Corn – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 2.503 billion bushels above expectations
• ’20-’21 global ending stocks of 306.8 million MT below expectations

The ’20-’21 U.S. corn supply projection was reduced from the previous month as declines in projected harvested acres and yields more than offset slightly higher beginning stocks. The projected corn yield of 178.5 bu/acre finished 1.8% below the previous month but was 0.1% above expectations. The ’20-’21 U.S. corn usage projection was also reduced from the previous month as lower projected ethanol and feed & residual usage more than offset higher projected exports. ’20-’21 projected U.S. corn ending stocks of 2.503 billion bushels, or 62.3 days of use, finished 9.2% below the previous month but 2.1% above expectations. The ’20-’21 global corn ending stock projection finished 1.4% below expectations, despite domestic ending stocks finishing above expectations. Chinese corn ending stocks were reduced from the previous month on an increase in feed & residual usage for both ’19-’20 and ’20-‘21 based on observed soybean meal equivalent protein consumption and current corn prices. Soybeans – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 460 million bushels below expectations
• ’20-’21 global ending stocks of 93.6 million MT slightly above expectations

The ’20-’21 U.S. soybean supply projection was reduced from the previous month on a projected reduction in yields and lower beginning stocks. The projected soybean yield of 51.9 bu/acre finished 2.6% below the previous month but was 0.2% above expectations. The ’20-’21 U.S. soybean usage projection was largely unchanged from the previous month. ’20-’21 projected U.S. soybean ending stocks of 460 million bushels, or 37.8 days of use, finished 24.6% below the previous month and 1.1% below expectations. The ’20-’21 global soybean ending stock projection finished 0.5% above expectations, however, despite the decline in domestic ending stocks. Argentine and Brazilian soybean ending stocks were each raised from the previous month. Soybean Complex – U.S. Oil Stocks Lower, Meal Stocks Unchanged The ’20-’21 U.S. soybean oil ending stock projection was reduced from the previous month on lower projected beginning stocks. The ’20-’21 U.S. soybean meal ending stock projection remained unchanged from the previous month as an increase in beginning stocks was offset by a reduction in production. Globally, ’20-’21 soybean oil ending stocks were reduced from the previous month as lower domestic, Brazilian and Argentine stocks more than offset higher EU-28 ending stocks. ’20-’21 global soybean meal ending stocks were raised from the previous month as higher Argentine and Indian stocks more than offset lower Brazilian stocks. Wheat – U.S. and Global Ending Stocks Above Private Estimates

• ’20-’21 U.S. ending stocks of 925 million bushels slightly above expectations
• ’20-’21 global ending stocks of 319.4 million MT above expectations

The ’20-’21 U.S. wheat supply and demand projections were unchanged from the previous month. ’20-’21 projected U.S. wheat ending stocks of 925 million bushels, or 161.9 days of use, finished 0.1% above expectations. The ’20-’21 global wheat ending stock projection finished 1.1% above expectations on increases in Canadian and Australian stocks. Wheat production projections were raised throughout both Canada and Australia. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected domestic corn ending stocks finished most significantly above expectations, while domestic wheat ending stocks, global wheat ending stocks and global soybean ending stocks also finished above expectations. Global corn ending stocks finished most significantly below expectations, followed by domestic soybean ending stocks.