Corn – U.S. and Global Ending Stocks Largely Consistent With Private Estimates

• ’19-’20 U.S. ending stocks of 1.892 billion bushels slightly above expectations
• ’19-’20 global ending stocks of 296.8 million MT slightly below expectations

’19-’20 U.S. corn supply projections were unchanged from the previous month while an increase in projected ethanol demand offset a projected decline in exports. ’19-’20 projected U.S. corn ending stocks of 1.892 billion bushels, or 49.1 days of use, were unchanged from the previous month estimate, finishing 0.6% above expectations. The ’19-’20 global corn ending stock projection finished 0.3% below the previous month estimate and 0.3% below expectations. Reductions in global corn ending stock projections were most significant throughout Brazil as feed consumption projections were raised from the previous month. Soybeans – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’19-’20 U.S. ending stocks of 425 million bushels below expectations
• ’19-’20 global ending stocks of 98.9 million MT above expectations

’19-’20 U.S. soybean supply projections were unchanged from the previous month while demand projections were raised from the previous month on higher exports. ’19-’20 projected U.S. soybean ending stocks of 425 million bushels, or 38.2 days of use, finished 10.5% below the previous month and 5.1% below expectations. The ’19-’20 global soybean ending stock projection finished 2.3% above the previous month estimate and 1.6% above expectations. Increases in global soybean ending stock projections were most significant throughout China and Brazil, more than offsetting the decline in projected domestic stocks. Brazilian soybean production projections were raised from the previous month while Chinese imports were also projected higher. The ’19-’20 U.S. soybean oil ending stock projection was raised from the previous month as lower projected production was more than offset by reductions in biodiesel and food, feed and other industrial usage. The soybean oil export projection was raised from the previous month, however. The ’19-’20 U.S. soybean meal ending stock projection was reduced from the previous month on a reduction in projected production. Globally, ’19-’20 soybean meal ending stocks were reduced from the previous month on higher projected Brazilian usage while ’19-’20 global soybean oil ending stocks were raised slightly from the previous month on higher projected Argentine beginning stocks. Wheat – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’19-’20 U.S. ending stocks of 940 million bushels below expectations
• ’19-’20 global ending stocks of 288.0 million MT slightly above expectations

’19-’20 U.S. wheat supply projections were unchanged from the previous month while demand projections were raised slightly from the previous month on higher exports. ’19-’20 projected U.S. wheat ending stocks of 940 million bushels, or 158.5 days of use, finished 2.6% below the previous month estimate and 2.0% below expectations. The ’19-’20 global wheat ending stock projection was largely unchanged from the previous month, finishing 0.2% above expectations. Ending Stocks vs. Expectations Summary Overall, ’19-’20 projected U.S. soybean ending stocks finished most significantly below expectations, while U.S. wheat stocks and global corn stocks also finished below expectations. Domestic corn ending stocks and global soybean and wheat stocks finished above expectations.