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

• ’20-’21 U.S. ending stocks of 2.167 billion bushels above expectations
• ’20-’21 global ending stocks of 300.5 million MT slightly above expectations

The ’20-’21 U.S. corn supply projection was reduced from the previous month on declines in both harvested acres and yields, coupled with a significant decline in beginning stocks. The projected corn yield of 178.4 bu/acre finished 0.1% below the previous month but was 0.3% above expectations. The ’20-’21 U.S. corn usage projection was also reduced from the previous month on lower projected ethanol and feed & residual usage. ’20-’21 projected U.S. corn ending stocks of 2.167 billion bushels, or 54.3 days of use, finished 13.4% below the previous month but remained 2.2% above expectations. The ’20-’21 global corn ending stock projection finished 2.1% below the previous month but remained 0.3% above expectations. Domestic corn ending stocks were reduced most significantly from the previous month while Mexican corn ending stocks finished most significantly higher on an increase in beginning stocks. Soybeans – U.S. and Global Ending Stocks Below Private Estimates

• ’20-’21 U.S. ending stocks of 290 million bushels significantly below expectations
• ’20-’21 global ending stocks of 88.7 million MT below expectations

The ’20-’21 U.S. soybean supply projection was reduced from the previous month on declines in harvested acres and beginning stocks. The projected soybean yield of 51.9 bu/acre was unchanged from the previous month, finishing 0.4% above expectations. The ’20-’21 U.S. soybean usage projection was raised from the previous month as an increase in projected exports more than offset a slight decline in feed & residual usage. ’20-’21 projected U.S. soybean ending stocks of 290 million bushels, or 23.4 days of use, finished 37.0% below the previous month and 20.1% below expectations. The ’20-’21 global soybean ending stock projection finished 5.2% below the previous month and 2.7% below expectations, driven lower by the reduction in domestic stocks. Chinese soybean stocks also finished lower on a reduction in beginning stocks. Soybean Complex – U.S. Oil Stocks Lower, Meal Stocks Unchanged The ’20-’21 U.S. soybean oil ending stock projection was reduced from the previous month primarily on a reduction in projected beginning stocks. The ’20-’21 U.S. soybean meal ending stock projection remained unchanged from the previous month. Globally, ’20-’21 soybean oil ending stocks were raised from the previous month on increases in Brazilian, Chinese and Argentine beginning stocks. ’20-’21 global soybean meal ending stocks were also raised from the previous month on increases in EU-28 and Indian stocks. Wheat – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 883 million bushels slightly below expectations
• ’20-’21 global ending stocks of 321.5 million MT above expectations

The ’20-’21 U.S. wheat supply projection was reduced slightly from the previous month on reductions in yields, beginning stocks and imports. Demand projections were raised slightly from the previous month on an increase in feed & residual usage. The reduction in supply, coupled with the increase in usage, resulted in ’20-’21 projected U.S. wheat ending stocks of 883 million bushels, or 153.8 days of use, finishing 4.5% below the previous month and 0.8% below expectations. The ’20-’21 global wheat ending stock projection finished 0.7% above the previous month and 1.3% above expectations, largely on an increase in Russian production. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected domestic soybean ending stocks finished most significantly below expectations, while global soybean stocks and domestic wheat ending stocks also finished below expectations. Domestic corn ending stocks finished most significantly above expectations, followed by global wheat ending stocks and global corn ending stocks.