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

• ’20-’21 U.S. ending stocks of 1.552 billion bushels below expectations
• ’20-’21 global ending stocks of 283.8 million MT slightly above expectations

The ’20-’21 U.S. corn supply projection was reduced from the previous month on declines in planted acres, yields and beginning stocks. The ’20-’21 corn yield projection of 172.0 bushels per acre finished 1.9% below expectations of a 175.3 bushel per acre yield. The ’20-’21 U.S. corn demand projection was also reduced from the previous month on declines in ethanol usage, exports and feed & residual usage. Projected declines in supply more than offset declines in projected demand, however, resulting in a reduction in ending stocks. ’20-’21 projected U.S. corn ending stocks of 1.552 billion bushels, or 38.9 days of use, finished 8.8% below the previous month and 2.9% below expectations. The ’20-’21 global corn ending stock projection finished 1.8% below the previous month but remained 0.1% above expectations. The reduction in domestic corn ending stocks accounted for nearly three quarters of the total reduction in global ending stocks from the previous month. Brazilian corn ending stocks were also reduced from the previous month on a reduction in projected production. Soybeans – U.S. and Global Ending Stocks Above Private Estimates

• ’20-’21 U.S. ending stocks of 140 million bushels slightly above expectations
• ’20-’21 global ending stocks of 84.3 million MT above expectations

The ’20-’21 U.S. soybean supply projection was reduced slightly from the previous month as a reduction in yields more than offset higher imports and beginning stocks. The ’20-’21 soybean yield projection of 50.2 bushels per acre finished 0.6% below expectations of a 50.5 bushel per acre yield. The ’20-’21 U.S. soybean demand projection was raised slightly from the previous month as increases in export demand and food, seed & industrial usage more than offset lower feed & residual usage. The projected decline in supply, coupled with the projected increase in demand, resulted in a reduction in ending stocks. ’20-’21 projected U.S. soybean ending stocks of 140 million bushels, or 11.2 days of use, finished 20.0% below the previous month but remained 0.7% above expectations. The ’20-’21 global soybean ending stock projection finished 1.6% below the previous month but remained 2.0% above expectations. The reduction in domestic soybean ending stocks accounted for nearly three quarters of the total reduction in global ending stocks from the previous month. Argentine soybean ending stocks were also reduced from the previous month on a reduction in projected production. Soybean Complex – U.S. Oil Stocks Lower, Meal Stocks Unchanged The ’20-’21 U.S. soybean oil ending stock projection was reduced from the previous month as projected increases in biodiesel and food, feed & other industrial usage more than offset increases in projected production. The ’20-’21 U.S. soybean meal ending stock projection was unchanged from the previous month. Globally, ’20-’21 soybean oil ending stocks were reduced slightly from the previous month, largely on a decline in North African beginning stocks. ’20-’21 global soybean meal ending stocks were raised from the previous month, largely on a decline in Argentine exports. Wheat – U.S. and Global Ending Stocks Below Private Estimates

• ’20-’21 U.S. ending stocks of 836 million bushels below expectations
• ’20-’21 global ending stocks of 313.2 million MT slightly below expectations

The ’20-’21 U.S. wheat supply projection was unchanged from the previous month while the demand projection was raised slightly, primarily on an increase in feed & residual usage. ’20-’21 projected U.S. wheat ending stocks of 836 million bushels, or 142.7 days of use, finishing 3.0% below the previous month and 2.7% below expectations. The ’20-’21 global wheat ending stock projection finished 1.0% below the previous month and 0.7% below expectations. Reductions in Chinese and Australian wheat ending stocks more than offset higher Russian ending stocks. Ending Stocks vs. Expectations Summary Overall, ’20-’21 projected domestic corn ending stocks finished most significantly below expectations, followed by domestic wheat ending stocks and global wheat ending stocks. Domestic soybean ending stocks, global soybean ending stocks and global corn ending stocks all finished above expectations.