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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.