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

• ’20-’21 U.S. ending stocks of 1.502 billion bushels above expectations
• ’20-’21 global ending stocks of 286.5 million MT above expectations

The ’20-’21 U.S. corn supply and demand projections were unchanged from the previous month. ’20-’21 projected U.S. corn ending stocks of 1.502 billion bushels, or 37.5 days of use, finished 2.1% above expectations.

The ’20-’21 global corn ending stock projection finished 0.4% above the previous month and 1.2% above expectations. Southeast Asian corn ending stocks were raised from the previous month on an increase in projected imports while South African production was also raised from the previous month.

Soybeans – U.S. and Global Ending Stocks Above Private Estimates

• ’20-’21 U.S. ending stocks of 120 million bushels above expectations
• ’20-’21 global ending stocks of 83.4 million MT above expectations

The ’20-’21 U.S. soybean supply and demand projections were unchanged from the previous month. ’20-’21 projected U.S. soybean ending stocks of 120 million bushels, or 9.6 days of use, finished 2.6% above expectations.

The ’20-’21 global soybean ending stock projection finished 0.5% above the previous month and 1.3% above expectations. Brazilian soybean ending stocks were raised from the previous month on an increase in projected production however Argentine soybean ending stocks were reduced from the previous month on a decline in production and increase in domestic crush.

Soybean Complex – U.S. Oil Stocks Higher, Meal Stocks Unchanged

The ’20-’21 U.S. soybean oil ending stock projection was raised from the previous month as an increase in projected production, coupled with a decline in exports, more than offset higher projected food, feed and other industrial usage. 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 reduction to North African beginning stocks. ’20-’21 global soybean meal ending stocks were raised from the previous month, largely on increases in Argentine and Brazilian production.

Wheat – U.S. and Global Ending Stocks Below Private Estimates

• ’20-’21 U.S. ending stocks of 836 million bushels slightly below expectations
• ’20-’21 global ending stocks of 304.2 million MT below expectations

The ’20-’21 U.S. wheat supply and demand projections were unchanged from the previous month. ’20-’21 projected U.S. wheat ending stocks of 836 million bushels, or 142.7 days of use, finishing 0.4% below expectations.

The ’20-’21 global wheat ending stock projection finished 1.0% below the previous month and 1.1% below expectations. Chinese wheat ending stocks were reduced from the previous month on an increase in domestic feed usage.

Ending Stocks vs. Expectations Summary

Overall, ’20-’21 projected domestic soybean ending stocks finished most significantly above expectations, followed by domestic corn ending stocks, global soybean ending stocks and global corn ending stocks. Global wheat ending stocks and domestic wheat ending stocks finished below expectations.