US S&D Summary 07/11

                                 US Supply/Demand Estimates      07/11
Million Bushels
            --------Corn-------    ------Soybeans-----  -------Wheat------
Crop Year   18-19   19-20   19-20  18-19  19-20  19-20   18-19   19-20   19-20
Report Dat  07/11   06/11   07/11  07/11  06/11  07/11   07/11   06/11   07/11
Carryin     2,140   2,195   2,340    438  1,070  1,050   1,099   1,102   1,072
Production 14,420  13,680  13,875  4,544  4,150  3,845   1,884   1,903   1,921
Imports        35      50      50     17     20     20     135     140     140
Tot Supply 16,595  15,925  16,265  4,999  5,240  4,915   3,118   3,145   3,133

Feed        5,275   5,150   5,175                           91     140     150
Crush/mill  1,400   1,420   1,400  2,085  2,115  2,115     960     965     965
EthanolPro  5,450   5,500   5,500
Seed/other     30      30      30    165    130    130      60      68      68
Exports     2,100   2,150   2,150  1,700  1,950  1,875     936     900     950
Total Use  14,255  14,250  14,255  3,949  4,195  4,120   2,046   2,073   2,133
Carryout    2,340   1,675   2,010  1,050  1,045    795   1,102   1,072   1,000
Stks/UseRa  16.4%   11.8%   14.1%  26.6%  24.9%  19.3%   53.9%   51.7%   46.9%
Avg Price   $3.60   $3.80   $3.70  $8.50  $8.25  $8.40   $5.16   $5.10   $5.20
*Excludes corn for ethanol

In the July WASDE report, USDA increased its estimate of 2019-20 U.S. ending 
corn stocks from 1.675 to 2.010 billion bushels (bb), more than expected. USDA 
estimated the 2019 corn crop at 13.875 bb, based on a yield of 166.0 bushels 
per acre. USDA used the June 28 planting estimate of 91.7 million acres.

USDA reduced its estimate of U.S. soybean ending stocks for 2019-20 from 1.045 
bb to 795 million bushels (mb), a little less than expected. The 2019 soybean 
crop was estimated at 3.845 bb, based on a yield of 48.5 bushels per acre and 
80.0 million planted acres. 

USDA reduced its estimate of U.S. ending wheat stocks for 2019-20 from 1.141 to 
1.000 bb, less than expected. Thursday's new U.S. ending stocks estimates were 
bearish for corn, neutral for soybeans and bullish for wheat.