US S&D Summary 03/08

                                   US Supply/Demand Estimates      03/08
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  03/08   02/08    03/08  03/08  02/08  03/08   03/08   02/08   03/08
Carryin      2,293   2,140    2,140    302    438    438   1,181   1,099   1,099
Production  14,609  14,420   14,420  4,412  4,544  4,544   1,741   1,884   1,884
Imports         36      40       40     22     20     20     157     140     145
Tot Supply  16,939  16,600   16,600  4,735  5,002  5,002   3,079   3,123   3,128

Feed         5,304   5,375    5,375                           51      80      80
Crush/mill*  1,421   1,435    1,435  2,055  2,090  2,100     964     970     965
EthanolProd  5,605   5,575    5,550
Seed/other      30      30       30    113    127    127      63      63      63
Exports      2,438   2,450    2,375  2,129  1,875  1,875     901   1,000     965
Total Use   14,799  14,865   14,765  4,296  4,092  4,102   1,980   2,113   2,073
Carryout     2,140   1,735    1,835    438    910    900   1,099   1,010   1,055
Stks/UseRat  14.5%   11.7%    12.4%  10.2%  22.2%  21.9%   55.5%   47.8%   50.9%
Avg Price     3.36    3.60     3.55  $9.33  $8.60  $8.60   $4.72   $5.15   $5.15
*Excludes corn for ethanol

In the March WASDE report, USDA increased its estimate of 2018-19 U.S. ending 
corn stocks from 1.735 to 1.835 billion bushels (bb), more than expected.  

USDA reduced its estimate of U.S. soybean ending stocks for 2018-19 from 910 to 
900 million bushels (mb), as expected. 

USDA increased its estimate of U.S. ending wheat stocks for 2018-19 from 1.010 
to 1.055 bb, slightly more than expected. 

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