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 - 597 - 12 | U.S. Corn Supply and Use 1/ (February 2020)

Metric	2017/18	2018/19 Est.	2019/20 Proj. January	2019/20 Proj. February	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.
	Million Acres
Area Planted	90.2	88.9	89.7	89.7	0
Area Harvested	82.7	81.3	81.5	81.5	0
	Metric Tons
Yield per Harvested Acre	176.6	176.4	168.0	168.0	0
	Million Metric Tons
Beginning Stocks	2,293	2,140	2,221	2,221	0
Production	14,609	14,340	13,692	13,692	0
Imports	36	28	50	50	0
Supply, Total	16,939	16,509	15,962	15,962	0
Feed and Residual	5,304	5,432	5,525	5,525	0
Food, Seed & Industrial 2/	7,057	6,791	6,770	6,820	50
Ethanol & by-products 3/	5,605	5,376	5,375	5,425	50
Domestic, Total	12,361	12,223	12,295	12,345	50
Exports	2,438	2,065	1,775	1,725	-50
Use, Total	14,798	14,288	14,070	14,070	0
Ending Stocks	2,140	2,221	1,892	1,892	0
Stocks to Use ***	14.46	15.54	13.45	13.45	0
Avg. Farm Price ($/bu) 4/	3.36	3.61	3.85	3.85	0

WASDE - 597 - 15 | U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ (February 2020)

Metric	2017/18	2018/19 Est.	2019/20 Proj. Jan	2019/20 Proj. Feb	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 2,085 million bushels for 2018/19 and 2,105 million bushels for 2019/20.
	Million Acres
Area Planted	90.2	89.2	76.1	76.1	0
Area Harvested	89.5	87.6	75.0	75.0	0
	Bushels
Yield per Harvested Acre	49.3	50.6	47.4	47.4	0
	Million Bushels
Beginning Stocks	302	438	909	909	0
Production	4,412	4,428	3,558	3,558	0
Imports	22	14	15	15	0
Supply, Total	4,735	4,880	4,482	4,482	0
Crushings	2,055	2,092	2,105	2,105	0
Exports	2,134	1,748	1,775	1,825	50
Seed	104	88	96	96	0
Residual	5	43	32	32	0
Use, Total	4,297	3,971	4,008	4,058	50
Ending Stocks	438	909	475	425	-50
Stocks to Use ***	10.19	22.89	11.85	10.47	-1.38
Avg. Farm Price ($/bu) 2/	9.33	8.48	9.00	8.75	-0.3

WASDE - 597 - 11 | U.S. Wheat Supply and Use 1/ (February 2020)

Metric	2017/18	2018/19 Est.	2019/20 Proj. Jan	2019/20 Proj. Feb	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.
	Million Acres
Area Planted	46.1	47.8	45.2	45.2	0
Area Harvested	37.6	39.6	37.2	37.2	0
	Bushels
Yield per Harvested Acre	46.4	47.6	51.7	51.7	0
	Million Bushels
Beginning Stocks	1,181	1,099	1,080	1,080	0
Production	1,741	1,885	1,920	1,920	0
Imports	158	135	105	105	0
Supply, Total	3,080	3,119	3,105	3,105	0
Food	964	955	955	955	0
Seed	63	59	60	60	0
Feed and Residual	47	90	150	150	0
Domestic, Total	1,075	1,103	1,165	1,165	0
Exports	906	936	975	1,000	25
Use, Total	1,981	2,039	2,140	2,165	25
Ending Stocks	1,099	1,080	965	940	-25
Stocks to Use ***	55.48	52.97	45.09	43.42	-1.68
Avg. Farm Price ($/bu) 2/	4.72	5.16	4.55	4.55	0

World Ending Stocks ( 2018/19 Est. )

Crop	USDA Feb	USDA Jan	Change**
Corn	320.47	320.39	0.08
Soybeans	111.22	110.28	0.94
Wheat	278.27	278.06	0.21

World Ending Stocks ( 2019/20 Proj. )

Crop	USDA Feb	USDA Jan	Change**
Corn	296.84	297.81	-0.97
Soybeans	98.86	96.67	2.19
Wheat	288.03	288.08	-0.05

South American Production ( 2019/20 Proj. )

Country	Crop	Production
Argentina	Corn	215.80
	Soybeans	190.10
Brazil	Corn	50.00
	Soybeans	53.00

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