WASDE Report Analysis

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THE VIEWS AND OPINIONS EXPRESSED IN THIS REPORT ARE SOLELY THOSE OF THE USDA. THESE VIEWS AND OPINIONS DO NOT NECESSARILY REPRESENT THOSE OF DANIELS TRADING, ITS STAFF OR ANY CONTRIBUTORS. THE ACCURACY AND VALIDITY OF THE VIEWS AND OPINIONS STATED IN THIS PIECE HAVE NOT BEEN VERIFIED.

WASDE - 588 - 12 | U.S. Corn Supply and Use 1/ (May 2019)

Metric	2017/18	2018/19 Est.	2019/20 Proj. April	2019/20 Proj. May	Change**
Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ For a breakout of FSI corn uses, see Feed Outlook table 5 or access the data on the Web through the Feed Grains Database at www.ers.usda.gov/data-products/feed-grains-database.aspx. 3/ Corn processed in ethanol plants to produce ethanol and by-products including distillers' grains, corn gluten feed, corn gluten meal, and corn oil. 4/ Marketing-year weighted average price received by farmers. *Planted acres reported in the March 29, 2019, "Prospective Plantings." For corn, harvested acres projected based on historical abandonment and use for silage. The yield projection is based on a weather-adjusted trend assuming normal mid-May planting progress and summer growing season weather, estimated using the 1988-2018 time period, and includes a downward stochastic adjustment to account for the asymmetric response of yield to July precipitation.
	Million Acres
Area Planted	90.2	89.1	NA	92.8 *	92.8
Area Harvested	82.7	81.7	NA	85.4 *	85.4
	Metric Tons
Yield per Harvested Acre	176.6	176.4	NA	176.0 *	176
	Million Metric Tons
Beginning Stocks	2,293	2,140	NA	2,095	2095
Production	14,609	14,420	NA	15,030	15030
Imports	36	35	NA	35	35
Supply, Total	16,939	16,595	NA	17,160	17160
Feed and Residual	5,304	5,300	NA	5,450	5450
Food, Seed & Industrial 2/	7,056	6,900	NA	6,950	6950
Ethanol & by-products 3/	5,605	5,450	NA	5,500	5500
Domestic, Total	12,360	12,200	NA	12,400	12400
Exports	2,438	2,300	NA	2,275	2275
Use, Total	14,799	14,500	NA	14,675	14675
Ending Stocks	2,140	2,095	NA	2,485	2485
Stocks to Use ***	14.46	14.45	NA	16.93	16.93
Avg. Farm Price ($/bu) 4/	3.36	3.50	NA	3.30	3.3

WASDE - 588 - 15 | U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ (May 2019)

Metric	2017/18	2018/19 Est.	2019/20 Proj. Apr	2019/20 Proj. May	Change**
Note: Totals may not add due to rounding. Reliability calculations at end of report. 1/ Marketing year beginning September 1 for soybeans; October 1 for soybean oil and soybean meal. 2/ Prices: soybeans, marketing year weighted average price received by farmers; oil, simple average of crude soybean oil, Decatur; meal, simple average of 48 percent protein, Decatur. 3/ Reflects only biodiesel made from methyl ester as reported by the U.S. Energy Information Administration. 4/ Based on an October year crush of 2,100 million bushels for 2018/19 and 2,115 million bushels for 2019/20. *Planted acres are reported in the March 29, 2019 Prospective Plantings report. Harvested acres are based on the 5-year planted-to-harvested ratio. The projected yield is based on a weather-adjusted trend model and assumes normal weather.
	Million Acres
Area Planted	90.2	89.2	NA	84.6 *	84.6
Area Harvested	89.5	88.1	NA	83.8 *	83.8
	Bushels
Yield per Harvested Acre	49.3	51.6	NA	49.5 *	49.5
	Million Bushels
Beginning Stocks	302	438	NA	995	995
Production	4,412	4,544	NA	4,150	4150
Imports	22	17	NA	20	20
Supply, Total	4,735	4,999	NA	5,165	5165
Crushings	2,055	2,100	NA	2,115	2115
Exports	2,129	1,775	NA	1,950	1950
Seed	104	98	NA	96	96
Residual	9	31	NA	34	34
Use, Total	4,297	4,004	NA	4,195	4195
Ending Stocks	438	995	NA	970	970
Stocks to Use ***	10.19	24.85	NA	23.12	23.12
Avg. Farm Price ($/bu) 2/	9.33	8.55	NA	8.10	8.1

WASDE - 588 - 11 | U.S. Wheat Supply and Use 1/ (May 2019)

Metric	2017/18	2018/19 Est.	2019/20 Proj. Apr	2019/20 Proj. May	Change**
Note: Totals may not add due to rounding. 1/ Marketing year beginning June 1. 2/ Marketing-year weighted average price received by farmers. 3/ Includes imports. * Planted acres reported in the March 29, 2019, "Prospective Plantings." Harvested acres and yield for other spring wheat and Durum are projected using 10-year harvested-to-planted ratios by state and 1985-2018 yield trends by state (except for Arizona, California, and Idaho Durum). Winter wheat harvested acres and yield reported in the May 10, 2019,"Crop Production." ***************************************************************************** Wheat-by-class projections for 2017/18 will first be published in the July 11, 2019, WASDE. *****************************************************************************
	Million Acres
Area Planted	46.1	47.8	NA	45.8 *	45.8
Area Harvested	37.6	39.6	NA	39.0 *	39
	Bushels
Yield per Harvested Acre	46.4	47.6	NA	48.6 *	48.6
	Million Bushels
Beginning Stocks	1,181	1,099	NA	1,127	1127
Production	1,741	1,884	NA	1,897	1897
Imports	157	140	NA	140	140
Supply, Total	3,079	3,123	NA	3,164	3164
Food	964	960	NA	965	965
Seed	63	62	NA	68	68
Feed and Residual	51	50	NA	90	90
Domestic, Total	1,079	1,072	NA	1,123	1123
Exports	901	925	NA	900	900
Use, Total	1,980	1,997	NA	2,023	2023
Ending Stocks	1,099	1,127	NA	1,141	1141
Stocks to Use ***	55.51	56.43	NA	56.4	56.4
Avg. Farm Price ($/bu) 2/	4.72	5.20	NA	4.70	4.7

World Ending Stocks ( 2018/19 Est. )

Crop	USDA May	USDA Apr	Change**
Corn	325.94	NA	325.94
Soybeans	113.18	NA	113.18
Wheat	274.98	NA	274.98

World Ending Stocks ( 2019/20 Proj. )

Crop	USDA May	USDA Apr	Change**
Corn	314.71	NA	314.71
Soybeans	113.09	NA	113.09
Wheat	293.01	NA	293.01

South American Production ( 2019/20 Proj. )

Country	Crop	Production
Argentina	Corn	210.00
	Soybeans	188.10
Brazil	Corn	49.00
	Soybeans	53.00

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