Corn – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’20-’21 U.S. ending stocks of 3.318 billion bushels below expectations
• ’20-’21 global ending stocks of 339.6 million MT significantly above expectations

Initial ’20-’21 U.S. corn supply projections were significantly above levels experienced throughout the previous production season on increases in both projected harvested acres and yields. Demand projections were also above the previous production season on increases in both domestic and export usage. ’20-’21 projected U.S. corn ending stocks of 3.318 billion bushels, or 81.8 days of use, finished 2.1% below expectations however the initial ’20-’21 global corn ending stock projection finished 6.3% above expectations. Soybeans – U.S. and Global Ending Stocks Significantly Below Private Estimates

• ’20-’21 U.S. ending stocks of 405 million bushels significantly below expectations
• ’20-’21 global ending stocks of 98.4 million MT significantly below expectations

Initial ’20-’21 U.S. soybean supply projections were above levels experienced throughout the previous production season on increases in both projected harvested acres and yields. Demand projections were also above the previous production season on increases in both domestic and export usage. ’20-’21 projected U.S. soybean ending stocks of 405 million bushels, or 34.3 days of use, finished 5.8% below expectations while the initial ’20-’21 global soybean ending stock projection finished 5.4% below expectations. Wheat – U.S. and Global Ending Stocks Significantly Above Private Estimates

• ’20-’21 U.S. ending stocks of 909 million bushels significantly above expectations
• ’20-’21 global ending stocks of 310.1 million MT significantly above expectations

Initial ’20-’21 U.S. wheat supply projections were below levels experienced throughout the previous production season on a reduction in projected yields. Demand projections were slightly below levels experienced throughout the previous production season while ’20-’21 projected U.S. wheat ending stocks of 909 million bushels, or 159.9 days of use, finished 11.7% above expectations. The initial ’20-’21 global wheat ending stock projection finished 6.0% above expectations. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected U.S. wheat ending stocks finished most significantly above expectations, while global wheat and global corn ending stocks also finished above expectations. U.S. soybean ending stocks finished most significantly below expectations, while global soybean and U.S. corn ending stocks also finished below expectations.