Corn – ’18-’19 U.S. & Global Ending Stocks Below Private Estimates

• ’18-’19 U.S. ending stocks of 1.577 billion bushels significantly below expectations
• ’18-’19 global ending stocks of 154.69 million MT below expectations

The ’18-’19 U.S. corn supply was projected lower on smaller beginning stocks while usage was increased as higher projected corn used for ethanol production more than offset lower feed and residual usage. ’18-’19 projected U.S. corn ending stocks of 1.577 billion bushels, or 39.4 days of use, finished 6.2% below the previous month projection and 5.2% below expectations. The ’18-’19 global corn ending stock projection finished 2.8% below the previous month projection and 1.8% below expectations. Global corn ending stock projections were driven lower by reduced expected production within FSU-12 countries. Soybeans – ’18-‘19 U.S. Ending Stocks Significantly Below Private Estimates, Global Stocks up Slightly

• ’18-’19 U.S. ending stocks of 385 million bushels significantly below expectations
• ’18-’19 global ending stocks of 87.02 million MT slightly above expectations

The ’18-’19 U.S. soybean supply was projected lower on smaller beginning stocks while usage was increased slightly on higher food, seed and industrial usage. ’18-’19 projected U.S. soybean ending stocks of 385 million bushels, or 31.8 days of use, finished 7.2% below the previous month projection and 7.7% below expectations. The ’18-’19 global wheat ending stock projection finished 0.4% above the previous month projection and 0.3% above expectations, however. Global soybean ending stock projections were driven higher by an expected increase in Brazil soybean production. Wheat – ’18-’19 U.S. Ending Stocks Below Private Estimates, Global Stocks Finish Higher

• ’18-’19 U.S. ending stocks of 946 million bushels below expectations
• ’18-’19 global ending stocks of 266.16 million MT above expectations

The ’18-’19 U.S. wheat supply was projected higher on a slightly greater yield and higher beginning stocks. The increase in projected wheat supply was more than offset but higher exports, however, resulting in ’18-’19 projected U.S. wheat ending stocks of 946 million bushels, or 164.7 days of use, finishing 0.9% below the previous month projection and 1.3% below expectations. The ’18-’19 global wheat ending stock projection finished 0.7% above the previous month projection and 1.2% above expectations, however. Global wheat ending stock projections were raised despite lower expected production within Russia and the FSU-12 countries. Ending Stocks vs. Expectations Summary Overall, ’18-’19 projected U.S. soybean ending stocks finished most significantly below expectations while corn stocks and wheat stocks also finished lower. ’18-’19 projected global corn stocks finished below expectations while global soybean and wheat ending stocks finished above private estimates.