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

• ’20-’21 U.S. ending stocks of 2.756 billion bushels below expectations
• ’20-’21 global ending stocks of 317.5 million MT below expectations

The ’20-’21 U.S. corn supply projection was raised from the previous month as an increase in projected yields more than offset slightly lower beginning stocks. The projected corn yield of 181.8 bu/acre finished 1.8% above the previous month and 0.7% above expectations. The ’20-’21 U.S. corn usage projection was also raised from the previous month on higher exports and feed & residual usage, however the increase in projected supply more than offset the increase in projected usage, resulting in ending stocks increasing from the previous month. ’20-’21 projected U.S. corn ending stocks of 2.756 billion bushels, or 68.1 days of use, finished 4.1% above the previous month but 1.6% below expectations. The ’20-’21 global corn ending stock projection finished 0.9% below expectations, despite the increase in domestic ending stocks. Southeast Asia corn ending stocks were also raised from the previous month on an increase in beginning stocks while Canadian corn ending stocks were reduced from the previous month on lower production. Soybeans – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 610 million bushels significantly expectations
• ’20-’21 global ending stocks of 95.4 million MT below expectations

The ’20-’21 U.S. soybean supply projection was raised from the previous month as an increase in projected yields more than offset slightly lower beginning stocks. The projected soybean yield of 53.3 bu/acre finished 7.0% above the previous month and 4.1% above expectations. The ’20-’21 U.S. soybean usage projection was also raised from the previous month on higher exports, food, seed & industrial usage and feed & residual usage, however the increase in projected 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 610 million bushels, or 50.1 days of use, finished 43.5% above the previous month and 16.4% above expectations. The ’20-’21 global soybean ending stock projection finished 2.3% below expectations, however, despite the increase in domestic ending stocks. Brazilian soybean ending stocks were reduced significantly from the previous month on lower beginning stocks while Argentine soybean ending stocks were also reduced from the previous month. Soybean Complex – U.S. Oil Stocks Slightly Higher, Meal Stocks Unchanged The ’20-’21 U.S. soybean oil ending stock projection was raised slightly from the previous month as higher projected beginning stocks and production more than offset an increase in projected exports and a decline in projected imports. The ’20-’21 U.S. soybean meal ending stock projection remained unchanged from the previous month as an increase in projected production was offset by increases in projected exports and domestic disappearance. Globally, ’20-’21 soybean oil ending stocks were raised from the previous month as higher North African stocks more than offset lower Argentine and EU-28 ending stocks. North African soybean oil beginning stocks were raised from the previous month. ’20-’21 global soybean meal ending stocks were reduced from the previous, driven lower by a decline in Brazilian beginning stocks. Wheat – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 925 million bushels below expectations
• ’20-’21 global ending stocks of 316.8 million MT above expectations

The ’20-’21 U.S. wheat supply projection was raised slightly from the previous month as an increase in yields more than offset lower beginning stocks. The ’20-’21 U.S. wheat usage projection was raised from the previous month as an increase in exports more than offset a decline in food, seed & industrial usage. The increase in projected wheat usage more than offset the increase in projected wheat supply, resulting in ending stocks declining from the previous month. ’20-’21 projected U.S. wheat ending stocks of 925 million bushels, or 161.9 days of use, finished 1.8% below the previous month and 2.2% below expectations. The ’20-’21 global wheat ending stock projection finished 0.9% above expectations, however, despite an increase in EU-28 ending stocks. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected domestic soybean ending stocks finished most significantly above expectations, while global wheat ending stocks also finished above expectations. Global soybean ending stocks finished most significantly below expectations, followed by domestic wheat ending stocks, domestic corn ending stocks and global corn ending stocks.