HDR101380000002 WASDE - NARRATIVE WORLD AGRICULTURAL SUPPLY AND DEMAND ESTIMATES United States Department of Agriculture Washington, D.C. Approved by the World Agricultural Outlook Board WASDE-298 - January 12, 1995 HIGHLIGHTS WHEAT: Projected U.S. 1994/95 ending stocks of wheat are down 52 million bushels from last month, largely because of higher expected exports and domestic use. Domestic use is up because the reported December 1 stocks imply a higher feed and residual use for the September-November quarter than expected. The projected price range is up 5 cents on each end to $3.40 to $3.60 per bushel. Global 1994/95 supply and use projections are up marginally from last month, with the major change a 2-million-ton increase in China's imports. China has recently made large purchases of wheat from the United States and other exporters. COARSE GRAINS: Projected U.S. 1994/95 ending stocks of corn are down 272 million bushels from last month. Although the 1994 U.S. corn crop is up 93 million bushels to 10.1 billion, projected use is up 365 million because of higher expected exports and domestic use. Projected corn exports are 200 million bushels higher because of increased global imports and reduced competition. Feed and residual use is up 150 million bushels, as reported December 1 corn stocks imply larger use in the September-November quarter than expected. Food, seed and industrial use is up 15 million bushels because of larger use of corn for sweetener production. With the stronger expected use and lower stocks, the price range for corn is up 5 cents on each end to $2.00 to $2.40 per bushel. Projected 1994/95 global coarse grain consumption and trade are up from last month, but ending stocks are down. The higher global imports are largely due to an increase in expected corn imports by China to 3 million tons. Purchases of more than 2 million tons from the United States have already been reported in recent weeks. On the export side, forecast corn exports are down 1 million tons for China and 400,000 for Thailand. Also, projected corn exports by South Africa are down 1.5 million tons for the local 1994/95 marketing year (May 1995-April 1996) as dry weather is cutting planting prospects. However, since South Africa still has large supplies from its 1993/94 crop, projected exports are down only 500,000 tons for the U.S. 1994/95 September-August marketing year. RICE: Estimated U.S. 1994/95 production is up about 1 million cwt from last month and 42 million from last year. Area harvested and yield are estimated higher. Projected long-grain exports are up 2 million cwt from last month, reflecting competitive U.S. prices and strong exports to date. Ending stocks are down less than 1 million cwt from last month. The projected price range is narrowed 25 cents on each end to $5.75 to $6.75 per cwt. Projected global 1994/95 rice production and ending stocks are up slightly from last month, while consumption and exports are nearly unchanged. Thailand's production and exports are raised for 1993/94 and 1994/95. China's 1994/95 imports are projected higher, while its exports are lowered. OILSEEDS: U.S. soybean production in 1994/95 is forecast at 2,558 million bushels, up 1 percent from last month and up 37 percent from last year. World soybean production is forecast at 134.2 million metric tons, up slightly from last month. Foreign production is up slightly to a forecast 64.6 million tons. Favorable planting and growing conditions in Argentina point to more acres and very good yields, with the crop now forecast at 12.7 million tons. U.S sunflowerseed production is forecast at 2.2 million metric tons, up 6 percent from the last estimate, while the U.S. rapeseed output forecast of 0.2 million tons is up 10 percent. U.S. soybean exports and soybean crush both increased 5 million bushels this month. U.S. soybean oil and soybean meal extraction rates are reduced slightly, resulting in a 120-million-pound net decrease in soybean oil production and a 75,000-short-ton net increase in soybean meal output. For soybean oil, exports are raised 100 million pounds, based mostly on larger recent purchases by China, while domestic use is lowered by 150 million pounds. For U.S. soybean meal domestic use is revised up but is partly offset by a drop in soybean meal exports reflecting in part reduction in prospective imports by Mexico. Soybean prices are raised this month to $5.20 to $5.50 per bushel, helped by higher soybean oil prices and lower U.S. soybean oil inventories. Soybean oil prices are forecast at 25.5 to 28.5 cents per pound. Soybean meal prices are unchanged at $145 to $165 per short ton. SUGAR: U.S. sugar production in fiscal year 1994/95 is projected at a record 8.29 million short tons, raw value, up 0.6 percent from last month and 8.0 percent from last year. Cane sugar production is raised to 1.02 million tons in Louisiana and lowered to 550,000 tons in Hawaii and 45,000 tons in Puerto Rico. The revisions are based in part on sugarcane and sugar beet output forecast in today's Crop Production 1994 Summary report. Despite the increase in production, ending stocks are projected lower because of lower imports, and slightly higher exports. Forecast imports of sugar under the refined sugar reexport program are revised down because shipment is being delayed in response to currently lower raw sugar futures prices for 1996. LIVESTOCK, POULTRY, DAIRY: The December Hogs and Pigs report showed a smaller inventory and lower farrowing intentions than expected. Producers have reduced the breeding inventory in response to the low hog prices in 1994. The pork production forecast for 1995 is down 500 million pounds from last month. Output will remain above the year-earlier level until the fourth quarter and production for the entire year will be up slightly from 1994's level. The 1995 hog price forecast is boosted about $2 per cwt. The broiler production forecast for 1995 is boosted as output continues to exceed expectations and producers keep expanding their hatchery supply flocks. The beef output forecast for 1995 is unchanged from last month. Milk supply, use and price forecasts are little changed this month. U.S. red meat and poultry exports to Mexico were up sharply in 1994. Prospects for exports in 1995 have been weakened by uncertainty surrounding the Mexican economy and the recent devaluation of the peso. Beef and pork export forecasts are reduced slightly this month. The broiler export forecast is boosted as strength in other markets is expected to more than offset weaker exports to Mexico. APPROVED: EUGENE MOOS ACTING SECRETARY OF AGRICULTURE * * * * * * * * * * NOTE: The next issue of this report will be released 8:30 a.m. E. T. on February 10, 1995. The cotton portion of the report will be released at 3:00 p.m. E.T. on February 9, 1995. HDR101380000001 HDR201380000001 WASDE - U.S. WHEAT WASDE-298-6 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : December January =============================================================================== Area : Million acres Planted : 72.2 72.2 70.5 70.4 Harvested : 62.8 62.7 61.7 61.8 Yield per harvested : Bushels acre : 39.3 38.2 37.6 37.6 : Million bushels Beginning stocks : 475 531 570 568 Production : 2,467 2,396 2,320 2,321 Imports : 70 109 85 85 Supply, total : 3,012 3,036 2,975 2,974 Food : 834 869 885 885 Seed : 99 96 97 98 Feed and residual : 194 274 225 250 Domestic, total : 1,128 1,240 1,207 1,233 Exports : 1,354 1,228 1,250 1,275 Use, total : 2,481 2,467 2,457 2,508 Ending stocks, total : 531 568 518 466 Farmer-owned reserve 2/ : 28 6 0 0 CCC inventory : 150 150 142 142 Free stocks : 353 412 376 324 Outstanding loans : 47 67 45 45 Avg. farm price ($/bu) 3/ : 3.24 3.26 3.35-3.55 3.40-3.60 =============================================================================== U.S. Wheat by Class: Supply and Use =============================================================================== Year beginning : Hard : Hard : Soft : : : June 1 : Winter : Spring : Red : White : Durum : Total =============================================================================== 1993/94 (estimated) : Million bushels Beginning stocks : 204 171 43 64 49 531 Production : 1,066 512 401 347 70 2,396 Supply, total 4/ : 1,273 749 444 420 150 3,036 Domestic use : 560 282 226 104 68 1,240 Exports : 486 266 173 249 54 1,228 Use, total : 1,046 548 399 353 122 2,467 Ending stocks, total : 227 201 45 67 28 568 : 1994/95 (projected) : Beginning stocks : 227 201 45 67 28 568 Production : 971 515 433 303 97 2,321 Supply, total 4/ : 1,200 764 479 381 150 2,974 Domestic use : 539 272 236 99 88 1,233 Exports : 475 310 215 240 35 1,275 Use, total : 1,014 582 451 339 123 2,508 Ending stocks, total : January : 187 182 28 42 27 466 December : 236 188 30 39 25 518 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning June 1. 2/ Entry of 1994 crop into the farmer-owned reserve will not be assumed unless announced. 3/ Marketing-year weighted average price received by farmers. 4/ Includes imports. HDR201380000001 WASDE - U.S. RICE WASDE-298-7 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : December January =============================================================================== TOTAL : Area : Million acres Planted : 3.18 2.92 3.35 3.35 Harvested : 3.13 2.83 3.30 3.32 Yield per harvested : Pounds acre : 5,736 5,510 5,954 5,964 : Million hundredweight Beginning stocks 2/ : 27.4 39.4 26.0 26.0 Production : 179.7 156.1 196.5 197.8 Imports : 6.1 6.9 8.0 8.0 Supply, total : 213.2 202.5 230.5 231.8 Domestic & residual 3/ : 96.7 97.0 102.0 102.0 Exports : 77.0 79.4 85.0 87.0 Use, total : 173.7 176.4 187.0 189.0 Ending stocks : 39.4 26.0 43.5 42.8 CCC inventory : 0.1 0.0 0.1 0.1 Free stocks : 39.3 26.0 43.4 42.7 Avg. farm price ($/cwt) 4/ : 5.89 8.09 5.50-7.00 5.75-6.75 : LONG GRAIN : Harvested acres (mil.) : 2.37 2.03 2.38 Yield (pounds/acre) : 5,397 5,082 5,609 Beginning stocks (mil. cwt): 13.0 21.6 15.2 15.2 Production : 128.0 103.1 134.2 133.4 Supply, total 5/ : 146.4 130.9 156.5 155.7 Domestic & residual 3/ : 60.8 64.2 65.0 65.0 Exports 6/ : 64.0 51.5 68.0 70.0 Use, total : 124.8 115.7 133.0 135.0 Ending stocks : 21.6 15.2 23.5 20.7 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.76 0.81 0.94 Yield (pounds/acre) : 6,795 6,590 6,866 Beginning stocks (mil. cwt): 12.9 15.8 10.1 10.1 Production : 51.6 53.0 62.3 64.3 Supply, total 5/ : 64.8 70.8 74.0 76.1 Domestic & residual 3/ : 35.9 32.8 37.0 37.0 Exports 6/ : 13.0 27.9 17.0 17.0 Use, total : 48.9 60.7 54.0 54.0 Ending stocks : 15.8 10.1 20.0 22.1 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning August 1. 2/ Includes the following quantities of broken kernel rice (type undetermined) not included in estimates of beginning stocks by type (in mil. cwt): 1992/93- 1.5; 1993/94- 2.0; 1994/95- 0.8. 3/ Residual includes unreported use, processing losses and estimating errors. Use by type may not add to total rice use because of the difference in brokens between beginning and ending stocks. 4/ Marketing-year weighted average price received by farmers. 5/ Includes imports. 6/ Exports by type of rice are estimated. HDR201380000001 WASDE - U.S. FEED USE, ANIMAL OUTPUT & PRICES WASDE-298-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : December January =============================================================================== FEED GRAINS : Area : Million acres Planted : 108.2 98.8 102.6 102.7 Harvested : 95.9 82.4 91.9 92.6 Yield per harvested : Metric tons acre : 2.89 2.26 3.07 3.08 : Million metric tons Beginning stocks : 34.0 63.1 27.4 27.4 Production : 277.1 186.2 281.6 284.8 Imports : 1.2 3.6 2.8 2.9 Supply, total : 312.3 252.9 311.8 315.0 Feed and residual : 154.0 139.0 156.6 161.5 Food, seed & industrial : 44.1 46.2 48.6 49.0 Domestic, total : 198.1 185.2 205.2 210.5 Exports : 51.1 40.3 51.4 56.4 Use, total : 249.3 225.5 256.6 266.9 Ending stocks, total : 63.1 27.4 55.2 48.1 Farmer-owned reserve : 0.4 3.3 4.2 4.2 CCC inventory : 1.6 1.3 1.2 1.2 Free stocks : 61.1 22.8 49.8 42.7 Outstanding loans : 18.5 2.3 14.8 13.6 : CORN : Area : Million acres Planted : 79.3 73.2 79.1 79.2 Harvested : 72.1 62.9 72.3 72.9 Yield per harvested : Bushels acre : 131.5 100.7 138.4 138.6 : Million bushels Beginning stocks : 1,100 2,113 850 850 Production : 9,477 6,336 10,010 10,103 Imports : 7 21 5 5 Supply, total : 10,584 8,470 10,865 10,958 Feed and residual : 5,296 4,704 5,500 5,650 Food, seed & industrial : 1,511 1,588 1,685 1,700 Domestic, total : 6,808 6,292 7,185 7,350 Exports : 1,663 1,328 1,750 1,950 Use, total : 8,471 7,620 8,935 9,300 Ending stocks, total : 2,113 850 1,930 1,658 Farmer-owned reserve : 13 119 150 150 CCC inventory : 56 45 43 43 Free stocks : 2,044 686 1,737 1,465 Outstanding loans : 693 77 550 500 Avg. farm price ($/bu) 2/ : 2.07 2.50 1.95-2.35 2.00-2.40 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. HDR201380000001 WASDE - U.S. SORGHUM, BARLEY & OATS WASDE-298-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : December January =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 13.2 9.9 9.7 9.8 Area harv. (mil. acres) : 12.1 8.9 8.8 9.0 Yield (bushels/acre) : 72.6 59.9 70.5 73.0 Beginning stocks : 53 175 48 48 Production : 875 534 622 655 Imports : --- --- --- --- Supply, total : 928 709 669 703 Feed and residual : 469 453 375 400 Food, seed & industrial : 8 8 8 8 Domestic, total : 476 460 383 408 Exports : 277 202 220 220 Use, total : 753 662 603 628 Ending stocks, total : 175 48 66 75 Farmer-owned reserve : 1 4 10 10 CCC inventory : 4 1 1 1 Free stocks : 170 43 55 64 Outstanding loans : 19 1 20 20 Avg. farm price ($/bu) 2/ : 1.89 2.31 1.80-2.20 1.85-2.25 : BARLEY : Area planted (mil. acres) : 7.8 7.8 7.2 7.2 Area harv. (mil. acres) : 7.3 6.8 6.7 6.7 Yield (bushels/acre) : 62.5 58.9 56.2 56.2 Beginning stocks : 129 151 139 139 Production : 455 398 375 375 Imports : 11 71 65 60 Supply, total : 595 621 579 574 Feed and residual : 192 241 215 225 Food, seed & industrial : 171 175 175 175 Domestic, total : 364 416 390 400 Exports : 80 66 60 60 Use, total : 444 482 450 460 Ending stocks, total : 151 139 129 114 Farmer-owned reserve : 0 7 5 5 CCC inventory : 5 5 5 5 Free stocks : 146 127 119 104 Outstanding loans : 19 14 15 15 Avg. farm price ($/bu) 2/ : 2.04 1.99 1.95-2.15 2.00-2.10 : OATS : Area planted (mil. acres) : 7.9 7.9 6.6 6.6 Area harv. (mil. acres) : 4.5 3.8 4.0 4.0 Yield (bushels/acre) : 65.4 54.4 57.2 57.2 Beginning stocks : 128 113 106 106 Production : 294 207 230 230 Imports : 55 107 90 100 Supply, total : 477 427 425 435 Feed and residual : 233 193 185 200 Food, seed & industrial : 125 125 125 125 Domestic, total : 358 318 310 325 Exports : 6 3 1 1 Use, total : 364 321 311 326 Ending stocks, total : 113 106 114 109 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 113 106 114 109 Outstanding loans : 1 1 1 1 Avg. farm price ($/bu) 2/ : 1.32 1.36 1.20-1.30 1.15-1.25 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for sorghum, June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. HDR201380000001 WASDE - WORLD WHEAT WASDE-298-12 World Wheat Supply and Use 1/ (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: ================================================================================ : : 1992/93 : World 3/ : 130.34 561.87 122.37 105.87 543.91 123.85 148.30 United States : 12.93 67.14 1.91 5.29 30.69 36.84 14.44 Total foreign : 117.41 494.74 120.47 100.58 513.22 87.01 133.86 Major exporters 4/ : 36.06 140.63 15.87 29.28 78.68 73.28 40.61 Argentina : 0.35 9.80 0.02 0.05 4.27 5.85 0.05 Australia : 2.87 16.18 0.02 1.89 4.20 9.85 5.02 Canada : 10.07 29.87 0.10 4.44 7.92 19.71 12.41 EU : 22.78 84.78 15.74 22.90 62.29 37.87 23.14 Major importers 5/ : 34.94 141.17 36.38 15.80 178.34 1.76 32.39 China : 23.69 101.59 6.72 2.75 109.06 0.08 22.85 East Europe : 5.79 26.42 3.69 11.80 30.77 1.25 3.88 N. Africa 6/ : 3.75 9.66 14.23 1.00 24.27 0.00 3.37 Selected other : Baltics 7/9/ : 0.18 1.26 1.10 1.17 2.31 0.00 0.23 FSU-12 8/9/ : 22.89 88.46 22.59 47.21 94.22 6.60 33.12 Russia : 11.87 46.17 14.00 31.00 53.30 0.50 18.24 Kazakhstan : 3.82 18.29 0.01 4.18 8.43 6.00 7.69 : : 1993/94 (Estimated) : World 3/ : 148.30 558.93 111.38 111.54 563.87 116.42 143.36 United States : 14.44 65.22 2.96 7.46 33.74 33.41 15.47 Total foreign : 133.86 493.71 108.41 104.08 530.13 83.01 127.89 Major exporters 4/ : 40.61 133.81 17.04 36.96 88.36 71.77 31.34 Argentina : 0.05 9.40 0.00 0.25 4.60 4.60 0.25 Australia : 5.02 16.90 0.02 1.76 4.10 13.70 4.13 Canada : 12.41 27.23 0.10 5.83 9.44 19.10 11.20 EU : 23.14 80.28 16.93 29.12 70.22 34.37 15.76 Major importers 5/ : 32.39 148.82 32.75 14.74 180.76 0.81 32.38 China : 22.85 106.39 4.30 2.70 110.65 0.16 22.73 East Europe : 3.88 30.48 2.13 11.20 31.19 0.25 5.05 N. Africa 6/ : 3.37 9.20 14.63 0.60 24.48 0.00 2.72 Selected other : Baltics 7/9/ : 0.23 1.36 0.54 0.85 1.94 0.00 0.19 FSU-12 8/9/ : 33.12 82.15 12.83 41.98 88.24 6.50 33.35 Russia : 18.24 43.50 5.00 27.00 48.50 0.50 17.74 Kazakhstan : 7.69 11.59 0.00 3.61 7.81 5.50 5.96 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, Australia, Canada and the EU (includes intra-trade). 5/ Algeria, Brazil, China, Eastern Europe, Egypt, Japan, Libya, Morocco and Tunisia. 6/ Algeria, Egypt, Libya, Morocco and Tunisia. 7/ Estonia, Latvia and Lithuania. 8/ Former USSR excluding the Baltic States. 9/ Imports and exports among the nations of the former USSR. WASDE-298-13 World Wheat Supply and Use 1/ (Cont'd.) (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: ================================================================================ : : 1994/95 (Projected) : World 3/ : December : 142.53 527.24 109.06 97.63 551.58 109.35 118.18 January : 143.36 527.50 111.46 98.36 553.01 110.99 117.85 United States : December : 15.53 63.13 2.31 6.12 32.85 34.02 14.10 January : 15.47 63.16 2.31 6.80 33.56 34.70 12.69 Total foreign : December : 127.00 464.11 106.75 91.51 518.73 75.34 104.08 January : 127.89 464.34 109.15 91.56 519.45 76.29 105.17 Major exporters 4/ : December : 31.34 124.82 17.50 34.17 85.71 63.75 24.19 January : 31.34 125.12 17.50 33.97 85.51 64.75 23.69 Argentina Dec.: 0.25 10.50 0.00 0.05 4.60 5.70 0.45 Jan.: 0.25 10.50 0.00 0.05 4.60 5.70 0.45 Australia Dec.: 4.13 8.30 0.10 2.50 4.95 5.00 2.58 Jan.: 4.13 8.60 0.10 2.30 4.75 6.00 2.08 Canada Dec.: 11.20 23.35 0.09 3.00 6.70 20.50 7.44 Jan.: 11.20 23.35 0.09 3.00 6.70 20.50 7.44 EU Dec.: 15.76 82.67 17.31 28.62 69.46 32.55 13.73 Jan.: 15.76 82.67 17.31 28.62 69.46 32.55 13.73 Major importers 5/ : December : 31.78 151.54 34.55 16.29 186.11 1.65 30.11 January : 32.38 151.24 36.55 16.29 187.11 1.65 31.41 China Dec.: 22.73 103.00 9.00 3.00 113.50 0.15 21.08 Jan.: 22.73 103.00 11.00 3.00 114.50 0.15 22.08 East Europe Dec.: 4.45 33.78 1.25 12.50 33.55 1.10 4.83 Jan.: 5.05 33.48 1.25 12.50 33.55 1.10 5.13 N. Africa 6/ Dec.: 2.72 12.16 12.50 0.55 24.56 0.00 2.82 Jan.: 2.72 12.16 12.50 0.55 24.56 0.00 2.82 Selected other : Baltics 7/9/ Dec.: 0.19 0.91 0.44 0.53 1.36 0.00 0.18 Jan.: 0.19 0.91 0.44 0.53 1.36 0.00 0.18 FSU-12 8/9/ Dec.: 33.35 63.81 11.95 32.80 78.58 6.25 24.28 Jan.: 33.35 63.81 11.95 32.80 78.58 6.25 24.28 Russia Dec.: 17.74 35.00 4.00 21.90 43.40 0.75 12.59 Jan.: 17.74 35.00 4.00 21.90 43.40 0.75 12.59 Kazakhstan Dec.: 5.96 10.50 0.00 3.23 7.43 5.50 3.54 Jan.: 5.96 10.50 0.00 3.23 7.43 5.50 3.54 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, Australia, Canada and the EU (includes intra-trade). 5/ Algeria, Brazil, China, Eastern Europe, Egypt, Japan, Libya, Morocco and Tunisia. 6/ Algeria, Egypt, Libya, Morocco and Tunisia. 7/ Estonia, Latvia and Lithuania. 8/ Former USSR excluding the Baltic States. 9/ Imports and exports among the nations of the former USSR. HDR201380000001 WASDE - WORLD COARSE GRAINS WASDE-298-14 World Coarse Grain Supply and Use 1/ (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: ================================================================================ : : 1992/93 : World 3/ : 138.14 862.99 97.60 550.08 833.68 104.99 167.45 United States : 33.99 277.42 1.46 154.16 198.65 51.12 63.09 Total foreign : 104.14 585.58 96.14 395.92 635.03 53.87 104.35 Major exporters 4/ : 7.89 56.10 1.47 31.63 41.45 13.91 10.10 Argentina : 1.09 14.08 0.00 5.52 7.67 6.05 1.45 Australia : 1.18 8.25 0.01 4.16 5.32 2.87 1.24 Canada : 4.87 19.49 1.26 14.26 16.70 3.63 5.29 Major importers 5/ : 36.83 156.36 57.36 138.71 194.54 23.25 32.76 EU : 19.36 82.43 13.78 53.60 74.71 21.52 19.34 East Europe : 7.60 43.24 3.68 38.33 49.61 1.03 3.88 Japan : 2.95 0.29 22.09 18.15 22.46 0.00 2.88 Selected other : China : 31.73 108.36 0.65 65.86 99.40 13.00 28.33 Baltics 6/8/ : 0.33 2.63 0.83 2.66 3.51 0.00 0.28 FSU-12 7/8/ : 11.32 92.61 10.48 73.44 96.13 2.00 16.28 Russia : 5.61 55.79 7.10 43.70 57.95 1.00 9.55 Ukraine : 2.67 15.59 1.80 13.65 17.38 0.00 2.67 : : 1993/94 (Estimated) : World 3/ : 167.45 785.94 95.13 542.46 828.66 100.69 124.72 United States : 63.09 186.45 4.04 139.20 185.86 40.34 27.38 Total foreign : 104.35 599.48 91.09 403.26 642.80 60.35 97.33 Major exporters 4/ : 10.10 63.95 0.69 34.63 44.48 20.09 10.17 Argentina : 1.45 13.38 0.00 6.15 8.30 5.13 1.40 Australia : 1.24 9.85 0.12 4.52 5.67 4.70 0.83 Canada : 5.29 24.04 0.56 16.44 18.97 5.39 5.53 Major importers 5/ : 32.76 159.55 56.40 139.30 194.73 25.38 28.59 EU : 19.34 82.96 16.05 57.65 78.84 23.42 16.10 East Europe : 3.88 44.35 2.27 35.24 46.13 0.15 4.22 Japan : 2.88 0.28 20.64 16.79 21.10 0.00 2.69 Selected other : China : 28.33 116.74 1.23 71.61 107.87 11.80 26.63 Baltics 6/8/ : 0.28 3.15 0.50 2.54 3.36 0.00 0.56 FSU-12 7/8/ : 16.28 91.74 5.30 68.45 94.45 1.17 17.69 Russia : 9.55 50.89 3.80 38.40 55.89 0.30 8.05 Ukraine : 2.67 20.28 0.33 14.40 18.54 0.30 4.44 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, Australia, Canada, South Africa and Thailand. 5/ Eastern Europe, the EU (includes intra-trade), Other Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Estonia, Latvia and Lithuania. 7/ Former USSR excluding the Baltic States. 8/ Imports and exports among the nations of the former USSR. WASDE-298-15 World Coarse Grain Supply and Use 1/ (Cont'd.) (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: ================================================================================ : : 1994/95 (Projected) : World 3/ : December : 124.22 865.52 97.83 565.47 850.76 96.90 138.98 January : 124.72 866.35 101.27 572.70 856.85 99.57 134.22 United States : December : 27.38 281.85 3.23 156.80 205.90 51.36 55.21 January : 27.38 285.05 3.30 161.68 211.17 56.44 48.12 Total foreign : December : 96.84 583.67 94.60 408.67 644.86 45.54 83.77 January : 97.33 581.30 97.97 411.02 645.67 43.13 86.11 Major exporters 4/ : December : 9.99 55.38 0.95 33.11 43.11 14.69 8.52 January : 10.17 54.34 0.95 33.15 43.29 12.99 9.18 Argentina Dec.: 1.30 13.78 0.00 5.99 8.28 5.65 1.15 Jan.: 1.40 13.78 0.00 6.09 8.38 5.65 1.15 Australia Dec.: 0.75 4.39 0.25 3.67 4.73 0.51 0.14 Jan.: 0.83 4.45 0.25 3.65 4.87 0.51 0.15 Canada Dec.: 5.53 23.46 0.70 15.70 18.30 5.43 5.97 Jan.: 5.53 23.46 0.70 15.60 18.19 5.63 5.88 Major importers 5/ : December : 28.44 155.00 58.23 143.32 198.64 22.19 20.83 January : 28.59 154.85 58.64 143.64 198.76 22.42 20.90 EU Dec.: 16.10 77.52 15.83 56.75 78.26 20.16 11.03 Jan.: 16.10 77.52 15.83 56.75 78.26 20.26 10.93 East Europe Dec.: 4.13 46.66 1.08 37.78 48.29 0.82 2.76 Jan.: 4.22 46.52 1.13 37.94 48.24 0.83 2.80 Japan Dec.: 2.59 0.22 21.10 17.40 21.76 0.00 2.15 Jan.: 2.69 0.22 21.10 17.40 21.76 0.00 2.25 Selected other : China Dec.: 26.63 118.40 1.40 77.61 113.39 5.20 27.84 Jan.: 26.63 118.40 4.20 79.91 115.69 4.20 29.34 Baltics 6/8/ Dec.: 0.56 2.54 0.45 2.27 3.01 0.00 0.55 Jan.: 0.56 2.54 0.45 2.27 3.01 0.00 0.55 FSU-12 7/8/ Dec.: 17.69 83.14 3.82 61.68 87.87 1.39 15.39 Jan.: 17.69 83.14 3.82 61.68 87.87 1.39 15.39 Russia Dec.: 8.05 47.10 2.10 33.20 50.55 0.75 5.95 Jan.: 8.05 47.10 2.10 33.20 50.55 0.75 5.95 Ukraine Dec.: 4.44 19.83 0.10 14.12 18.43 0.24 5.70 Jan.: 4.44 19.83 0.10 14.12 18.43 0.24 5.70 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, Australia, Canada, South Africa and Thailand. 5/ Eastern Europe, the EU (includes intra-trade), Other Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Estonia, Latvia and Lithuania. 7/ Former USSR excluding the Baltic States. 8/ Imports and exports among the nations of the former USSR. HDR201380000001 WASDE - WORLD CORN WASDE-298-16 World Corn Supply and Use 1/ (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: ================================================================================ : : 1992/93 : World 3/ : 80.85 533.19 64.36 346.08 508.96 69.85 105.09 United States : 27.95 240.72 0.18 134.54 172.93 42.25 53.67 Total foreign : 52.90 292.48 64.18 211.55 336.03 27.60 51.42 Major exporters 4/ : 1.25 23.59 0.20 10.68 15.95 6.10 2.99 Argentina : 0.52 10.20 0.00 3.60 5.10 4.75 0.87 South Africa : 0.50 9.99 0.00 3.88 7.60 1.20 1.69 Thailand : 0.23 3.40 0.20 3.20 3.25 0.15 0.43 Major importers 5/ : 12.15 68.54 38.99 67.52 100.12 7.68 11.89 EU : 2.38 29.11 7.85 19.34 27.19 7.31 4.85 Japan : 1.53 0.00 16.76 12.88 16.85 0.00 1.44 Selected other : China : 30.00 95.38 0.00 60.00 85.76 12.62 27.00 Baltics 6/8/ : 0.03 0.00 0.23 0.23 0.26 0.00 0.00 FSU-12 7/8/ : 1.90 7.09 6.21 11.10 13.48 0.50 1.22 Russia : 1.59 2.14 4.40 5.50 6.62 0.50 1.00 : : 1993/94 (Estimated) : World 3/ : 105.09 467.52 62.14 340.04 503.75 66.01 68.86 United States : 53.67 160.95 0.53 119.48 159.82 33.74 21.60 Total foreign : 51.42 306.57 61.61 220.57 343.93 32.26 47.26 Major exporters 4/ : 2.99 25.78 0.01 10.80 16.09 9.37 3.31 Argentina : 0.87 10.00 0.00 3.95 5.47 4.50 0.90 South Africa : 1.69 12.88 0.00 3.90 7.63 4.75 2.19 Thailand : 0.43 2.90 0.01 2.95 3.00 0.12 0.22 Major importers 5/ : 11.89 68.41 38.83 67.06 99.60 9.97 9.55 EU : 4.85 29.15 9.63 22.06 30.29 9.87 3.47 Japan : 1.44 0.00 15.61 11.70 15.67 0.00 1.38 Selected other : China : 27.00 102.70 0.00 65.50 92.70 11.50 25.50 Baltics 6/8/ : 0.00 0.00 0.20 0.18 0.20 0.00 0.00 FSU-12 7/8/ : 1.22 8.72 4.00 10.74 12.82 0.15 0.97 Russia : 1.00 2.45 3.30 5.30 6.15 0.10 0.50 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, South Africa and Thailand. 5/ Eastern Europe, the EU (includes intra-trade), Other Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Estonia, Latvia and Lithuania. 7/ Former USSR excluding the Baltic States. 8/ Imports and exports among the nations of the former USSR. WASDE-298-17 World Corn Supply and Use 1/ (Cont'd.) (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: ================================================================================ : : 1994/95 (Projected) : World 3/ : December : 68.69 555.62 67.15 369.43 531.25 66.25 93.07 January : 68.86 555.89 70.19 375.48 536.20 68.49 88.56 United States : December : 21.60 254.27 0.13 139.71 182.51 44.45 49.04 January : 21.60 256.63 0.13 143.52 186.70 49.53 42.12 Total foreign : December : 47.10 301.35 67.02 229.72 348.74 21.80 44.03 January : 47.26 299.27 70.07 231.96 349.50 18.96 46.44 Major exporters 4/ : December : 3.31 23.40 0.00 11.05 16.60 8.05 2.06 January : 3.31 22.30 0.00 11.10 16.65 6.15 2.81 Argentina Dec.: 0.90 10.50 0.00 3.95 5.65 4.95 0.80 Jan.: 0.90 10.50 0.00 3.95 5.65 4.95 0.80 South Africa Dec.: 2.19 9.00 0.00 3.90 7.70 2.50 0.99 Jan.: 2.19 8.00 0.00 3.90 7.70 1.00 1.49 Thailand Dec.: 0.22 3.90 0.00 3.20 3.25 0.60 0.27 Jan.: 0.22 3.80 0.00 3.25 3.30 0.20 0.52 Major importers 5/ : December : 9.51 67.10 42.88 71.66 103.52 8.11 7.85 January : 9.55 67.25 42.98 71.87 103.72 8.11 7.95 EU Dec.: 3.47 26.93 9.51 21.49 29.94 7.31 2.66 Jan.: 3.47 26.93 9.51 21.49 29.94 7.31 2.66 Japan Dec.: 1.38 0.00 16.30 12.50 16.50 0.00 1.18 Jan.: 1.38 0.00 16.30 12.50 16.50 0.00 1.18 Selected other : China Dec.: 25.50 104.00 0.20 70.70 97.20 5.00 27.50 Jan.: 25.50 104.00 3.00 73.00 99.50 4.00 29.00 Baltics 6/8/ Dec.: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Jan.: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 FSU-12 7/8/ Dec.: 0.97 6.17 2.54 6.77 8.95 0.00 0.73 Jan.: 0.97 6.17 2.54 6.77 8.95 0.00 0.73 Russia Dec.: 0.50 1.60 2.00 2.90 3.70 0.00 0.40 Jan.: 0.50 1.60 2.00 2.90 3.70 0.00 0.40 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, South Africa and Thailand. 5/ Eastern Europe, the EU (includes intra-trade), Other Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Estonia, Latvia and Lithuania. 7/ Former USSR excluding the Baltic States. 8/ Imports and exports among the nations of the former USSR. HDR201380000001 WASDE - WORLD RICE WASDE-298-18 World Rice Supply and Use (Milled Basis) 1/ (Million Metric Tons) ================================================================================ : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total 2/: : : stocks : tion :Imports: Domestic: Exports : ================================================================================ : : 1992/93 : World 3/ : 55.60 352.58 14.33 353.46 14.99 54.72 United States : 0.88 5.70 0.19 3.08 2.45 1.25 Total foreign : 54.72 346.88 14.13 350.39 12.54 53.47 Major exporters 4/ : 3.20 38.36 0.00 31.36 7.70 2.49 Thailand : 0.93 13.15 0.00 8.50 4.80 0.78 Vietnam : 0.00 14.32 0.00 12.56 1.77 0.00 Major importers 5/ : 1.69 35.24 5.60 38.59 1.08 2.86 Selected other : China : 27.51 130.35 0.11 127.00 1.37 29.60 Japan : 0.24 9.62 0.02 9.50 0.00 0.38 : : : 1993/94 (Estimated) : World 3/ : 54.72 350.87 14.87 355.83 16.67 49.77 United States : 1.25 4.96 0.22 3.08 2.52 0.83 Total foreign : 53.47 345.92 14.65 352.75 14.15 48.94 Major exporters 4/ : 2.49 40.07 0.00 31.51 8.70 2.36 Thailand : 0.78 12.67 0.00 8.50 4.70 0.25 Vietnam : 0.00 14.65 0.00 12.65 2.00 0.00 Major importers 5/ : 2.86 35.38 4.15 38.43 1.41 2.56 Selected other : China : 29.60 124.39 0.50 128.00 1.50 24.99 Japan : 0.38 7.13 2.20 9.40 0.00 0.31 : : 1994/95 (Projected) : World 3/ : December : 50.10 353.14 14.61 357.00 15.79 46.24 January : 49.77 353.76 14.68 357.04 15.73 46.48 United States : December : 0.83 6.24 0.25 3.24 2.70 1.38 January : 0.83 6.28 0.25 3.24 2.76 1.36 Total foreign : December : 49.27 346.90 14.35 353.76 13.10 44.86 January : 48.94 347.48 14.43 353.80 12.97 45.12 Major exporters 4/ : December : 2.48 40.95 0.00 32.07 8.60 2.76 January : 2.36 41.31 0.00 32.07 8.75 2.84 Thailand Dec.: 0.28 13.50 0.00 8.60 4.50 0.68 Jan.: 0.25 13.86 0.00 8.60 4.60 0.91 Vietnam Dec.: 0.00 14.75 0.00 12.75 2.00 0.00 Jan.: 0.00 14.75 0.00 12.75 2.00 0.00 Major importers 5/ : December : 2.66 33.67 5.37 38.50 1.11 2.09 January : 2.56 33.84 5.39 38.59 1.08 2.12 Selected other : China Dec.: 24.99 121.50 0.60 127.00 0.60 19.49 Jan.: 24.99 121.50 0.75 127.00 0.50 19.74 Japan Dec.: 0.31 10.90 0.40 9.50 0.00 2.11 Jan.: 0.31 10.90 0.30 9.50 0.00 2.01 ================================================================================ 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in some countries. 4/ Burma, Pakistan, Vietnam and Thailand. 5/ Hong Kong, Indonesia, Iran, Iraq, Ivory Coast, Nigeria, Saudi Arabia, the EU (includes intra-trade) and Other Western Europe. HDR201380000001 WASDE - U.S. SOYBEANS & PRODUCTS WASDE-298-10 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :================================== : : Est. : December January =============================================================================== SOYBEANS : Million acres Area : Planted : 59.2 60.1 61.9 61.9 Harvested : 58.2 57.3 60.8 61.1 : : Bushels/acre Yield per harv. : unit : 37.6 32.6 41.5 41.9 : : Million bushels : Beginning stocks : 278 292 209 209 Production : 2,190 1,869 2,523 2,558 Imports : 2 6 5 8 Supply, total : 2,471 2,167 2,737 2,775 Crushings : 1,279 1,272 1,355 1,360 Exports : 770 589 785 790 Seed : 64 67 64 63 Residual : 66 30 53 52 Use, total : 2,179 1,958 2,257 2,265 Ending stocks : 292 209 480 510 Avg. price ($/bu) 2/ : 5.56 6.40 5.00 - 5.20 - : 5.60 5.50 : : Million pounds SOYBEAN OIL: : Beginning stocks : 2,239 1,555 1,103 1,103 Production : 13,778 13,906 15,232 15,112 Imports : 10 68 15 15 Supply, total : 16,027 15,528 16,350 16,230 Domestic : 13,053 12,896 13,150 13,000 Exports : 1,419 1,529 1,850 1,950 Use, total : 14,472 14,425 15,000 14,950 Ending stocks : 1,555 1,103 1,350 1,280 Avg. price c/lb 2/ : 21.40 27.10 25.0-28.0 25.5-28.5 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 230 204 150 150 Production : 30,364 30,417 32,190 32,265 Imports : 93 69 60 60 Supply, total : 30,687 30,691 32,400 32,475 Domestic : 24,251 25,185 26,200 26,350 Exports : 6,232 5,356 5,900 5,825 Use, total : 30,483 30,541 32,100 32,175 Ending stocks : 204 150 300 300 Avg price $/sht ton 2/: 193.75 193.00 145-165 145-165 =============================================================================== Note: Reliability calculations at end of report. 1/ Marketing year beginning September 1 for soybeans; October 1 for soybean oil and meal. 2/ Prices: Soybeans, marketing year weighted average price received by farmers, for Oil, simple average of crude soybean oil, Decatur, for Meal, simple average of 48 percent, Decatur. HDR201380000001 WASDE - WORLD SOYBEANS WASDE-298-19 World Soybean Supply and Use 1/ (Million metric tons) =============================================================================== : Supply : Use : Region :=========================:=====================:Ending :Beginning:Produc-:Imports: Domestic :Exports:stocks : stocks : tion : :Crush :Total : : =============================================================================== : 1992/93 World 2/ : 18.38 117.18 29.99 96.16 115.80 29.59 20.16 United States : 7.58 59.61 0.08 34.81 38.37 20.94 7.96 Total foreign : 10.80 57.56 29.91 61.35 77.43 8.64 12.20 Major exporters 3/ : 8.02 35.60 0.48 24.54 26.74 7.52 9.84 Argentina : 3.63 11.35 0.00 8.49 8.99 2.22 3.77 Brazil : 4.39 22.50 0.38 15.55 17.15 4.06 6.07 Major importers 4/ : 1.43 1.37 19.68 17.58 20.76 0.29 1.42 EU (EC-12) /5 : 0.63 1.18 14.81 13.79 15.69 0.29 0.65 Japan : 0.79 0.19 4.87 3.79 5.08 0.00 0.77 : : 1993/94 (Estimated) World 2/ : 20.16 116.67 28.43 99.64 120.14 28.07 17.05 United States : 7.96 50.92 0.18 34.62 37.33 16.03 5.69 Total foreign : 12.20 65.75 28.26 65.02 82.82 12.03 11.36 Major exporters 3/ : 9.84 38.00 0.25 27.28 29.59 9.72 8.78 Argentina : 3.77 11.70 0.00 8.73 9.22 3.05 3.20 Brazil : 6.07 24.50 0.15 17.95 19.67 5.46 5.58 Major importers 4/ : 1.42 0.79 17.90 15.79 18.54 0.31 1.28 EU (EC-12) /5 : 0.65 0.69 13.05 12.12 13.52 0.31 0.56 Japan : 0.77 0.10 4.86 3.67 5.02 0.00 0.71 : World 2/ : 1994/95 (Projected) December : 17.04 132.93 32.11 104.94 124.78 32.37 24.94 January : 17.05 134.24 32.15 105.07 124.88 32.50 26.06 United States : December : 5.69 68.65 0.14 36.88 40.05 21.36 13.06 January : 5.69 69.63 0.22 37.01 40.16 21.50 13.88 Total foreign : December : 11.35 64.28 31.98 68.06 84.73 11.00 11.87 January : 11.36 64.61 31.93 68.05 84.72 11.00 12.18 Major exporters 3/ : December : 8.78 38.25 1.00 27.46 29.74 8.95 9.35 January : 8.78 38.55 1.00 27.46 29.74 8.95 9.65 Argentina Dec. : 3.20 12.40 0.00 8.76 9.26 3.00 3.34 January : 3.20 12.70 0.00 8.76 9.26 3.00 3.64 Brazil Dec. : 5.58 24.00 0.90 18.15 19.83 4.65 6.01 January : 5.58 24.00 0.90 18.15 19.83 4.65 6.01 Major importers 4/ : December : 1.28 1.01 19.67 17.55 20.32 0.34 1.29 January : 1.28 1.01 19.67 17.55 20.32 0.34 1.29 EU (EC-12) Dec. : 0.56 0.90 14.87 13.95 15.42 0.34 0.57 January : 0.56 0.90 14.87 13.95 15.42 0.34 0.57 Japan Dec. : 0.71 0.11 4.80 3.60 4.90 0.00 0.72 January : 0.71 0.11 4.80 3.60 4.90 0.00 0.72 =============================================================================== 1/ Data based on local marketing years except for Argentina and Brazil which are adjusted to an October-September year. 2/ World imports and exports may not balance due to differences in local marketing years and to time lags between reported exports and imports. Therefore, world supply may not equal world use. 3/ Argentina, Brazil and Paraguay. 4/ Japan and EU. HDR201380000001 WASDE - WORLD SOYMEAL WASDE-298-20 World Soybean Meal Supply and Use 1/ (Million metric tons) ============================================================================== : Supply : Use : Region :==========================:===================:Ending :Beginning:Produc-:Imports : Total : Exports:Stocks : stocks : tion : : Domestic : : ============================================================================== : 1992/93 World 2/ : 3.10 75.78 27.00 74.75 27.38 3.75 United States : 0.21 27.55 0.08 22.00 5.65 0.19 Total foreign : 2.89 48.24 26.92 52.75 21.72 3.57 Major exporters 3/ : 0.80 19.03 0.00 4.08 14.53 1.23 Argentina : 0.28 6.86 0.00 0.16 6.54 0.44 Brazil : 0.52 12.17 0.00 3.92 7.99 0.79 Major importers 4/ : 0.81 11.69 16.81 24.48 3.96 0.86 EU (EC-12) : 0.78 10.76 14.20 20.95 3.96 0.82 : : 1993/94 (Estimated) World 2/ : 3.75 78.82 28.71 78.66 29.34 3.29 United States : 0.19 27.59 0.07 22.85 4.86 0.14 Total foreign : 3.57 51.23 28.64 55.80 24.48 3.15 Major exporters 3/ : 1.23 21.03 0.00 4.27 16.99 1.00 Argentina : 0.44 7.05 0.00 0.17 6.94 0.38 Brazil : 0.79 13.98 0.00 4.10 10.05 0.62 Major importers 4/ : 0.86 10.60 17.08 24.17 3.66 0.71 EU (EC-12) : 0.82 9.58 14.45 20.53 3.66 0.67 : World 2/ : 1994/95 (Projected) December : 3.27 82.98 29.51 82.79 29.64 3.33 January : 3.29 83.05 29.42 82.77 29.66 3.33 United States : December : 0.14 29.20 0.05 23.77 5.35 0.27 January : 0.14 29.27 0.05 23.91 5.28 0.27 Total foreign : December : 3.14 53.78 29.45 59.02 24.29 3.06 January : 3.15 53.78 29.36 58.86 24.38 3.06 Major exporters 3/ : December : 1.00 21.30 0.00 4.58 16.79 0.93 January : 1.00 21.30 0.00 4.58 16.79 0.93 Argentina Dec. : 0.38 7.08 0.00 0.18 6.97 0.31 January : 0.38 7.08 0.00 0.18 6.97 0.31 Brazil Dec. : 0.62 14.22 0.00 4.40 9.82 0.62 January : 0.62 14.22 0.00 4.40 9.82 0.62 Major importers 4/ : December : 0.71 12.16 17.60 25.84 3.98 0.65 January : 0.71 12.16 17.60 25.84 3.98 0.65 EU (EC-12) Dec. : 0.67 11.02 14.75 21.85 3.98 0.61 January : 0.67 11.02 14.75 21.85 3.98 0.61 ============================================================================= 1/ Data based on local marketing years except for Argentina and Brazil which are adjusted to an October-September year. 2/ World imports and exports may not balance due to differences in local marketing years and to time lags between reported exports and imports. Therefore, world supply may not equal world use. 3/ Argentina and Brazil. 4/ Eastern Europe, Russia, Ukraine and EU. HDR201380000001 WASDE - WORLD SOYOIL WASDE-298-21 World Soybean Oil Supply and Use 1/ (Million metric tons) =============================================================================== : Supply : Use : Region :==========================:===================: Ending :Beginning:Produc-:Imports : Total : Exports: Stocks : stocks : tion : : Domestic : : =============================================================================== : 1992/93 World 2/ : 2.32 17.10 4.04 17.24 4.24 1.98 United States : 1.02 6.25 0.01 5.92 0.64 0.71 Total foreign : 1.30 10.85 4.04 11.32 3.60 1.28 Major exporters 3/ : 0.75 6.85 0.60 4.17 3.24 0.79 Argentina : 0.28 1.44 0.00 0.07 1.45 0.21 Brazil : 0.24 2.91 0.14 2.28 0.69 0.32 EU (EC-12) : 0.23 2.50 0.46 1.82 1.10 0.27 Major importers 4/ : 0.07 1.15 0.40 1.58 0.01 0.03 China : 0.00 0.65 0.10 0.74 0.01 0.00 Pakistan : 0.03 0.00 0.25 0.28 0.00 0.01 : 1993/94 (Estimated) World 2/ : 1.98 17.87 4.85 18.29 4.96 1.46 United States : 0.71 6.31 0.03 5.85 0.69 0.50 Total foreign : 1.28 11.57 4.82 12.44 4.27 0.96 Major exporters 3/ : 0.79 7.13 0.59 4.07 3.88 0.55 Argentina : 0.21 1.53 0.00 0.07 1.50 0.16 Brazil : 0.32 3.38 0.14 2.30 1.34 0.19 EU (EC-12) : 0.27 2.23 0.46 1.70 1.05 0.20 Major importers 4/ : 0.03 1.57 1.13 2.71 0.00 0.02 China : 0.00 1.00 0.98 1.97 0.00 0.00 Pakistan : 0.01 0.00 0.11 0.10 0.00 0.02 World 2/ : 1994/95 (Projected) December : 1.46 18.99 4.80 18.72 4.91 1.62 January : 1.46 18.93 4.80 18.65 4.94 1.60 United States : December : 0.50 6.91 0.01 5.97 0.84 0.61 January : 0.50 6.86 0.01 5.89 0.88 0.60 Total foreign : December : 0.96 12.08 4.80 12.76 4.07 1.01 January : 0.96 12.07 4.79 12.76 4.06 1.00 Major exporters 3/ : December : 0.55 7.46 0.57 4.36 3.64 0.59 January : 0.55 7.46 0.57 4.36 3.64 0.59 Argentina Dec. : 0.16 1.53 0.00 0.08 1.45 0.17 January : 0.16 1.53 0.00 0.08 1.45 0.17 Brazil Dec. : 0.19 3.42 0.14 2.50 1.00 0.24 January : 0.19 3.42 0.14 2.50 1.00 0.24 EU (EC-12) Dec. : 0.20 2.52 0.44 1.78 1.19 0.19 January : 0.20 2.52 0.44 1.78 1.19 0.19 Major importers 4/ : December : 0.02 1.56 1.10 2.66 0.00 0.02 January : 0.02 1.59 1.10 2.69 0.00 0.02 China Dec. : 0.00 1.02 0.90 1.92 0.00 0.00 January : 0.00 1.04 0.90 1.94 0.00 0.00 Pakistan Dec. : 0.02 0.01 0.15 0.16 0.00 0.02 January : 0.02 0.01 0.15 0.16 0.00 0.02 =============================================================================== 1/ Data based on local marketing years except for Argentina and Brazil which are adjusted to an October-September year. 2/ World imports and exports may not balance due to differences in local marketing years and to time lags between reported exports and imports. Therefore, world supply may not equal world use. 3/ Argentina, Brazil and EU. 4/ India, China and Pakistan. HDR201380000001 WASDE - U.S. SUGAR WASDE-298-11 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :====================== : : Estimate : December January ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,477 1,704 1,338 1,338 Production 2/3/ : 7,838 7,677 8,240 8,290 Beet sugar : 4,392 4,090 4,700 4,700 Cane sugar : 3,446 3,587 3,540 3,590 Imports 2/ : 2,039 1,772 1,989 1,839 Under quota 4/ : 1,335 1,179 1,324 1,324 Other 5/ : 704 593 665 515 Total supply : 11,354 11,153 11,567 11,467 : Exports 2/6/ : 405 454 495 510 Domestic deliveries 2/ : 9,197 9,333 9,480 9,480 Domestic food use : 9,034 9,174 9,305 9,305 Other 7/ : 163 159 175 175 Miscellaneous 8/ : 48 28 0 0 Use, total : 9,650 9,815 9,975 9,990 Ending stocks 2/9/ : 1,704 1,338 1,592 1,477 : Stocks to use ratio : 17.7 13.6 16.0 14.8 ====================================================================== 1/ Fiscal years beginning Oct 1. Includes Puerto Rico. 2/ Historical data are from ASCS, "Sweetener Market Data." 3/ Production in 1994/95 is Interagency Sugar Estimates Committee forecast. 4/ Actual arrivals under the tariff rate quota with late entries and quota overfills assigned to the fiscal year in which they actually arrived. Forecast imports under quota in 1994/95 assume a shortfall of 120,000 tons from the quotas covering fiscal years 1993, 1994, and 1995. 5/ Quota exempt imports (for reexport, for polyhydric alcohol, from Canada, and high-duty). 6/ Mostly reexports. 7/ Transfer to sugar containing products for reexport, for nonedible alcohol, and feed. 8/ Residual. 9/ Includes approximately 308,000 tons of beet sugar and 53,000 tons of cane sugar in excess of marketing allotments in 1994/95. The stocks to use ratio without the "blocked stocks" would be 11.2 percent. HDR201380000001 WASDE - U.S. QUARTERLY ANIMAL PRODUCT & PRICES WASDE-298-22 U.S. Quarterly Animal Product Production 1/ ================================================================================ Year : : : Red : : : Total : Red : : : and : : : meat : : :poultry :meat & : : : quarter : Beef : Pork : 2/ :Broiler:Turkey: 3/ :poultry: Egg : Milk : ================================================================================ : Million pounds Mil doz Bil lbs 1993 : Annual : 22942 17030 40568 22178 4848 27539 68107 5960 151.0 : 1994 : I : 5744 4182 10083 5674 1091 6891 16974 1498 37.7 II : 6044 4240 10431 5983 1254 7371 17802 1513 40.0 III : 6378 4326 10838 6160 1337 7622 18460 1547 38.4 IV : 6130 4900 11177 6050 1300 7470 18647 1595 38.1 Annual : Dec Proj : 24251 17648 42483 23806 5007 29318 71801 6133 154.0 Jan Proj : 24296 17648 42529 23868 4982 29354 71883 6153 154.2 : 1995 : I *: 5975 4475 10599 6150 1200 7475 18074 1545 39.1 II *: 6100 4325 10571 6350 1315 7800 18371 1555 41.0 III *: 6325 4425 10881 6500 1395 8030 18911 1555 39.3 IV *: 6075 4700 10917 6400 1380 7905 18822 1585 38.8 Annual : Dec Proj : 24475 18425 43478 25050 5290 30860 74338 6200 157.9 Jan Proj : 24475 17925 42968 25400 5290 31210 74178 6240 158.2 ================================================================================ * Projection. 1/ Commercial production for red meats; federally inspected for poultry meats. 2/ Beef, pork, veal and lamb & mutton. 3/ Broilers, turkeys and mature chicken. U.S. Quarterly Prices for Animal Products ================================================================================ Year : Choice : Barrows : : : : : and : steers :and gilts : Broilers : Turkeys : Eggs : Milk : quarter : 1/ : 2/ : 3/ : 4/ : 5/ : 6/ : ================================================================================ : Dol./cwt Dol./cwt Cents/lb. Cents/lb. Cents/doz. Dol./cwt 1993 : Annual : 76.36 46.10 55.2 62.6 72.5 12.80 : 1994 : I : 73.10 45.78 55.1 60.1 71.5 13.57 II : 68.79 42.90 60.0 63.1 63.3 13.03 III : 65.83 40.50 55.9 66.9 67.0 12.53 IV : 67.70 31.15 51.9 72.5 67.2 13.03 Annual : Dec Proj : 68.81 39.67 55.6 65.4 67.3 13.00-13.10 Jan Proj : 68.86 40.08 55.7 65.7 67.3 13.04 : 1995 : I *: 66-68 35-37 51-53 57-59 66-68 12.00-12.40 II *: 66-70 37-39 51-55 57-61 59-63 11.20-11.90 III *: 63-69 38-42 52-56 60-64 63-69 11.40-12.40 IV *: 65-71 36-40 50-54 63-69 66-72 12.25-13.25 Annual : Dec Proj : 65-69 34-37 50-54 59-63 63-68 11.75-12.55 Jan Proj : 65-70 37-39 51-55 59-63 64-68 11.70-12.50 ================================================================================ *Projection. 1/ Nebraska, Direct, 1100-1300 lbs. 2/ Iowa/So. Minn., No. 1-3. 3/ Wholesale, 12-city average. 4/ 8-16 lbs, hens, Eastern Region. 5/ Grade A large, New York, volume buyers. 6/ Price received by farmers for all milk. HDR201380000001 WASDE - U.S. MEATS WASDE-298-23 U.S. Meats Supply and Use ============================================================================ : Supply : Use :--------------------------------------------------------- : : : : : : : Consumption : : Pro- : : : : :--------------- : Beg- : duc- : : : : End- : : Per Item :inning: tion : Im- :Total : Ex- : ing : :capita :stocks: 1/ :ports :supply: ports:stocks:Total : 2/ ============================================================================ : Million pounds 3/ BEEF : 1993 : 360 23049 2401 25810 1275 529 24006 65.1 1994 Proj. Dec : 529 24358 2387 27274 1576 550 25148 67.5 Jan : 529 24403 2387 27319 1576 575 25168 67.5 1995 Proj. Dec : 550 24582 2485 27617 1715 450 25452 67.6 Jan : 575 24582 2485 27642 1640 450 25552 67.9 : PORK : 1993 : 385 17088 740 18213 435 359 17419 52.3 1994 Proj. Dec : 359 17706 754 18819 510 410 17899 53.2 Jan : 359 17706 744 18809 525 420 17864 53.1 1995 Proj. Dec : 410 18483 730 19623 520 375 18728 55.2 Jan : 420 17983 730 19133 495 375 18263 53.8 : TOTAL RED MEAT 4/ : 1993 : 758 40759 3194 44711 1718 900 42092 119.6 1994 Proj. Dec : 900 42674 3192 46766 2095 973 43698 122.9 Jan : 900 42720 3182 46802 2110 1008 43684 122.8 1995 Proj. Dec : 973 43669 3275 47917 2243 839 44835 125.0 Jan : 1008 43159 3265 47432 2143 839 44450 123.8 : BROILERS : 1993 : 368 22015 0 22383 1966 358 20059 68.3 1994 Proj. Dec : 358 23627 0 23985 2730 430 20825 70.2 Jan : 358 23688 0 24046 2810 440 20795 70.1 1995 Proj. Dec : 430 24861 0 25291 2830 480 21981 73.3 Jan : 440 25209 0 25649 3020 480 22149 73.9 : TURKEYS : 1993 : 272 4798 0 5069 212 249 4608 17.8 1994 Proj. Dec : 249 4955 0 5204 240 230 4734 18.1 Jan : 249 4930 0 5179 230 240 4709 18.1 1995 Proj. Dec : 230 5235 0 5465 280 265 4920 18.7 Jan : 240 5235 0 5475 260 265 4950 18.8 : TOTAL POULTRY 5/ : 1993 : 650 27328 0 27977 2234 615 25128 87.9 1994 Proj. Dec : 615 29088 0 29703 3065 670 25968 89.9 Jan : 615 29124 0 29739 3135 692 25912 89.7 1995 Proj. Dec : 670 30618 0 31288 3210 751 27327 93.6 Jan : 692 30965 0 31657 3380 751 27526 94.3 : RED MEAT & POULTRY: 1993 : 1408 68087 3194 72688 3953 1515 67221 207.6 1994 Proj. Dec : 1515 71762 3192 76469 5160 1643 69666 212.8 Jan : 1515 71844 3182 76541 5245 1700 69596 212.5 1995 Proj. Dec : 1643 74287 3275 79205 5453 1590 72162 218.6 Jan : 1700 74124 3265 79089 5523 1590 71976 218.1 ============================================================================ 1/ Total including farm production for red meats and, for poultry, federally inspected plus non-federally inspected, less condemnations. 2/ Retail-weight basis. 3/ Carcass weight for red meats and certified ready-to-cook weight for poultry. 4/ Beef, pork, veal, lamb and mutton. 5/ Broilers, turkeys and mature chicken. HDR201380000001 WASDE - U.S. EGGS & MILK WASDE-298-24 U.S. Egg Supply and Use =============================================================================== : : : 1994 Projected : 1995 Projected : : :-----------------:----------------- Commodity : 1992 : 1993 : Dec : Jan : Dec : Jan =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 13.0 13.5 10.7 10.7 13.0 15.0 Production : 5884.8 5960.2 6132.7 6152.8 6200.0 6240.0 Imports : 4.3 4.7 4.2 3.7 4.3 4.0 Total supply : 5902.1 5978.3 6147.6 6167.2 6217.3 6259.0 : Use : Exports : 157.0 158.9 185.0 185.0 170.0 180.0 Hatching use : 732.0 769.3 802.3 802.3 835.0 835.0 Ending stocks : 13.5 10.7 13.0 15.0 12.0 12.0 Consumption : Total : 4999.6 5039.4 5147.3 5164.9 5200.3 5232.0 Per capita (number) : 234.8 234.2 236.8 237.6 236.9 238.3 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : : : 1994/95 Proj 1/ Commodity :1990/91:1991/92:1992/93: 1993/94 :----------------- : 1/ : 1/ : 1/ : 1/ : Dec : Jan =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 5.2 5.2 5.0 5.0 4.6 4.6 Production : 148.5 150.8 151.5 152.6 157.3 157.5 Farm use : 2.0 1.9 1.9 1.9 1.9 1.9 Marketings : 146.5 148.8 149.6 150.7 155.4 155.6 Imports 2/ : 2.6 2.5 2.7 3.0 3.4 3.4 Total cml. supply 2/ : 154.3 156.6 157.3 158.7 163.4 163.6 Use : Commercial use 2/ : 138.6 141.5 144.6 150.0 152.5 152.5 Ending commercial stks. 2/: 5.2 5.0 5.0 4.6 5.2 5.2 CCC net removals: : Milkfat basis 3/ : 10.4 10.1 7.6 4.2 5.7 5.9 Skim-solids basis 3/ : 4.9 1.5 3.8 3.6 6.4 6.6 : : Dollars per cwt Prices rec'd. by farmers 4/: Manufacturing grade : 10.67 12.03 11.60 12.02 10.75- 10.80- : 11.35 11.30 All milk : 11.93 13.25 12.73 13.13 11.90- 11.95- : 12.50 12.45 : : Million pounds CCC product net removals 3/: Butter : 431 453 332 178 235 245 Cheese : 99 13 10 2 30 30 Nonfat dry milk : 334 105 293 290 505 520 Dry whole milk : 0 16 33 26 25 25 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning October 1. 2/ Milk equivalent, milkfat basis. 3/ Includes products exported under the Dairy Export Incentive Program. 4/ Milk of average fat test. Does not reflect any deductions from producers as authorized by legislation. HDR201380000001 GRAIN SUMMARY PART ONE WORLD AND U.S. SUPPLY AND USE FOR GRAINS 1/ WASDE-298-4 World and U.S. Supply and Use for Grains ======================================================= : Production : Total supply Commodity :=================================== : World : U.S. : World : U.S. ======================================================= : Million metric tons Total grains 3/ : 1992/93 : 1777.45 350.26 2101.52 401.61 1993/94 (Est.) : 1695.73 256.63 2066.20 342.64 1994/95 (Proj.) : December : 1745.90 351.22 2062.75 400.76 January : 1747.60 354.49 2065.44 404.03 : Wheat : 1992/93 : 561.87 67.14 692.21 81.97 1993/94 (Est.) : 558.93 65.22 707.23 82.62 1994/95 (Proj.) : December : 527.24 63.13 669.77 80.97 January : 527.50 63.16 670.86 80.94 : Rice, milled : 1992/93 : 352.58 5.70 408.18 6.77 1993/94 (Est.) : 350.87 4.96 405.59 6.43 1994/95 (Proj.) : December : 353.14 6.24 403.24 7.32 January : 353.76 6.28 403.52 7.36 : Coarse grains 4/ : 1992/93 : 862.99 277.42 1001.13 312.86 1993/94 (Est.) : 785.94 186.45 953.38 253.59 1994/95 (Proj.) : December : 865.52 281.85 989.74 312.47 January : 866.35 285.05 991.07 315.73 : Corn : 1992/93 : 533.19 240.72 614.04 268.85 1993/94 (Est.) : 467.52 160.95 572.61 215.16 1994/95 (Proj.) : December : 555.62 254.27 624.31 276.00 January : 555.89 256.63 624.75 278.35 ======================================================= METRIC CONVERSION FACTORS 1 Hectare = 2.4710 Acres 1 Kilogram = 2.205 Pounds --------------------------------------------------------------------- 1 Metric Ton : = Domestic Unit * Factor --------------------------------------------------------------------- Wheat & Soybeans : = bushels * .027216 Rice : = cwt * .045359 Rapeseed & Sunflowerseed : = cwt * .045359 Corn, Sorghum, Rye : = bushels * .025401 Barley : = bushels * .021772 Oats : = bushels * .014515 Sugar : = short tons * .907185 Cotton : = 480-lb bales * .217720 --------------------------------------------------------------------- HDR201380000001 GRAIN SUMMARY PART TWO WASDE-298-4 World and U.S. Supply and Use for Grains ======================================================================== : Trade : Consumption : Ending Stocks Commodity :==================================================== : World : U.S. : World : U.S. : World : U.S. ======================================================================== : Million metric tons Total grains 3/ : 1992/93 : 243.83 90.40 1731.06 232.42 370.46 78.79 1993/94 (Est.) : 233.78 76.28 1748.36 222.68 317.84 43.68 1994/95 (Proj.) : December : 222.05 88.08 1759.34 241.98 303.41 70.70 January : 226.29 93.90 1766.89 247.97 298.55 62.16 : Wheat : 1992/93 : 123.85 36.84 543.91 30.69 148.30 14.44 1993/94 (Est.) : 116.42 33.41 563.87 33.74 143.36 15.47 1994/95 (Proj.) : December : 109.35 34.02 551.58 32.85 118.18 14.10 January : 110.99 34.70 553.01 33.56 117.85 12.69 : Rice, milled : 1992/93 : 14.99 2.45 353.46 3.08 54.72 1.25 1993/94 (Est.) : 16.67 2.52 355.83 3.08 49.77 0.83 1994/95 (Proj.) : December : 15.79 2.70 357.00 3.24 46.24 1.38 January : 15.73 2.76 357.04 3.24 46.48 1.36 : Coarse grains 4/ : 1992/93 : 104.99 51.12 833.68 198.65 167.45 63.09 1993/94 (Est.) : 100.69 40.34 828.66 185.86 124.72 27.38 1994/95 (Proj.) : December : 96.90 51.36 850.76 205.90 138.98 55.21 January : 99.57 56.44 856.85 211.17 134.22 48.12 : Corn : 1992/93 : 69.85 42.25 508.96 172.93 105.09 53.67 1993/94 (Est.) : 66.01 33.74 503.75 159.82 68.86 21.60 1994/95 (Proj.) : December : 66.25 44.45 531.25 182.51 93.07 49.04 January : 68.49 49.53 536.20 186.70 88.56 42.12 ======================================================================== HDR201380000001 SOY AND COTTON SUMMARY PART ONE WASDE-298-5 World and U.S. Supply and Use for Oilseeds 1/ ======================================================= : Production : Total Supply Commodity :==================================== : World : U.S. : World : U.S. ======================================================= Soybeans : 1992/93 : 117.17 59.61 135.55 67.25 1993/94 (Est.) : 116.67 50.92 136.82 59.05 1994/95 (Proj.) : December : 132.93 68.65 149.98 74.48 January : 134.24 69.63 151.28 75.54 Soybean Meal : 1992/93 : 75.78 27.55 78.88 27.84 1993/94 (Est.) : 78.82 27.59 82.57 27.84 1994/95 (Proj.) : December : 82.98 29.20 86.25 29.39 January : 83.05 29.27 86.34 29.46 Soybean oil : 1992/93 : 17.10 6.25 19.42 7.27 1993/94 (Est.) : 17.87 6.31 19.86 7.04 1994/95 (Proj.) : December : 18.99 6.91 20.45 7.42 January : 18.93 6.85 20.39 7.36 : Sunflowerseed : 1992/93 : 21.31 1.16 22.01 1.47 1993/94 (Est.) : 20.97 1.17 21.40 1.26 1994/95 (Proj.) : December : 22.37 2.07 22.83 2.15 January : 22.35 2.19 22.81 2.27 Sunflower Meal : 1992/93 : 8.28 0.44 8.53 0.45 1993/94 (Est.) : 8.01 0.33 8.26 0.33 1994/95 (Proj.) : December : 8.62 0.51 8.89 0.52 January : 8.59 0.54 8.85 0.54 Sunflower oil : 1992/93 : 7.37 0.33 8.07 0.38 1993/94 (Est.) : 7.16 0.26 7.74 0.29 1994/95 (Proj.) : December : 7.67 0.41 8.22 0.44 January : 7.63 0.43 8.18 0.46 : Rapeseed : 1992/93 : 25.31 0.07 26.44 0.09 1993/94 (Est.) : 26.79 0.12 27.95 0.47 1994/95 (Proj.) : December : 29.41 0.19 30.19 0.69 January : 29.44 0.21 30.22 0.70 Rapeseed Meal : 1992/93 : 14.04 0.04 14.51 0.59 1993/94 (Est.) : 15.14 0.29 15.63 1.01 1994/95 (Proj.) : December : 16.13 0.34 16.62 1.10 January : 16.15 0.34 16.64 1.10 Rapeseed Oil : 1992/93 : 8.40 0.02 8.89 0.45 1993/94 (Est.) : 9.17 0.19 9.58 0.63 1994/95 (Proj.) : December : 9.73 0.22 10.12 0.71 January : 9.73 0.22 10.12 0.69 ======================================================= HDR201380000001 SOY AND COTTON SUMMARY PART TWO World and U.S. Supply and Use for Oilseeds 1/ ========================================================================= :: Exports : Consumption 2/ : Ending Stocks Commodity :====================================================== :: World : U.S. : World : U.S. : World : U.S. ========================================================================= Soybeans : 1992/93 : 29.59 20.94 96.15 34.81 20.15 7.95 1993/94 (Est.) : 28.06 16.03 99.64 34.62 17.05 5.69 1994/95 (Proj.) : December : 32.37 21.36 104.94 36.88 24.94 13.06 January : 32.50 21.50 105.07 37.01 26.06 13.88 Soybean Meal : 1992/93 : 27.38 5.65 74.75 22.00 3.75 0.19 1993/94 (Est.) : 29.34 4.86 78.66 22.85 3.29 0.14 1994/95 (Proj.) : December : 29.64 5.35 82.79 23.77 3.33 0.27 January : 29.66 5.28 82.77 23.90 3.33 0.27 Soybean oil : 1992/93 : 4.24 0.64 17.24 5.92 1.98 0.71 1993/94 (Est.) : 4.96 0.69 18.29 5.85 1.46 0.50 1994/95 (Proj.) : December : 4.91 0.84 18.72 5.96 1.62 0.61 January : 4.94 0.88 18.65 5.90 1.60 0.58 : Sunflowerseed : 1992/93 : 1.91 0.12 18.49 0.92 0.43 0.07 1993/94 (Est.) : 1.98 0.10 17.77 0.66 0.46 0.07 1994/95 (Proj.) : December : 2.47 0.20 18.80 1.03 0.85 0.41 January : 2.53 0.25 18.71 1.08 0.84 0.41 Sunflower Meal : 1992/93 : 1.80 0.05 8.62 0.40 0.26 0.00 1993/94 (Est.) : 1.97 0.04 7.98 0.29 0.26 0.00 1994/95 (Proj.) : December : 2.12 0.05 8.50 0.47 0.28 0.00 January : 2.12 0.05 8.47 0.49 0.28 0.00 Sunflower oil : 1992/93 : 2.20 0.27 7.59 0.09 0.57 0.03 1993/94 (Est.) : 2.05 0.20 7.41 0.06 0.55 0.03 1994/95 (Proj.) : December : 2.41 0.30 7.64 0.09 0.59 0.05 January : 2.36 0.31 7.64 0.10 0.60 0.05 : Rapeseed : 1992/93 : 4.00 0.05 22.83 0.03 1.15 0.00 1993/94 (Est.) : 4.97 0.04 24.69 0.39 0.78 0.04 1994/95 (Proj.) : December : 5.69 0.05 26.34 0.56 1.29 0.07 January : 5.69 0.05 26.38 0.59 1.28 0.05 Rapeseed Meal : 1992/93 : 3.27 0.00 14.16 0.59 0.48 0.01 1993/94 (Est.) : 3.00 0.00 15.38 1.00 0.48 0.01 1994/95 (Proj.) : December : 3.18 0.00 16.35 1.09 0.45 0.01 January : 3.18 0.00 16.37 1.10 0.45 0.01 Rapeseed Oil : 1992/93 : 1.65 0.01 8.55 0.41 0.41 0.03 1993/94 (Est.) : 1.79 0.03 9.20 0.56 0.39 0.03 1994/95 (Proj.) : December : 1.99 0.04 9.72 0.63 0.42 0.04 January : 1.99 0.04 9.71 0.62 0.42 0.03 ========================================================================= NOTE: Reliability estimates at end of report. 1/ Aggregate of local marketing years. 2/ Based on export estimate. See individual commodity tables for treatment of export/import imbalances. COTTON HIGHLIGHTS Significantly larger export prospects again dominate this month's U.S. cotton outlook for 1994/95. Export sales continued to surge during December as textile mills overseas moved to cover needs in the face of dwindling foreign supplies. As a result, U.S. exports are revised up this month by 12 percent to 9.2 million bales, the highest since 1979/80. With mill use still forecast at 11 million bales and production up marginally to a record 19.7 million, this season's ending stocks are revised down 20 percent to 3.2 million bales. The projected carryover is 9 percent below the beginning level and the lowest since 1990/91. This month's world cotton outlook for 1994/95 features smaller production and stocks, along with increased trade. Output is projected at 84 million bales, 2 percent below last month's forecast due primarily to smaller crops in China, Pakistan, and Uzbekistan. Both China and Pakistan remain active in the import market, helping to boost this month's world trade estimate about 3 percent. Global use is revised up marginally. This season's ending stocks are projected at 28.6 million bales, 7 percent below month-earlier indications. APPROVED: /s/ Richard E. Rominger ACTING SECRETARY OF AGRICULTURE World and U.S. Supply and Use for Cotton 1/ Million 480-lb. bales ========================================================== : Production : Total supply :Trade 2/ Year :========================================== : World : U.S. : World : U.S. : World ========================================================== : 1992/93 : 82.73 16.22 122.84 19.92 25.42 1993/94 (Est.) : 76.92 16.13 114.25 20.80 26.84 1994/95 (Proj.): December : 85.82 19.57 116.20 23.11 27.24 January : 84.01 19.73 113.96 23.26 27.92 ========================================================== ========================================================= : Trade : Consumption : Ending stocks Year :========================================= : U.S. : World : U.S. : World : U.S. ========================================================= : 1992/93 : 5.20 85.65 10.25 37.33 4.66 1993/94 (Est.) : 6.86 84.89 10.42 29.94 3.53 1994/95 (Proj.): December : 8.20 85.80 11.00 30.85 4.00 January : 9.20 86.11 11.00 28.57 3.20 ========================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. See global cotton tables for treatment of export/import imbalances. WASDE-293-26 World Cotton Supply and Use 1/ (Million 480-pound bales) =============================================================================== : Supply : Use : : Region :=========================:================: Loss : Ending :Beginning:Produc-:Imports:Domestic:Exports: 2/ : stocks : stocks : tion : 3/ : : 3/ : : =============================================================================== : : 1992/93 : World : 40.11 82.73 26.39 85.65 25.42 0.83 37.33 United States : 3.70 16.22 4/ 10.25 5.20 -0.19 4.66 Total Foreign : 36.41 66.51 26.39 75.40 20.22 1.02 32.67 Major exporters 5/: 27.84 58.67 2.59 48.03 15.54 0.72 24.82 China : 14.18 20.70 0.24 21.50 0.68 0.60 12.34 Pakistan : 2.98 7.07 0.02 6.63 1.18 0.10 2.16 India : 2.73 10.93 0.09 9.76 1.08 0.00 2.92 Uzbekistan : 2.30 6.00 0.00 0.95 5.50 0.00 1.85 Turkmenistan : 0.54 1.79 0.00 0.08 1.80 0.00 0.45 Afr. Fr. Zone 6/: 0.46 2.50 0.02 0.28 2.05 0.00 0.65 S. Hemisphere 7/: 3.91 5.14 0.97 4.24 2.70 -0.01 3.09 Australia : 0.85 1.71 0.00 0.13 1.70 0.00 0.74 Brazil : 2.14 2.11 0.97 3.45 0.11 0.00 1.66 Major importers : 5.14 1.69 18.87 18.73 1.73 0.24 5.00 Europe : 2.38 1.58 6.71 7.11 1.16 0.19 2.20 Selected Asia 8/: 2.59 0.12 9.52 9.42 0.12 0.05 2.64 Japan : 0.58 0.00 2.23 2.30 0.00 0.00 0.50 South Korea : 0.57 4/ 1.71 1.62 0.00 0.00 0.66 Russia : 0.16 0.00 2.65 2.20 0.45 0.00 0.16 : : 1993/94 (Estimated) : World : 37.33 76.92 27.94 84.89 26.84 0.52 29.94 United States : 4.66 16.13 0.01 10.42 6.86 -0.01 3.53 Total Foreign : 32.67 60.79 27.93 74.47 19.98 0.53 26.41 Major exporters 5/: 24.82 53.49 4.04 47.81 15.33 0.39 18.82 China : 12.34 17.20 0.87 20.90 0.75 0.30 8.47 Pakistan : 2.16 6.28 0.35 6.50 0.32 0.06 1.92 India : 2.92 9.60 0.24 9.95 0.30 0.00 2.50 Uzbekistan : 1.85 6.24 0.00 0.93 6.20 0.00 0.96 Turkmenistan : 0.45 1.85 0.00 0.10 2.00 0.00 0.20 Afr. Fr. Zone 6/: 0.65 2.43 0.04 0.31 2.13 0.00 0.67 S. Hemisphere 7/: 3.09 5.00 1.94 4.53 2.39 0.01 3.11 Australia : 0.74 1.51 0.00 0.15 1.53 0.00 0.57 Brazil : 1.66 1.86 1.87 3.77 0.01 0.00 1.62 Major importers : 5.00 1.74 18.84 18.49 1.78 0.07 5.25 Europe : 2.20 1.70 6.80 7.05 1.05 0.02 2.59 Selected Asia 8/: 2.64 0.04 9.44 9.44 0.13 0.05 2.50 Japan : 0.50 0.00 1.99 2.07 0.00 0.00 0.42 South Korea : 0.66 4/ 1.63 1.60 0.00 0.00 0.68 Russia : 0.16 0.00 2.60 2.00 0.60 0.00 0.16 =============================================================================== 1/ Marketing year beginning August 1. Totals may not add exactly and trade may not balance due to rounding and other factors. 2/ For foreign countries, reflects cotton lost or destroyed in the marketing channel; for the United States, reflects the difference between ending stocks based on Bureau of Census data and implicit stocks based on supply less total use. 3/ World trade includes estimated trade among the 12 countries of the former USSR and three Baltic states of 3.65 million bales in 1992/93 and 3.36 million in 1993/94. 4/ Less than 5,000 bales. 5/ Includes Egypt, Sudan, and Turkey in addition to the countries and regions listed. 6/ Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, Brazil, and Paraguay. 8/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-293-27 World Cotton Supply and Use 1/ (Million 480-pound bales) =============================================================================== : Supply : Use : : Region :=========================:================: Loss : Ending :Beginning:Produc-:Imports:Domestic:Exports: 2/ : stocks : stocks : tion : 3/ : : 3/ : : =============================================================================== : : 1994/95 (Projected) : World : December : 30.38 85.82 27.85 85.80 27.24 0.15 30.85 January : 29.94 84.01 28.76 86.11 27.92 0.11 28.57 United States : December : 3.53 19.57 0.01 11.00 8.20 -0.09 4.00 January : 3.53 19.73 0.01 11.00 9.20 -0.14 3.20 Total Foreign : December : 26.85 66.25 27.84 74.80 19.04 0.25 26.85 January : 26.41 64.29 28.75 75.11 18.72 0.25 25.37 Major exporters 5/: December : 19.11 58.06 4.41 48.05 14.21 0.09 19.22 January : 18.82 56.27 5.21 48.35 13.94 0.09 17.92 China Dec : 8.47 20.70 1.40 21.20 0.65 0.00 8.72 Jan : 8.47 19.50 1.85 21.20 0.55 0.00 8.07 Pakistan Dec : 1.92 6.30 0.30 6.30 0.00 0.05 2.17 Jan : 1.92 6.00 0.60 6.30 0.00 0.05 2.17 India Dec : 2.50 10.00 0.25 10.20 0.30 0.00 2.25 Jan : 2.50 10.00 0.25 10.20 0.30 0.00 2.25 Uzbekistan Dec : 0.96 6.00 0.00 0.90 5.45 0.00 0.61 Jan : 0.96 5.85 0.00 0.90 5.35 0.00 0.56 TurkmenistanDec : 0.20 1.85 0.00 0.10 1.75 0.00 0.20 Jan : 0.20 1.79 0.00 0.10 1.70 0.00 0.18 Afr.Fr.Zn.6/Dec : 0.67 2.98 0.04 0.32 2.79 0.00 0.57 Jan : 0.67 2.98 0.04 0.32 2.79 0.00 0.57 S. Hem. 7/ Dec : 3.20 5.55 1.65 4.60 2.63 0.01 3.16 Jan : 3.11 5.48 1.75 4.70 2.60 0.01 3.02 Australia Dec : 0.57 1.20 0.02 0.16 1.15 0.00 0.48 Jan : 0.57 1.20 0.02 0.16 1.15 0.00 0.48 Brazil Dec : 1.71 2.30 1.60 3.80 0.03 0.00 1.79 Jan : 1.62 2.30 1.70 3.90 0.03 0.00 1.70 Maj. imp. Dec : 5.39 1.77 18.40 18.36 1.88 0.09 5.23 Jan : 5.25 1.77 18.50 18.38 1.94 0.10 5.10 Europe Dec : 2.69 1.72 6.47 7.08 1.15 0.04 2.61 Jan : 2.59 1.72 6.62 7.16 1.20 0.05 2.52 Sel. Asia 8/Dec : 2.54 0.05 9.43 9.48 0.13 0.05 2.35 Jan : 2.50 0.05 9.38 9.43 0.13 0.05 2.31 Japan Dec : 0.46 0.00 1.90 1.90 0.00 0.00 0.46 Jan : 0.42 0.00 1.85 1.85 0.00 0.00 0.42 S. Korea Dec : 0.68 4/ 1.68 1.68 0.00 0.00 0.69 Jan : 0.68 4/ 1.68 1.68 0.00 0.00 0.69 Russia Dec : 0.16 0.00 2.50 1.80 0.60 0.00 0.26 Jan : 0.16 0.00 2.50 1.80 0.60 0.00 0.26 =============================================================================== 1/ Marketing year beginning August 1. Totals may not add exactly and trade may not balance due to rounding and other factors. 2/ For foreign countries, reflects cotton lost or destroyed in the marketing channel; for the United States, reflects the difference between ending stocks based on Bureau of Census data and implicit stocks based on supply less total use. 3/ World trade includes estimated trade among the 12 countries of the former USSR and three Baltic states of 3.3 million bales. 4/ Less than 5,000 bales. 5/ Includes Egypt, Sudan, and Turkey in addition to the countries and regions listed. 6/ Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, Brazil, and Paraguay. 8/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-293-28 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :================================== : : : December : January =============================================================================== : Domestic measure Area : Million acres Planted : 13.24 13.44 14.06 13.73 Harvested : 11.12 12.78 13.45 13.33 : Pounds Yield per harv. acre : 700 606 699 710 : Million 480 pound bales Beginning stocks 2/ : 3.70 4.66 3.53 3.53 Production : 16.22 16.13 19.57 19.73 Supply, total 3/ : 19.92 20.80 23.11 23.26 Domestic use : 10.25 10.42 11.00 11.00 Exports : 5.20 6.86 8.20 9.20 Use, total : 15.45 17.28 19.20 20.20 Unaccounted 4/ : -0.19 -0.01 -0.09 -0.14 Ending stocks : 4.66 3.53 4.00 3.20 Avg. farm price 6/ : 54.90 59.00 7/ 7/ : : Metric measure Area : Million hectares Planted : 5.36 5.44 5.69 5.56 Harvested : 4.50 5.17 5.44 5.39 : : Metric tons Yield / harv. hectare : 0.78 0.68 0.78 0.80 : Million metric tons Beginning stocks 2/ : 0.81 1.02 0.77 0.77 Production : 3.53 3.51 4.26 4.30 Supply, total 3/ : 4.34 4.53 5.03 5.06 Domestic use : 2.23 2.27 2.40 2.40 Exports : 1.13 1.49 1.79 2.00 Use, total : 3.36 3.76 4.18 4.40 Unaccounted 4/ : -0.04 5/ -0.02 -0.03 Ending stocks : 1.02 0.77 0.87 0.70 Avg. farm price 6/ : 1.21 1.30 7/ 7/ =============================================================================== 1/ Upland and extra-long staple; marketing year beginning August 1. Totals may not add due to rounding. 2/ Based on Bureau of Census data. 3/ Includes imports. 4/ Reflects the difference between ending stocks based on Bureau of Census data and the previous season's supply less total use. 5/ Less than 5,000 bales, domestic measure; less than 5,000 tons, metric measure. 6/ Domestic measure, cents per pound; metric measure, dollars per kilogram. 7/ USDA is prohibited from publishing cotton price projections. HDR101380000014 WASDE RELIABILITY TABLES WASDE-298-29 Note: Tables on pages 29-31 present a 13-year record of the differences between the January projection and the final estimate. Using world wheat production as an example, changes between the January projection and the final estimate have averaged 3.5 million tons (0.7%) ranging from -8.3 to 6.4 million tons. The January projection has been below the estimate 8 times and above 5 times. Reliability of January Projections -------------------------------------------------------------------------------- :Differences between proj. and final estimate, 1981/82-93/94 1/ Commodity and :-------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final -------------------------------------------------------------------------------- WHEAT :Percent Million metric tons Number of years 2/ Production : World : 0.7 3.5 -8.3 6.4 8 5 U.S. : 0.0 0.0 -0.1 0.1 6 2 Foreign : 0.8 3.5 -8.3 6.4 8 5 Exports : World : 2.6 2.8 -6.2 4.7 7 6 U.S. : 3.9 1.5 -3.9 2.7 7 6 Foreign : 3.3 2.5 -4.6 3.7 9 4 Domestic use : World : 1.2 5.9 -14.3 11.0 8 5 U.S. : 5.9 1.7 -2.6 3.0 5 8 Foreign : 1.1 5.2 -14.8 8.6 8 5 Ending stocks : World : 3.9 4.7 -11.1 8.1 9 4 U.S. : 9.3 2.2 -4.6 4.6 8 5 Foreign : 4.0 3.5 -8.7 4.8 9 4 : COARSE GRAINS 3/ : Production : World : 0.9 6.9 -17.9 8.2 7 6 U.S. : 0.3 0.8 -4.6 1.3 9 1 Foreign : 1.1 6.4 -15.1 8.2 7 6 Exports : World : 4.8 4.9 -10.8 13.3 8 5 U.S. : 10.1 5.0 -11.1 12.4 7 6 Foreign : 6.9 3.5 -7.9 8.0 6 7 Domestic use : World : 0.9 7.5 -16.0 10.7 5 8 U.S. : 3.2 5.4 -18.8 11.5 6 7 Foreign : 1.0 6.2 -11.0 10.8 7 6 Ending stocks : World : 7.2 10.4 -28.9 17.6 10 3 U.S. : 10.1 7.5 -24.3 20.8 8 5 Foreign : 9.7 5.5 -9.7 10.8 10 3 : RICE, milled : Production : World : 1.6 5.0 -12.6 1.8 11 2 U.S. : 1.3 0.1 -0.2 0.2 5 1 Foreign : 1.6 5.0 -12.6 1.8 11 2 Exports : World : 6.4 0.8 -2.5 1.0 10 3 U.S. : 5.5 0.1 -0.5 0.2 5 6 Foreign : 7.7 0.8 -2.4 1.0 10 3 -------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-298-30 Reliability of January Projections (Continued) -------------------------------------------------------------------------------- :Differences between proj. and final estimate, 1981/82-93/94 1/ Commodity and :-------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final -------------------------------------------------------------------------------- RICE, milled :Percent Million metric tons Number of years 2/ Domestic use : World : 1.4 4.2 -12.3 2.9 10 3 U.S. : 6.9 0.2 -0.3 0.5 6 7 Foreign : 1.4 4.2 -12.4 2.6 10 3 Ending stocks : World : 8.4 2.7 -7.3 3.9 9 4 U.S. : 16.0 0.2 -0.3 0.4 8 4 Foreign : 8.7 2.7 -7.1 3.7 9 4 : SOYBEANS : Production : World : 1.8 1.8 -4.6 2.9 7 6 U.S. : 1.4 0.7 -1.6 1.8 6 6 Foreign : 3.6 1.7 -2.9 2.6 8 5 Exports : World : 4.0 1.1 -1.7 2.7 7 6 U.S. : 6.3 1.2 -2.4 4.3 7 6 Foreign : 15.9 1.1 -3.3 2.1 7 6 Domestic use : World : 2.3 2.4 -5.0 3.6 6 7 U.S. : 2.2 0.7 -3.1 0.8 8 5 Foreign : 3.0 2.1 -3.6 3.6 6 7 Ending stocks : World : 9.5 1.7 -3.4 5.0 6 7 U.S. : 20.0 1.6 -2.6 4.9 5 8 Foreign : 12.4 1.3 -2.9 1.5 7 6 : COTTON : Production : Million 480-pound bales World : 2.2 1.9 -5.4 3.6 7 5 U.S. : 0.7 0.1 -0.1 0.3 3 9 Foreign : 2.8 1.9 -5.7 3.5 7 5 Exports : World : 4.6 1.1 -2.7 0.9 7 6 U.S. : 9.0 0.4 -1.0 0.8 5 8 Foreign : 5.5 1.0 -3.5 1.0 8 5 Mill use : World : 2.1 1.6 -6.3 1.3 7 6 U.S. : 4.9 0.4 -0.9 0.5 10 2 Foreign : 2.0 1.5 -5.8 1.8 7 6 Ending stocks : World : 11.1 3.7 -6.1 8.1 5 8 U.S. : 14.3 0.7 -0.8 2.1 4 9 Foreign : 11.2 3.3 -6.3 7.6 6 7 -------------------------------------------------------------------------------- 1/ Final estimate for 1981/82-93/94 is defined as the first November estimate following the marketing year. 2/ May not total 13 if projection was the same as final estimate. 3/ Includes corn, sorghum, barley, oats, rye, millet and mixed grain. WASDE-298-31 Reliability of United States January Projections 1/ -------------------------------------------------------------------------------- Commodity :Differences between proj. and final estimate, 1981/82-93/94 2/ :-------------------------------------------------------------- : Avg. : Avg. : Difference : Below final : Above final -------------------------------------------------------------------------------- :Percent Million bushels Number of years 3/ CORN : Production : 0.4 26 -148 38 4 1 Exports : 9.8 164 -379 384 7 6 Domestic use : 3.3 187 -574 345 5 8 Ending stocks : 13.1 310 -986 838 9 4 : SORGHUM : Production : 0.7 6 -53 14 1 3 Exports : 18.0 43 -90 97 9 4 Domestic use : 12.5 61 -148 127 6 7 Ending stocks : 30.1 45 -78 98 5 8 : BARLEY : Production : 0.4 2 -3 11 7 1 Exports : 16.6 13 -37 23 4 8 Domestic use : 5.8 24 -43 70 8 4 Ending stocks : 6.5 14 -52 18 9 4 : OATS : Production : 0.1 0 -2 0 3 0 Exports : 68.7 2 -1 7 3 6 Domestic use : 3.9 18 -39 36 7 6 Ending stocks : 12.4 19 -47 34 8 5 : : Thousand Short Tons SOYBEAN MEAL : Production : 2.4 653 -2270 713 9 4 Exports : 8.0 498 -1400 941 7 6 Domestic use : 2.3 489 -1200 575 8 5 Ending stocks : 39.7 92 -214 188 3 9 : : Million Pounds SOYBEAN OIL : Production : 2.3 293 -889 575 9 4 Exports : 14.2 184 -414 425 5 8 Domestic use : 2.3 251 -885 400 9 4 Ending stocks : 18.0 250 -501 538 8 5 -------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 3.3 767 -666 1688 7 4 Pork : 3.0 464 -820 1717 7 4 Broilers : 1.6 264 -181 512 9 2 Turkeys : 2.4 92 -177 181 8 3 : : Million dozen Eggs : 1.5 85 -110 169 7 4 : : Billion pounds Milk : 1.3 1.8 -3.2 5.6 4 7 -------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-93/94 is defined as the first November estimate following the marketing year. 3/ May not total 13 for crops and 11 for animal production if projection was the same as final estimate. 4/ Calendar years 1983 through 1993 for meats and eggs; October-September years 1982/83 and 1992/93 for milk. Final for animal products is defined as latest annual production estimate published by NASS.