Grain WASDE Update – Feb ’17 Corn – U.S. Ending Stocks Reduced on Stronger Projected Demand

• ’16-’17 U.S. ending stocks of 2.32 billion bushels below expectations of 2.335 billion bushels
• ’16-’17 global ending stocks of 217.6 million MT below expectations of 220.4 million MT

’16-’17 U.S. corn production was unchanged from the previous month while total usage was increased primarily due to stronger ethanol demand. Total corn usage projections finished at the highest figure on record for the ’16-’17 production season. Ending stocks of 2.32 billion bushels, or 57.9 days of use, were reduced from the previous month, finishing below average private estimates. ’16-’17 global corn production was raised from the previous month, led by increased yields from Mexico and Ukraine, however increases in global production were more than offset by greater projected global demand, particularly from China. Global corn ending stocks projections were reduced from the previous month, finished below average private estimates. MOM declines in forecasted global corn ending stocks were led by China, followed by the U.S. and EU-28. Soybeans – U.S. Production and Usage Remain Unchanged From the Previous Month

• ’16-’17 U.S. ending stocks of 420 million bushels above expectations of 410 million bushels
• ’16-’17 global ending stocks of 80.4 million MT below expectations of 80.9 million MT

’16-’17 U.S. soybean production and usage were both unchanged from the previous month. Ending stocks of 420 million bushels, or 37.3 days of use, finished above average private estimates. ’16-’17 global soybean production was reduced slightly as lower Argentine production more than offset increases in Ukrainian yields. Recently experienced heavy rains have impacted the expected harvest areas of the Argentine soybean crop. Global soybean ending stocks were projected lower, mostly reflecting reduced Argentine stocks, finishing below average private estimates. Wheat – U.S. Ending Stocks Reduced on Stronger Projected Export Demand

• ’16-’17 U.S. ending stocks of 1.139 billion bushels below expectations of 1.18 billion bushels
• ’16-’17 global ending stocks of 248.6 million MT below expectations of 253.1 million MT

’16-’17 U.S. wheat production was unchanged from the previous month while total usage was increased on greater export demand. Wheat export demand finished at the highest figure on record for the ’16-’17 production season, more than offsetting a slight reduction in domestic demand. Ending stocks of 1.14 billion bushels, or 183.1 days of use, were reduced from the previous month, finishing below average private estimates. ’16-’17 global wheat production was reduced primarily due to sharp reductions in the India and Kazakhstan crops, contributing to global ending stock projections being lowered. MOM declines in forecasted global wheat ending stocks were led by India, followed by the U.S., China and Ukraine. Global wheat ending stocks finished below average private estimates.