Corn – U.S. and Global Ending Stocks Finish Below Private Estimates

• U.S. ending stocks of 2.352 billion bushels below expectations of 2.468 billion bushels
• Global ending stocks of 203.09 million MT below expectations of 204.66 million MT

U.S. corn ending stocks were reduced from the previous month on higher expected export volumes. Corn export volume projections were raised 6.5% from the previous forecast. U.S. corn ending stocks of 2.352 billion bushels, or 58.8 days of use, finished 4.7% below expectations, while global ending stocks finished 0.8% below expectations, led by lower expected stocks within the U.S. and Argentina. Global corn production was projected lower on reductions in the Argentina and Ukraine crops. Soybeans – U.S. Ending Stocks Finish Significantly Above Private Estimates

• U.S. ending stocks of 530 million bushels above expectations of 486 million bushels
• Global ending stocks of 98.14 million MT below expectations of 98.61 million MT

U.S. soybean ending stocks were raised from the previous month on lower expected export volumes. Soybean export volume projections were reduced 2.8% from the previous forecast. U.S. soybean ending stocks of 530 million bushels, or 46.2 days of use, finished 9.1% above expectations, however global ending stocks remained 0.5% below expectations, largely on lower expected stocks within Argentina. Global soybean production was projected lower as higher Brazilian production was more than offset by reduced yield projections experienced throughout Argentina, Paraguay, Bolivia, India, Ukraine and South Africa. Wheat – U.S. Stocks Finish Above Private Estimates, Global Ending Stocks Below Expectations

• U.S. ending stocks of 1.009 billion bushels above expectations of 990 million bushels
• Global ending stocks of 266.10 million MT below expectations of 267.80 million MT

U.S. wheat ending stocks were raised from the previous month as lower expected export volumes more than offset slightly higher projected food, seed and industrial usage. Wheat export volume projections were reduced 2.6% from the previous forecast. U.S. wheat ending stocks of 1.009 billion bushels, or 178.2 days of use, finished 1.9% above expectations, however global ending stocks finished 0.6% below expectations. Global wheat production was forecasted higher throughout Argentina and Ukraine however the increases were more than offset by higher projected consumption levels throughout Indonesia and China. Ending Stocks vs. Expectations Summary Overall, U.S. soybean ending stocks finished most significantly above expectations throughout the month while U.S. corn ending stocks finished most significantly lower. Global corn, soybean and wheat stocks each finished less than one percent below expectations.