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

• ’21-’22 U.S. ending stocks of 1.500 billion bushels above expectations
• ’21-’22 global ending stocks of 301.7 million MT above expectations

The ’21-’22 U.S. corn supply projection was raised from the previous month on a 0.2 bu/acre increase in yields, coupled with higher beginning stocks. The ’21-’22 corn yield projection of 176.5 bu/acre finished 0.3% above expectations of a 175.9 bu/acre yield. The U.S. corn demand projection was reduced slightly from the previous month as lower feed & residual usage more than offset higher exports and feed, seed & industrial usage. ’21-’22 projected U.S. corn ending stocks of 1.500 billion bushels, or 37.0 days of use, finished 6.5% above the previous month and 5.8% above expectations. The ’21-’22 global corn ending stock projection finished 1.4% above the previous month and 1.2% above expectations, primarily on the increase in domestic stocks, coupled with an increase in Chinese beginning stocks.

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

• ’21-’22 U.S. ending stocks of 320 million bushels above expectations
• ’21-’22 global ending stocks of 104.6 million MT above expectations

The ’21-’22 U.S. soybean supply projection was raised from the previous month as a 0.9 bu/acre increase in yields, coupled with higher beginning stocks, more than offset a reduction in projected imports. The ’21-’22 soybean yield projection of 51.5 bu/acre finished 1.0% above expectations of a 51.0 bu/acre yield. The U.S. soybean demand projection was raised slightly from the previous month on higher food, seed & industrial and feed & residual usage. ’21-’22 projected U.S. soybean ending stocks of 320 million bushels, or 26.6 days of use, finished 73.0% above the previous month and 7.4% above expectations.

The ’21-’22 global soybean ending stock projection finished 5.7% above the previous month and 3.9% above expectations, primarily on the increase in domestic stocks, coupled with increases in Argentine and Brazilian beginning stocks.

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

The ’21-’22 U.S. soybean oil ending stock projection was raised from the previous month on increases in production and beginning stocks. Globally, ’21-’22 soybean oil ending stocks were largely unchanged from the previous month.

The ’21-’22 U.S. soybean meal ending stock projection was reduced from the previous month as an increase in production was more than offset by higher domestic usage and lower beginning stocks. Globally, ’21-’22 global soybean meal ending stocks were raised from the previous month, primarily on increases in Argentine and Brazilian beginning stocks.

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

• ’21-’22 U.S. ending stocks of 580 million bushels slightly below expectations
• ’21-’22 global ending stocks of 277.2 million MT below expectations

The ’21-’22 U.S. wheat supply projection was reduced from the previous month on reductions in harvested acres and yields, coupled with lower projected imports. The U.S. wheat demand projection was also reduced from the previous month on a reduction in feed & residual usage. ’21-’22 projected U.S. wheat ending stocks of 580 million bushels, or 104.0 days of use, finished 5.7% below the previous month and 0.3% below expectations. The ’21-’22 global wheat ending stock projection finished 2.1% below the previous month and 1.4% below expectations, primarily on declines in Mideast beginning stocks

Ending Stocks vs. Expectations Summary

Overall, ’21-’22 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 finished most significantly below expectations, followed by domestic wheat ending stocks.