US S&D Summary 01/12

                                 US Supply/Demand Estimates      01/12
Million Bushels
            --------Corn-------    ------Soybeans-----  -------Wheat------
Crop Year   19-20   20-21   20-21  19-20  20-21  20-21   19-20   20-21   20-21
Report Dat  01/12   12/10   01/12  01/12  12/10  01/12   01/12   12/10   01/12
Carryin     2,221   1,995   1,920    909    524    525   1,080   1,028   1,028
Production 13,620  14,507  14,182  3,552  4,170  4,136   1,932   1,826   1,826
Imports        42      25      25     15     15     35     105     120     120
Tot Supply 15,882  16,527  16,127  4,476  4,709  4,695   3,117   2,974   2,974

Feed        5,903   5,700   5,650                          101     100     125
Crush/mill  1,400   1,395   1,395  2,165  2,195  2,200     962     965     965
EthanolPro  4,852   5,050   4,950
Seed/other     30      30      30    105    138    125      60      62      63
Exports     1,778   2,650   2,550  1,682  2,200  2,230     966     985     985
Total Use  13,963  14,825  14,575  3,952  4,533  4,555   2,089   2,112   2,138
Carryout    1,920   1,702   1,552    525    175    140   1,028     862     836
Stks/UseRa  13.7%   11.5%   10.6%  13.3%   3.9%   3.1%   49.2%   40.8%   39.1%
Avg Price   $3.56   $4.00   $4.20  $8.57 $10.55 $11.15   $4.58   $4.70   $4.85
*Excludes corn for ethanol

In the January WASDE report, USDA estimated 2020-21 U.S. ending corn stocks at 
1.552 
bb, less than expected. USDA reduced the 2020 corn crop to 14.182 bb, based on 
a 
lower-than-expected yield of 172.0 bushels per acre. 

USDA estimated U.S. soybean ending stocks for 2020-21 at 140 mb, roughly as 
expected. 
The 2020 soybean crop was estimated at a lower 4.135 bb, based on a lower yield 
of 
50.2 bushels per acre. 

USDA estimated U.S. ending wheat stocks for 2020-21 at 836 mb, less than 
expected. 
Tuesday's new U.S. ending stocks estimates were bullish for corn and wheat, 
neutral 
in terms of expectations for soybeans.