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

• ’20-’21 U.S. ending stocks of 2.648 billion bushels below expectations
• ’20-’21 global ending stocks of 315.0 million MT below expectations

The ’20-’21 U.S. corn supply projection reduced from the previous month as a decline in planted and harvested acres more than offset higher beginning stocks. The ’20-’21 U.S. corn usage projection was also reduced from the previous month as lower feed & residual usage more than offset a slight increase in food, seed & industrial usage. The decline in projected corn supply more than offset the decline in projected usage, resulting in ending stocks declining from the previous month. ’20-’21 projected U.S. corn ending stocks of 2.648 billion bushels, or 66.1 days of use, finished 20.3% below the previous month and 1.3% below expectations. The ’20-’21 global corn ending stock projection finished 3.0% below expectations, driven lower primarily by the decline in domestic stocks. Chinese corn ending stocks were also reduced from the previous month on lower beginning stocks and a slight increase in domestic feed usage. Soybeans – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 425 million bushels above expectations
• ’20-’21 global ending stocks of 95.1 million MT below expectations

The ’20-’21 U.S. soybean supply projection was raised slightly from the previous month on an increase in projected planted and harvested acres, coupled with an increase in beginning stocks. The ’20-’21 U.S. soybean usage projection was also raised slightly from the previous month on an increase in food, seed and industrial usage. The increase in projected soybean supply more than offset the increase in projected usage, resulting in ending stocks increasing from the previous month. ’20-’21 projected U.S. soybean ending stocks of 425 million bushels, or 35.7 days of use, finished 7.6% above the previous month and 2.2% above expectations. The ’20-’21 global soybean ending stock projection finished 1.7% below expectations, however, as a reduction in Brazilian stocks more than offset the increase in domestic stocks. Brazilian soybean beginning stocks were reduced from the previous month. Soybean Complex – U.S. Oil Stocks Higher, Meal Stocks Unchanged The ’20-’21 U.S. soybean oil ending stock projection was raised from the previous month as higher projected beginning stocks and production more than offset an increase in projected exports. The ’20-’21 U.S. soybean meal ending stock projection was unchanged from the previous month. Globally, ’20-’21 soybean oil ending stocks were reduced from the previous month as lower Argentine stocks more than offset higher Brazilian and North African ending stocks. Argentine soybean oil beginning stocks were reduced from the previous month. ’20-’21 global soybean meal ending stocks were also reduced from the previous, driven lower by a decline in Brazilian beginning stocks. Wheat – U.S. and Global Ending Stocks Slightly Below Private Estimates

• ’20-’21 U.S. ending stocks of 942 million bushels slightly below expectations
• ’20-’21 global ending stocks of 314.8 million MT slightly below expectations

The ’20-’21 U.S. wheat supply projection was raised slightly from the previous month as an increase in beginning stocks more than offset declines in planted and harvest acres and yields. The ’20-’21 U.S. wheat usage projection was reduced slightly from the previous month on a decline in feed & residual usage. The increase in projected wheat supply, coupled with the decline in projected usage, resulted in ending stocks increasing from the previous month. ’20-’21 projected U.S. wheat ending stocks of 942 million bushels, or 166.5 days of use, finished 1.8% above the previous month but 0.6% below expectations. The ’20-’21 global wheat ending stock projection finished 0.3% below expectations, driven lower by declines in Russian beginning stocks and production. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected global corn ending stocks finished most significantly below expectations, while global soybean and wheat ending stocks also finished below expectations in addition to domestic corn and wheat ending stocks. Domestic soybean ending stocks finished most significantly above expectations.