Corn – U.S. and Global Ending Stocks Above Private Estimates

• ’19-’20 U.S. ending stocks of 1.910 billion bushels above expectations
• ’19-’20 global ending stocks of 300.6 million MT above expectations

’19-’20 U.S. corn supply and demand projections were unchanged from the previous month. ’19-’20 projected U.S. corn ending stocks of 1.910 billion bushels, or 50.1 days of use, finished 2.7% above expectations. The ’19-’20 global corn ending stock projection finished 1.6% above the previous month estimate and 1.7% above expectations. Higher projected Chinese corn production accounted for the majority of the increase in the global corn ending stocks projection. Soybeans – U.S. and Global Ending Stocks Slightly Above Private Estimates

• ’19-’20 U.S. ending stocks of 475 million bushels slightly above expectations
• ’19-’20 global ending stocks of 96.4 million MT slightly above expectations

’19-’20 U.S. soybean supply and demand projections were also unchanged from the previous month. ’19-’20 projected U.S. soybean ending stocks of 475 million bushels, or 43.3 days of use, finished 0.6% above expectations. The ’19-’20 global soybean ending stock projection finished 1.0% above the previous month estimate and 0.2% above expectations. Higher projected Chinese soybean production accounted for the majority of the increase in the global soybean ending stocks projection. ’19-’20 U.S. soybean oil and soybean meal ending stocks were also unchanged from the previous month. Globally, ’19-’20 soybean meal ending stocks were raised slightly from the previous month on lower projected Brazilian demand. ’19-’20 global soybean oil ending stocks were reduced from the previous month on higher projected Brazilian and EU-28 demand. Wheat – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’19-’20 U.S. ending stocks of 974 million bushels below expectations
• ’19-’20 global ending stocks of 289.5 million MT above expectations

’19-’20 U.S. wheat supply projections were reduced slightly from the previous month on lower imports while demand projections were raised slightly on higher exports. ’19-’20 projected U.S. wheat ending stocks of 974 million bushels, or 166.8 days of use, finished 3.9% below the previous month estimate and 2.6% below expectations. The ’19-’20 global wheat ending stock projection finished 0.4% above the previous month estimate and 1.1% above expectations. Higher projected Chinese wheat production accounted for the majority of the increase in the global wheat ending stocks projection. Ending Stocks vs. Expectations Summary Overall, ’19-’20 projected U.S. corn ending stocks finished most significantly above expectations, while global corn stocks, U.S. soybean stocks, global soybean stocks and global wheat stocks also finished above expectations. Domestic wheat ending stock projections finished most significantly below expectations.