production accounted for the majority of the reduction in the global wheat ending stock projection. Ending Stocks vs. Expectations Summary Overall, ’19-’20 projected U.S. and global corn and wheat ending stocks finished above expectations while U.S. and global soybean ending stocks finished lower. Domestic corn stocks finished most significantly above expectations while domestic soybean stocks finished most significantly lower.