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

• ’20-’21 U.S. ending stocks of 3.323 billion bushels below expectations
• ’20-’21 global ending stocks of 337.9 million MT significantly above expectations

The ’20-’21 U.S. corn supply projection was raised slightly from the previous month on an increase in projected beginning stocks while demand projections were unchanged from the previous month. ’20-’21 projected U.S. corn ending stocks of 3.323 billion bushels, or 82.0 days of use, finished 0.2% above the previous month but 1.1% below expectations. The ’20-’21 global corn ending stock projection finished 5.7% above expectations, despite declining from the previous month on a reduction in Argentine beginning stocks. Soybeans – U.S. and Global Ending Stocks Significantly Below Private Estimates

• ’20-’21 U.S. ending stocks of 395 million bushels significantly below expectations
• ’20-’21 global ending stocks of 96.3 million MT significantly below expectations

The ’20-’21 U.S. soybean supply projection was raised slightly from the previous month on an increase in projected beginning stocks however demand projections were also raised slightly from the previous month on an increase in food, seed and industrial usage. ’20-’21 projected U.S. soybean ending stocks of 395 million bushels, or 33.3 days of use, finished 2.5% below the previous month and 7.3% below expectations. The ’20-’21 global soybean ending stock projection finished 7.4% below expectations, driven by reductions in Argentine and Brazilian beginning stocks. The ’20-’21 U.S. soybean oil ending stock projection was raised from the previous month on higher projected beginning stocks and production while the ’20-’21 U.S. soybean meal ending stock projection was unchanged from the previous month. Globally, ’20-’21 soybean oil and soybean meal ending stocks were both largely unchanged from the previous month. Wheat – U.S. and Global Ending Stocks Above Private Estimates

• ’20-’21 U.S. ending stocks of 925 million bushels above expectations
• ’20-’21 global ending stocks of 316.1 million MT significantly above expectations

The ’20-’21 U.S. wheat supply projection was raised slightly from the previous month on an increase in projected yields, coupled with higher projected beginning stocks, while demand projections were unchanged from the previous month. ’20-’21 projected U.S. wheat ending stocks of 925 million bushels, or 162.7 days of use, finished 1.8% above the previous month and 3.1% above expectations. The ’20-’21 global wheat ending stock projection finished 8.1% above expectations, driven by an increase in Indian production. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected global wheat ending stocks finished most significantly above expectations, while global corn and domestic wheat ending stocks also finished above expectations. Global soybean ending stocks finished most significantly below expectations, while domestic soybean and domestic corn ending stocks also finished below expectations.