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 297.3 million MT consistent with expectations

’19-’20 U.S. corn supply and demand projections were both unchanged from the previous month. ’19-’20 projected U.S. corn ending stocks of 1.892 billion bushels, or 49.1 days of use, finished 0.2% above expectations. The ’19-’20 global corn ending stock projection finished 0.2% above the previous month estimate but was consistent with expectations. Increases in global corn ending stock projections were most significant throughout South Africa (higher production) and Canada (higher imports, lower exports). Soybeans – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’19-’20 U.S. ending stocks of 425 million bushels slightly below expectations
• ’19-’20 global ending stocks of 102.4 million MT above expectations

’19-’20 U.S. soybean supply and demand projections were also both unchanged from the previous month. ’19-’20 projected U.S. soybean ending stocks of 425 million bushels, or 38.2 days of use, finished 0.2% below expectations. The ’19-’20 global soybean ending stock projection finished 3.6% above the previous month estimate and 3.1% above expectations. Increases in global soybean ending stock projections were most significant throughout Argentina (higher production, lower crush) and Brazil (higher production). The ’19-’20 U.S. soybean oil and soybean meal ending stock projections were also unchanged from the previous month. Globally, ’19-’20 soybean oil ending stocks were reduced from the previous month on increased Brazilian usage while ’19-’20 global soybean meal ending stocks were reduced from the previous month on lower EU-28 beginning stocks. Wheat – U.S. and Global Ending Stocks Slightly Below Private Estimates

• ’19-’20 U.S. ending stocks of 940 million bushels slightly below expectations
• ’19-’20 global ending stocks of 287.1 million MT slightly below expectations

’19-’20 U.S. wheat supply and demand projections were also unchanged from the previous month. ’19-’20 projected U.S. wheat ending stocks of 940 million bushels, or 158.5 days of use, finished 0.4% below expectations. The ’19-’20 global wheat ending stock projection finished 0.3% below the previous month estimate and 0.5% below expectations. Reductions in global wheat ending stock projections were most significant throughout Russia (higher exports) and North Africa (lower imports), while Indian wheat stocks finished most significantly above the previous month projection (higher production). Ending Stocks vs. Expectations Summary Overall, ’19-’20 projected global soybean ending stocks finished most significantly above expectations, while U.S. corn stocks also finished above expectations. Global wheat ending stocks and U.S. soybean and wheat stocks finished slightly below expectations.