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

• ’21-’22 U.S. ending stocks of 1.432 billion bushels above expectations
• ’21-’22 global ending stocks of 291.2 million MT slightly above expectations

The ’21-’22 U.S. corn supply projection was raised from the previous month as an increase in production stemming from higher harvested acres more than offset a slight reduction in beginning stocks. The U.S. corn demand projection was raised on increased exports and feed & residual usage, however the raised supply projection more than offset the increased projected demand figures. ’21-’22 projected U.S. corn ending stocks of 1.432 billion bushels, or 35.2 days of use, finished 5.5% above the previous month and 2.1% above expectations. The ’21-’22 global corn ending stock projection finished 0.8% above expectations, primarily on the increase in U.S. production.

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

• ’21-’22 U.S. ending stocks of 155 million bushels above expectations
• ’21-’22 global ending stocks of 94.5 million MT above expectations

The ’21-’22 U.S. soybean supply and demand projections were unchanged from the previous month. ’21-’22 projected U.S. soybean ending stocks of 155 million bushels, or 12.8 days of use, finished 4.7% above expectations. The ’21-’22 global soybean ending stock projection finished 2.1% above expectations as increases in Brazilian and Argentine beginning stocks more than offset reductions in Chinese beginning stocks and imports.

Soybean Complex – U.S. Oil Stocks Reduced Slightly, Meal Stocks Raised

The ’21-’22 U.S. soybean oil ending stock projection was reduced slightly from the previous month on a reduction in beginning stocks while the ’21-’22 U.S. soybean meal ending stock projection was raised from the previous month on an increase in beginning stocks.

Globally, ’21-’22 soybean oil ending stocks were largely unchanged from the previous month while ’21-’22 global soybean meal ending stocks were raised from the previous month, primarily on an increase in Brazilian beginning stocks.

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

• ’21-’22 U.S. ending stocks of 665 million bushels significantly below expectations
• ’21-’22 global ending stocks of 291.7 million MT below expectations

The ’21-’22 U.S. wheat supply projection was reduced from the previous month as a reduction in yields more than offset higher harvested acres, resulting in lower projected production. The reduction in projected production, coupled with a slight decline in beginning stocks, more than offset higher projected imports. The U.S. wheat demand projection was reduced on lower exports and feed & residual usage, however the reduced supply projection more than offset the decline in projected demand figures. ’21-’22 projected U.S. wheat ending stocks of 665 million bushels, or 117.3 days of use, finished 13.6% below the previous month and 8.8% below expectations. The ’21-’22 global wheat ending stock projection finished 1.3% below expectations, primarily on the decline in U.S. production.

Ending Stocks vs. Expectations Summary

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