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

• ’19-’20 U.S. ending stocks of 2.092 billion bushels above expectations
• ’19-’20 global ending stocks of 303.2 million MT above expectations

’19-’20 U.S. corn supply projections were largely unchanged from the previous month, declining slightly on an expected reduction in imports. Demand projections were reduced from the previous month as lower projected corn for ethanol usage is expected to more than offset higher projected feed & residual usage. ’19-’20 projected U.S. corn ending stocks of 2.092 billion bushels, or 55.1 days of use, finished 10.6% above the previous month and 4.4% above expectations. The ’19-’20 global corn ending stock projection finished 2.0% above the previous month estimate and 1.6% above expectations. Increases in global corn ending stock projections were most significant throughout the U.S. (lower domestic demand). Soybeans – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’19-’20 U.S. ending stocks of 480 million bushels significantly above expectations
• ’19-’20 global ending stocks of 100.5 million MT slightly below expectations

’19-’20 U.S. soybean supply projections were unchanged from the previous month while demand projections were reduced as lower expected exports and feed & residual usage is expected to more than offset higher expected food, seed & industrial usage. ’19-’20 projected U.S. soybean ending stocks of 480 million bushels, or 43.8 days of use, finished 12.9% above the previous month and 11.6% above expectations. The ’19-’20 global soybean ending stock projection finished 1.9% below the previous month estimate and 0.6% below expectations. Declines in global soybean ending stock projections were most significant throughout Brazil (lower production, higher exports and crush), which more than offset higher U.S. and Chinese stocks. The ’19-’20 U.S. soybean oil ending stock projection finished significantly above the previous month as higher production and reductions in biodiesel and food, feed & industrial demand more than offset higher exports and reduced imports. The ’19-’20 U.S. soybean meal ending stock projection was unchanged from the previous month. Globally, ’19-’20 soybean oil ending stock projections were raised slightly from the previous month while ’19-’20 global soybean meal ending stock projections were reduced from the previous month on reductions in Argentine production and Southeast Asian beginning stocks. Wheat – U.S. and Global Ending Stocks Above Private Estimates

• ’19-’20 U.S. ending stocks of 970 million bushels above expectations
• ’19-’20 global ending stocks of 292.8 million MT above expectations

’19-’20 U.S. wheat supply projections were unchanged from the previous month while demand projections were reduced on lower expected exports and feed & residual usage. ’19-’20 projected U.S. wheat ending stocks of 970 million bushels, or 165.8 days of use, finished 3.2% above the previous month and 3.2% above expectations. The ’19-’20 global wheat ending stock projection finished 2.0% above the previous month estimate and 1.9% above expectations. Increases in global wheat ending stock projections were most significant throughout China (lower feed demand) and India (lower domestic demand). Ending Stocks vs. Expectations Summary Overall, ’19-’20 projected U.S. soybean ending stocks finished most significantly above expectations, while both U.S. and global corn and U.S. and global wheat stocks also finished above expectations. Global soybean ending stocks finished slightly below expectations.