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 - 590 - 12 | U.S. Corn Supply and Use 1/ (July 2019)

Metric	2017/18	2018/19 Est.	2019/20 Proj. June	2019/20 Proj. July	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. * For June, corn area was lowered from the March 29, 2019 "Prospective Plantings" reflecting delayed planting progress observed during the month of May and into early June. For July, corn area planted and harvested as reported in the June 28, 2019, "Acreage." Projected yield is based on a weather-adjusted trend assuming normal summer growing season weather, lowered to reflect the impact of delayed planting progress observed during the month of May and into early June.
	Million Acres
Area Planted	90.2	89.1	89.8 *	91.7 *	1.9
Area Harvested	82.7	81.7	82.4 *	83.6 *	1.2
	Metric Tons
Yield per Harvested Acre	176.6	176.4	166.0 *	166.0 *	0
	Million Metric Tons
Beginning Stocks	2,293	2,140	2,195	2,340	145
Production	14,609	14,420	13,680	13,875	195
Imports	36	35	50	50	0
Supply, Total	16,939	16,595	15,925	16,265	340
Feed and Residual	5,304	5,275	5,150	5,175	25
Food, Seed & Industrial 2/	7,057	6,880	6,950	6,930	-20
Ethanol & by-products 3/	5,605	5,450	5,500	5,500	0
Domestic, Total	12,361	12,155	12,100	12,105	5
Exports	2,438	2,100	2,150	2,150	0
Use, Total	14,798	14,255	14,250	14,255	5
Ending Stocks	2,140	2,340	1,675	2,010	335
Stocks to Use ***	14.46	16.42	11.75	14.1	2.35
Avg. Farm Price ($/bu) 4/	3.36	3.60	3.80	3.70	-0.1

WASDE - 590 - 15 | U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ (July 2019)

Metric	2017/18	2018/19 Est.	2019/20 Proj. Jun	2019/20 Proj. Jul	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 2,115 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 average harvested-to-planted ratio. The projected yield is based on a weather-adjusted trend model. **Planted and harvested acres are from the June 28, 2019 Acreage report. The projected yield is based on a weather-adjusted trend model and reflects the impact of delayed planting.
	Million Acres
Area Planted	90.2	89.2	84.6 *	80.0 **	-4.6
Area Harvested	89.5	88.1	83.8 *	79.3 **	-4.5
	Bushels
Yield per Harvested Acre	49.3	51.6	49.5 *	48.5 **	-1
	Million Bushels
Beginning Stocks	302	438	1,070	1,050	-20
Production	4,412	4,544	4,150	3,845	-305
Imports	22	17	20	20	0
Supply, Total	4,735	4,999	5,240	4,915	-325
Crushings	2,055	2,085	2,115	2,115	0
Exports	2,134	1,700	1,950	1,875	-75
Seed	104	93	96	96	0
Residual	5	72	34	34	0
Use, Total	4,297	3,949	4,195	4,120	-75
Ending Stocks	438	1,050	1,045	795	-250
Stocks to Use ***	10.19	26.59	24.91	19.3	-5.61
Avg. Farm Price ($/bu) 2/	9.33	8.50	8.25	8.40	0.2

WASDE - 590 - 11 | U.S. Wheat Supply and Use 1/ (July 2019)

Metric	2017/18	2018/19 Est.	2019/20 Proj. Jun	2019/20 Proj. Jul	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. * For June, planted acres reported in the March 29, 2019, "Prospective Plantings." Winter wheat area harvested and yield reported in the June 11, 2019, "Crop Production." Area harvested and yield for other spring wheat and durum projected using 10-year harvested-to-planted ratios by state and 1985-2018 yield trends by state (except for Arizona, California, and Idaho durum). For July, area planted, area harvested, yield, and production as reported in the July 11, 2019, "Crop Production."
	Million Acres
Area Planted	46.1	47.8	45.8 *	45.6	-0.2
Area Harvested	37.6	39.6	39.0 *	38.4	-0.6
	Bushels
Yield per Harvested Acre	46.4	47.6	48.7 *	50.0	1.3
	Million Bushels
Beginning Stocks	1,181	1,099	1,102	1,072	-30
Production	1,741	1,884	1,903	1,921	18
Imports	158	135	140	140	0
Supply, Total	3,080	3,118	3,145	3,133	-12
Food	964	960	965	965	0
Seed	63	60	68	68	0
Feed and Residual	47	91	140	150	10
Domestic, Total	1,075	1,110	1,173	1,183	10
Exports	906	936	900	950	50
Use, Total	1,981	2,046	2,073	2,133	60
Ending Stocks	1,099	1,072	1,072	1,000	-72
Stocks to Use ***	55.48	52.39	51.71	46.88	-4.83
Avg. Farm Price ($/bu) 2/	4.72	5.16	5.10	5.20	0.1

World Ending Stocks ( 2018/19 Est. )

Crop	USDA Jul	USDA Jun	Change**
Corn	328.75	325.38	3.37
Soybeans	112.98	112.80	0.18
Wheat	275.15	276.57	-1.42

World Ending Stocks ( 2019/20 Proj. )

Crop	USDA Jul	USDA Jun	Change**
Corn	298.92	290.52	8.4
Soybeans	104.53	112.66	-8.13
Wheat	286.46	294.34	-7.88

South American Production ( 2019/20 Proj. )

Country	Crop	Production
Argentina	Corn	212.50
	Soybeans	188.40
Brazil	Corn	50.00
	Soybeans	53.00

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