US S&D Summary 10/09

                                 US Supply/Demand Estimates      10/09
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  10/09   09/11   10/09  10/09  09/11  10/09   10/09   09/11   10/09
Carryin     2,221   2,253   1,995    909    575    524   1,080   1,044   1,028
Production 13,620  14,900  14,722  3,552  4,313  4,268   1,932   1,838   1,826
Imports        42      25      25     15     15     15     105     130     125
Tot Supply 15,882  17,178  16,742  4,476  4,903  4,806   3,117   3,012   2,979

Feed        5,827   5,825   5,775                          102      90     100
Crush/mill  1,400   1,395   1,395  2,165  2,180  2,180     962     960     960
EthanolPro  4,852   5,100   5,050
Seed/other     30      30      30    112    138    136      60      61      61
Exports     1,778   2,325   2,325  1,676  2,125  2,200     966     975     975
Total Use  13,887  14,675  14,575  3,953  4,443  4,516   2,089   2,086   2,096
Carryout    1,995   2,503   2,167    524    460    290   1,028     926     883
Stks/UseRa  14.4%   17.1%   14.9%  13.2%  10.4%   6.4%   49.2%   44.4%   42.1%
Avg Price   $3.56   $3.50   $3.60  $8.57  $9.25  $9.80   $4.58   $4.50   $4.70
*Excludes corn for ethanol

In the October WASDE report, USDA estimated 2020-21 U.S. ending corn stocks at 
2.167 bb, a little more than expected. USDA estimated the 2020 corn crop at 
14.722 bb, based on a yield of 178.4 bushels per acre. 

USDA estimated U.S. soybean ending stocks for 2020-21 at 290 mb, less than 
expected. The 2020 soybean crop was estimated at 4.268 bb, based on a yield of 
51.9 bushels per acre. 

USDA estimated U.S. ending wheat stocks for 2020-21 at 883 mb, roughly as 
expected. 

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