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

• ’20-’21 U.S. ending stocks of 1.702 billion bushels slightly above expectations
• ’20-’21 global ending stocks of 289.0 million MT slightly below expectations

The ’20-’21 U.S. corn supply and demand projections were unchanged from the previous month. ’20-’21 projected U.S. corn ending stocks of 1.702 billion bushels, or 41.9 days of use, finished 0.7% above expectations. The ’20-’21 global corn ending stock projection finished 0.8% below the previous month and 0.1% below expectations, driven lower by a decline in Brazilian beginning stocks and a reduction in Canadian production. Soybeans – U.S. and Global Ending Stocks Above Private Estimates

• ’20-’21 U.S. ending stocks of 175 million bushels above expectations
• ’20-’21 global ending stocks of 85.6 million MT slightly above expectations

The ’20-’21 U.S. soybean supply projection was unchanged from the previous month while the ’20-’21 U.S. soybean usage projection was increased slightly from the previous month on an increase in food, seed & industrial usage. ’20-’21 projected U.S. soybean ending stocks of 175 million bushels, or 14.1 days of use, finished 7.9% below the previous month but remained 4.2% above expectations. The ’20-’21 global soybean ending stock projection finished 1.0% below the previous month but remained 0.6% above expectations. The reduction in domestic soybean ending stocks accounted for nearly half of the total reduction in global ending stocks from the previous month. Soybean Complex – U.S. Oil Stocks Higher, Meal Stocks Unchanged The ’20-’21 U.S. soybean oil ending stock projection was raised from the previous month as an increase in projected production more than offset higher projected export volumes. The ’20-’21 U.S. soybean meal ending stock projection was unchanged from the previous month. Globally, ’20-’21 soybean oil ending stocks were raised from the previous month, largely on an increase in North African beginning stocks. ’20-’21 global soybean meal ending stocks were raised slightly, largely on an increase in Brazilian beginning stocks. Wheat – U.S. and Global Ending Stocks Below Private Estimates

• ’20-’21 U.S. ending stocks of 862 million bushels below expectations
• ’20-’21 global ending stocks of 316.5 million MT below expectations

The ’20-’21 U.S. wheat supply projection was reduced slightly from the previous month on a decline in import volumes while demand projections were raised slightly on an increase in export volumes. ’20-’21 projected U.S. wheat ending stocks of 862 million bushels, or 149.0 days of use, finishing 1.7% below the previous month and 1.4% below expectations. The ’20-’21 global wheat ending stock projection finished 1.2% below the previous month and 1.4% below expectations, largely on an increase in Chinese domestic feed usage. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected domestic soybean ending stocks finished most significantly above expectations, followed by domestic corn ending stocks and global soybean ending stocks. Domestic wheat, global wheat and global corn ending stocks finished below expectations.