Corn – U.S. Ending Stocks Finish Significantly Below Private Estimates on Higher Projected Exports

• U.S. ending stocks of 2.127 billion bushels below expectations of 2.312 billion bushels
• Global ending stocks of 199.17 million MT below expectations of 199.36 million MT

U.S. corn ending stocks were reduced from the previous month on higher expected export volumes and ethanol usage. Corn export volume projections were raised 8.5% from the previous forecast on U.S. price competitiveness, record high outstanding sales and lower expected exports from Argentina. U.S. corn ending stocks of 2.127 billion bushels, or 52.4 days of use, finished 8.0% below expectations, while global ending stocks finished 0.1% below expectations, led by lower expected stocks within the U.S. Global corn production projections were virtually unchanged from the previous month, despite lower expected production out of Argentina. Continued heat and dryness experienced during February and early March is expected to reduce yield prospects for late-planted corn throughout Argentina. Soybeans – U.S. Ending Stocks Finish Above Private Estimates on Lower Projected Exports

• U.S. ending stocks of 555 million bushels above expectations of 530 million bushels
• Global ending stocks of 94.40 million MT below expectations of 95.31 million MT

U.S. soybean ending stocks were raised from the previous month as lower expected export volumes more than offset higher food, seed and industrial usage. Soybean export volume projections were reduced 1.7% from the previous forecast. U.S. soybean ending stocks of 555 million bushels, or 48.7 days of use, finished 4.7% above expectations, however global ending stocks remained 1.4% below expectations, largely on lower expected stocks within Argentina and Brazil. Global soybean production was projected lower as higher Brazilian production was more than offset by reduced yield projections experienced throughout Argentina. Wheat – U.S. and Global Stocks Finish Slightly Above Private Estimates

• U.S. ending stocks of 1.034 billion bushels above expectations of 1.015 billion bushels
• Global ending stocks of 268.89 million MT above expectations of 265.63 million MT

U.S. wheat ending stocks were raised from the previous month on lower expected export volumes. Wheat export volume projections were reduced 2.6% from the previous forecast. U.S. wheat ending stocks of 1.034 billion bushels, or 184.8 days of use, finished 1.9% above expectations, while global ending stocks finished 1.2% above expectations, projected to reach a new record high. Global wheat production was projected slightly higher, led by an increase in the Kazakhstan production forecast. Ending Stocks vs. Expectations Summary Overall, U.S. corn ending stocks finished most significantly below expectations throughout the month while U.S. soybean ending stocks finished most significantly higher. Global corn, soybean and wheat stocks all finished within two percent of expectations.