Corn – U.S. Ending Stocks Finish Significantly Below Private Estimates

• U.S. ending stocks of 2.182 billion bushels slightly below expectations of 2.189 billion bushels
• Global ending stocks of 197.78 million MT slightly above expectations of 197.29 million MT

U.S. corn ending stocks were raised from the previous month on lower expected feed & residual usage and slightly lower feed, seed & industrial usage. U.S. corn ending stocks of 2.182 billion bushels, or 53.9 days of use, finished 0.3% below expectations, while global ending stocks finished 0.2% above expectations, despite being reduced from the previous month. Global corn production projections were reduced from the previous month primarily due to lower Argentina and Brazil yields. Argentina yield results have been lower than expected, while dry conditions are expected to increase the amount of corn harvested for forage or grazed. Reductions in the Brazil corn production projection reflected lower second-crop corn expectations. Soybeans – U.S. and Global Ending Stocks Finish Below Private Estimates

• U.S. ending stocks of 550 million bushels below expectations of 574 million bushels
• Global ending stocks of 90.8 million MT below expectations of 92.95 million MT

U.S. soybean ending stocks were slightly reduced from the previous month as lower expected feed & residual usage was more than offset by higher food, seed & industrial usage. U.S. soybean ending stocks of 550 million bushels, or 48.2 days of use, finished 4.2% below expectations, while global ending stocks finished 2.3% below expectations, largely on lower expected stocks within Argentina, Brazil and the EU. Global soybean production was projected lower as higher Brazilian production was more than offset by reduced yield projections experienced throughout Argentina, India and Uruguay. Wheat – U.S. and Global Ending Stocks Finish Above Private Estimates

• U.S. ending stocks of 1.064 billion bushels above expectations of 1.036 billion bushels
• Global ending stocks of 271.22 million MT above expectations of 268.16 million MT

U.S. wheat ending stocks were raised from the previous month on lower expected feed & residual usage. U.S. wheat ending stocks of 1.064 billion bushels, or 193.0 days of use, finished 2.7% above expectations, while global ending stocks finished 1.1% above expectations, projected to reach a new record high. Global wheat production was projected slightly higher, led by an increase in the Moroccan production forecast. Ending Stocks vs. Expectations Summary Overall, U.S. corn and global corn ending stocks finished within one percent of expectations. U.S. and global soybean ending stocks finished below expectations while U.S. and global wheat ending stocks finished above expectations.