Corn – U.S. Production and Usage Unchanged, Global Stocks Projected Higher on Greater Production

• ’16-’17 U.S. ending stocks of 2.320 billion bushels above expectations of 2.317 billion bushels
• ’16-’17 global ending stocks of 220.68 million MT above expectations of 218.51 million MT

’16-’17 U.S. corn production projections were unchanged from the previous month while total projected usage was also unchanged as increased ethanol demand offset reduced feed and residual use. Projected ending stocks of 2.32 billion bushels, or 57.9 days of use, were unchanged from the previous month, finishing slightly above average private estimates. ’16-’17 global corn production projections were raised from the previous month, led by increased yields from Brazil, South Africa and Argentina. Global corn ending stock projections were also raised from the previous month, finished above average private estimates. MOM increases in forecasted global corn ending stocks were led by Brazil, followed by Argentina, the EU-28 and South Africa. Soybeans – U.S. Ending Stocks Projected Higher on Lower Export Demand

• ’16-’17 U.S. ending stocks of 435 million bushels above expectations of 418 million bushels
• ’16-’17 global ending stocks of 82.82 million MT above expectations of 81.52 million MT

’16-’17 U.S. soybean production projections were unchanged from the previous month however total projected usage was reduced as lower exports more than offset increased feed, seed and industrial use. Projected ending stocks of 435 million bushels, or 38.8 days of use, were increased on lower usage, finishing above average private estimates. ’16-’17 global soybean production and ending stock projections were raised from the previous month. Brazil accounted for the vast majority of the projected increases in soybean production as favorable weather and ample rainfall has been experienced throughout the growing season. Global soybean ending stock projections finished above private estimates, led by MOM increases within Brazil, China and the U.S. Wheat – U.S. Ending Stocks Reduced on Lower Imports, Global Stocks Projected Higher

• ’16-’17 U.S. ending stocks of 1.129 billion bushels below expectations of 1.135 billion bushels
• ’16-’17 global ending stocks of 249.94 million MT above expectations of 248.62 million MT

’16-’17 U.S. wheat production projections were unchanged from the previous month however total supplies were reduced on lower imports. Total projected usage was unchanged from the previous month while ending stocks of 1.11 billion bushels, or 181.5 days of use, were reduced from the previous month, finishing below average private estimates. ’16-’17 global wheat production projections were raised as larger crops in Argentina and Australia more than offset a slight reduction in the EU-28 crop. Global wheat ending stock projections were also raised from the previous month, finished above average private estimates. MOM increases in forecasted global wheat ending stocks were led by Australia, followed by India and Canada.