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

• ’21-’22 U.S. ending stocks of 1.507 billion bushels significantly above expectations
• ’21-’22 global ending stocks of 292.3 million MT above expectations

The initial ’21-’22 U.S. corn supply projection finished above levels anticipated throughout the previous production season as an increase in production more than offset reduced beginning stocks. The initial demand projection was reduced slightly from the previous production season as a decline in exports is expected to more than offset higher ethanol usage. ’21-’22 projected U.S. corn ending stocks of 1.507 billion bushels, or 37.3 days of use, finished 12.1% above expectations. The ’21-’22 global corn ending stock projection finished 3.3% above expectations.

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

• ’21-’22 U.S. ending stocks of 140 million bushels slightly above expectations
• ’21-’22 global ending stocks of 91.1 million MT above expectations

The initial ’21-’22 U.S. soybean supply projection finished below levels anticipated throughout the previous production season as a reduction in beginning stocks more than offset increased production. The initial demand projection was reduced from the previous production season as a decline in exports is expected to more than offset higher domestic usage. ’21-’22 projected U.S. soybean ending stocks of 140 million bushels, or 11.6 days of use, finished 1.4% above expectations. The ’21-’22 global soybean ending stock projection finished 3.4% above expectations.

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

The initial ’21-’22 U.S. soybean oil ending stock projection was reduced from the previous production season, primarily on an increase in biofuel usage. The initial ’21-’22 U.S. soybean meal ending stock projection was raised from the previous production season, primarily on an increase in production.

Globally, ’21-’22 soybean oil ending stocks were reduced from the previous production season, primarily on reductions in U.S. and European Union ending stocks, while ’21-’22 global soybean meal ending stocks were largely unchanged from the previous production season.

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

• ’21-’22 U.S. ending stocks of 774 million bushels significantly above expectations
• ’21-’22 global ending stocks of 294.96 million MT slightly above expectations

The initial ’21-’22 U.S. wheat supply projection finished below levels anticipated throughout the previous production season as a decline in beginning stocks more than offset increased production and imports. The initial demand projection was reduced slightly from the previous production season as a decline in exports is expected to more than offset higher feed & residual usage. ’21-’22 projected U.S. wheat ending stocks of 774 million bushels, or 134.8 days of use, finished 6.0% above expectations. The ’21-’22 global wheat ending stock projection finished 0.2% above expectations.

Ending Stocks vs. Expectations Summary

Overall, ’21-’22 projected domestic corn ending stocks finished most significantly above expectations, followed by domestic wheat ending stocks, global soybean ending stocks, global corn ending stocks, domestic soybean ending stocks and global wheat ending stocks.