US S&D Summary 12/11

                                   US Supply/Demand Estimates      12/11
Million Bushels
             --------Corn-------     ------Soybeans-----  -------Wheat------
Crop Year    17-18   18-19    18-19  17-18  18-19  18-19   17-18   18-19   18-19
Report Date  12/11   11/08    12/11  12/11  11/08  12/11   12/11   11/08   12/11
Carryin      2,293   2,140    2,140    302    438    438   1,181   1,099   1,099
Production  14,604  14,626   14,626  4,411  4,600  4,600   1,740   1,884   1,884
Imports         36      50       45     22     25     25     157     140     140
Tot Supply  16,934  16,816   16,811  4,734  5,063  5,063   3,078   3,123   3,123

Feed         5,298   5,500    5,500                           50     110     110
Crush/mill*  1,423   1,450    1,450  2,055  2,080  2,080     964     970     970
EthanolProd  5,605   5,650    5,600
Seed/other      30      30       30    112    128    128      63      69      69
Exports      2,438   2,450    2,450  2,129  1,900  1,900     901   1,025   1,000
Total Use   14,793  15,080   15,030  4,296  4,107  4,107   1,979   2,174   2,174
Carryout     2,140   1,736    1,781    438    955    955   1,099     949     975
Stks/UseRat  14.5%   11.5%    11.8%  10.2%  23.3%  23.3%   55.5%   43.7%   44.8%
Avg Price     3.36    3.60     3.60  $9.33  $8.60  $8.60   $4.72   $5.10   $5.15
*Excludes corn for ethanol

In the December WASDE report, USDA increased its estimate of 2018-19 U.S. 
ending corn 
stocks from 1.736 to 1.781 billion bushels, a little more than expected. 

USDA kept its estimate of U.S. soybean ending stocks for 2018-19 unchanged at 
955 
million bushels, a little more than expected. 

USDA increased its estimate of U.S. ending wheat stocks for 2018-19 from 949 to 
974 
million bushels, roughly as expected. 

Tuesday's new U.S. ending stocks estimates were neutral for corn, soybeans and 
wheat.