Corn – U.S. Ending Stocks Significantly Above Private Estimates, Global Stocks Below Expectations

• ’19-’20 U.S. ending stocks of 2.190 billion bushels significantly above expectations
• ’19-’20 global ending stocks of 306.3 million MT below expectations

The ’19-’20 U.S. corn supply projections were reduced from the previous month as lower projected yields more than offset higher projected beginning stocks. Corn yields were reduced by 1.3 bushels, or 0.8%, from the previous month estimate. ’19-’20 usage projections were reduced from the previous month on lower ethanol usage, more than offsetting the reduction in projected supply. ’19-’20 projected U.S. corn ending stocks of 2.190 billion bushels, or 56.7 days of use, finished 0.4% above the previous month estimate and 11.5% above expectations. The ’19-’20 global corn ending stock projection finished 0.5% below the previous month estimate and 1.4% below expectations, however. Projected declines in U.S. and Ukrainian production accounted for the majority of the decline in the global corn ending stock projection. Soybeans – U.S. and Global Ending Stocks Below Private Estimates

• ’19-’20 U.S. ending stocks of 640 million bushels below expectations
• ’19-’20 global ending stocks of 99.2 million MT below expectations

The ’19-’20 U.S. soybean supply projections were reduced from the previous month on a reduction in projected yields and lower projected beginning stocks. Soybean yields were reduced by 0.6 bushels, or 1.2%, from the previous month estimate. Lower supply projections more than offset slightly higher projected feed usage, resulting in ’19-’20 projected U.S. soybean ending stocks of 640 million bushels, or 58.1 days of use, finishing 15.2% below the previous month estimate and 3.2% below expectations. The ’19-’20 global soybean ending stock projection finished 2.5% below the previous month estimate and 2.4% below expectations. Reductions in projected U.S. and Argentine stocks were partly offset by higher stock projections throughout Brazil, Iran and India. ’19-’20 U.S. soybean meal ending stocks were unchanged from the previous month as supply and usage figures finished flat with the previous month projections. Globally, ’19-’20 soybean meal ending stocks were raised slightly from the previous month. ’19-’20 U.S. soybean oil ending stocks were reduced slightly from the previous month on lower projected beginning stocks. Globally, ’19-’20 soybean oil ending stocks were reduced slightly from the previous month. Wheat – U.S. and Global Ending Stocks Remain Near Private Estimates

• ’19-’20 U.S. ending stocks of 1.014 billion bushels consistent with expectations
• ’19-’20 global ending stocks of 286.5 million MT slightly above expectations

The ’19-’20 U.S. wheat supply and usage projections were unchanged from the previous month. ’19-’20 projected U.S. wheat ending stocks of 1.014 billion bushels, or 170.3 days of use, were consistent with expectations. The ’19-’20 global wheat ending stock projection finished 0.4% above the previous month estimate and 0.4% above expectations. Global wheat ending stock projections were raised from the previous month despite lower projected production throughout Australia, Russia, Ukraine and Kazakhstan. Reduced production projections were more than offset by lower usage, however, led by declines in Indonesia, Russia, Uzbekistan and Ukraine consumption. Ending Stocks vs. Expectations Summary Overall, ’19-’20 projected U.S. corn ending stocks finished most significantly above expectations, followed by global wheat stocks. Domestic and global soybean ending stock projections finished most significantly below expectations, followed by domestic corn stocks.