Few Changes Made in Latest USDA Supply and Demand Report

The corn balance sheet for the 2015/16 crop saw few changes from the January release. Ending stocks for the 2015/16 crop were revised up by 35 million bushels as a result of lower disappearance. Yields were left unchanged at 168.4 bu/acre and total production was also unchanged at at 13.601 billion bushels. Feed use was also left unchanged while ethanol use was increased by 25 million bushels. Exports were reduced by 50 million bushels, leaving ending stocks at 1.837 billion bushels. Global ending stocks were decreased from 208.94 million metric tons to 208.81 million metric tons with increased global production but also increased global feed use.

The soybean balance sheet also very few changes from the January WASDE report. Soybean harvested acres and yields were left unchanged at 81.8 million acres and 48 bu/acre, respectively. Soybean crush was reduced by 10 million bushels while exports were left unchanged from a month ago. Ending stocks were 10 million bushels higher at 450 million bushels. Global ending stocks were increased from 79.28 million metric tons to 80.42 million metric tons with much of that increase coming from an increase in global production, particularly in Argentina.

The 2015/16 wheat crop balance sheet had a few minor changes. Ending stocks for wheat came in at 966 million bushels, which is 25 million bushels higher than last month. Seed use, feed use, and food and residual use was all left unchanged while exports were reduced by 25 million bushels. Global wheat ending stocks were increased from 232.04 million metric tons to 238.87 million metric tons. Much of the difference was a result of decreased global demand. China alone saw a 4 million metric ton decrease in domestic wheat use.

The cotton balance sheet also saw few revisions this month. Cotton production an yields were unchanged from last month’s estimates with production remaining at 12.94 million bales. Domestic use was also unchanged from last month, while exports were reduced by 500,000 bales. That leaves ending stocks up 500,000 bales from a month ago. Global cotton ending stocks were increased by 1.22 million bales as a result of lower global domestic use primarily from China, Pakistan, and India.