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

• ’21-’22 U.S. ending stocks of 1.54 billion bushels above expectations
• ’21-’22 global ending stocks of 302.2 million MT slightly above expectations

The ’21-’22 U.S. corn supply and demand projections remained unchanged from the previous month. ’21-’22 projected U.S. corn ending stocks of 1.54 billion bushels, or 37.9 days of use, finished 1.9% above expectations.

The ’21-’22 global corn ending stock projection finished 0.3% below the previous month but remained 0.6% above expectations. Brazilian corn stocks were revised most significantly lower, as reductions in production and beginning stocks more than offset lower projected domestic feed usage.

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

• ’21-’22 U.S. ending stocks of 325 million bushels above expectations
• ’21-’22 global ending stocks of 92.8 million MT above expectations

The ’21-’22 U.S. soybean supply projection remained unchanged from the previous month while the U.S. soybean demand projection was raised slightly, primarily on an increase in food, seed & industrial demand. ’21-’22 projected U.S. soybean ending stocks of 325 million bushels, or 27.1 days of use, finished 7.1% below the previous month but remained 4.8% above expectations.

The ’21-’22 global soybean ending stock projection finished 2.5% below the previous month but remained 1.4% above expectations. Brazilian soybean stocks were revised most significantly lower, as a reduction in production more than offset lower projected exports.

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

The ’21-’22 U.S. soybean oil ending stock projection was raised from the previous month as higher projected production more than offset higher projected food, feed & industrial demand. Globally, the ’21-’22 soybean oil ending stock projection was reduced from the previous month, led by projected declined experienced throughout China, Argentina and India. Chinese production was revised most significantly below previous month figures.

The ’21-’22 U.S. soybean meal ending stock projection remained unchanged from the previous month as higher projected production offset higher projected export volumes. Globally, the ’21-’22 global soybean meal ending stock projection was reduced slightly from the previous month.

Wheat – U.S. and Global Ending Stocks Mixed vs. Private Estimates

• ’21-’22 U.S. ending stocks of 648 million bushels above expectations
• ’21-’22 global ending stocks of 278.2 million MT slightly below expectations

The ’21-’22 U.S. wheat supply projection remained unchanged from the previous month while the U.S. wheat demand projection was reduced slightly from the previous month on declines in exports and food, seed & industrial demand. ’21-’22 projected U.S. wheat ending stocks of 648 million bushels, or 121.7 days of use, finished 3.2% above the previous month and 3.0% above expectations.

The ’21-’22 global wheat ending stock projection finished 0.6% below the previous month and 0.6% below expectations, largely on declines experienced throughout Canada and India. Canadian domestic feed usage was revised most significantly above previous month figures, while Indian exports were revised most significantly higher.

Ending Stocks vs. Expectations Summary

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