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-300 - March 10, 1995 HIGHLIGHTS WHEAT: Projected U.S. 1994/95 ending stocks of wheat are up 25 million bushels from last month because of a reduction in exports. The smaller projected exports are due to a slower than expected pace of sales and shipments to date. The projected price range is unchanged at $3.40 to $3.50 per bushel. Global 1994/95 production and ending stocks are up marginally from last month, with a larger crop in India accounting for much of the gains. Forecast imports are down for Russia and several other countries, but up for Morocco. On the export side, projected exports are higher for Eastern Europe and India, but lower for the EU and the United States. COARSE GRAINS: Projected U.S. 1994/95 ending stocks of corn are down 48 million bushels from last month, with imports up 2 million and exports up 50 million bushels. The projected price range for corn is narrowed 5 cents on each end to $2.15 to $2.25 per bushel. Projected world 1994/95 coarse grain production, use and ending stocks are down from last month. Projected corn production in South Africa is down 2 million tons from last month to 5 million, as poor weather conditions cut yield prospects. Projected supplies are down even more than the crop because larger than expected old-crop exports reduced the prospective carryin stocks. The projection of South Africa's corn exports is reduced from 500,000 tons to zero for the local marketing year (May-April), while marketing-year imports are projected at 1.75 million tons. However, only 500,000 tons of imports are expected to occur during the U.S. 1994/95 September-August marketing year. Projected imports are also up this month for Zambia and Kenya. U.S. corn exports will benefit from the higher projected global corn imports. RICE: U.S. 1994/95 rough rice supply and use projections are unchanged from last month. However, the milling rate is increased to 73 percent from 70 percent last month, resulting in an increase in the projections of U.S. milled rice supply and use. The projected price range is raised 50 cents on the low end to $6.50 to $7.00 per cwt. Global milled rice production, consumption, exports and ending stocks for 1994/95 are projected higher than last month. Larger crops in Australia, Brazil and India more than offset a smaller harvest in Bangladesh. Besides the United States, exports are projected larger for India, Italy and Uruguay. OILSEEDS: The U.S. oilseed and product outlook is little changed this month. Lower U.S. soybean meal export prospects are offset by increased domestic use. Season-average prices for U.S. soybeans and products are unchanged this month. Sunflowerseed crush is increased and stocks are reduced, but projected sunflowerseed and soybean ending stocks are each the second highest on record. World supply changes this month are dominated by increased soybean production, mainly in China and to a lesser extent in Brazil and Paraguay. Palm oil production is lifted for Indonesia. World 1994/95 soybean production is forecast at 137.9 million tons this month, up nearly 3 million from last month and about 20 million tons from last year. China's soybean crop is increased by over 2 million tons to 16.3 million based on official data. In Brazil and Paraguay, good-to-excellent weather conditions support higher yield and production estimates this month. Projected world 1994/95 trade and consumption in oilseeds and oils are raised this month. Upward revisions reflect stronger demand for vegetable oils, mainly in China, increased foreign seed output and changes in India's import programs. China's imports of rapeseed oil and palm oil are increased by 0.3 and 0.4 million tons, respectively, based on higher-than- expected October-December import data. As a result of larger seed crush and higher oil imports, China's vegetable oil consumption is lifted by 1.0 million tons for 1994/95, to 8.7 million tons. Larger China rapeseed oil imports are met by increased Canadian rapeseed exports to Western Europe and higher EU oil exports to China. In India, lower tariffs on soft oils are forecast to lift sunflowerseed oil and soybean oil imports. Also, granting of import licenses to India's soybean crushers will aid soybean imports and reexports of soybean meal. In Brazil and Paraguay, larger prospective crops are expected to add to Brazil's crush and meal exports. These larger soybean meal exports are expected to reduce U.S. soybean meal export prospects. Relatively small increases in soybean meal use prospects for the EU and some Asian countries will moderate the impact on U.S. exports. SUGAR: U.S. sugar production in fiscal year 1994/95 is projected at 8.24 million short tons, raw value, unchanged from last month. Imports under quota in 1993/94 are increased, which means less sugar can enter under quota in 1994/95. "Other" imports of sugar in 1994/95 are revised down because imports under the refined sugar reexport programs are being delayed to take advantage of lower futures prices for world market raw sugar scheduled for 1996 delivery. Ending stocks include approximately 311,000 tons of "blocked stocks" that cannot be marketed in the United States because of domestic marketing allotments. LIVESTOCK, POULTRY, DAIRY: The U.S. meat production forecast for 1995 is little changed from last month and is still expected to be up about 3.5 percent from last year's level. Export prospects for broilers continue to improve and the forecast for 1995 is raised 175 million pounds this month. Last year was a very good year for meat exports with beef, pork, broilers and turkeys showing increases of 26, 22, 46 and 16 percent, respectively. Revisions to milk production estimates by NASS for 1993 and 1994 showed lower production than previously reported. Largely because of this lower base, the milk production forecast for 1994/95 is lowered this month. Demand for dairy products (foreign and domestic) continues to surpass expectations, resulting in higher milk prices than expected. Most of the surplus is moving through the Dairy Export Incentive Program rather than into CCC stocks. COTTON: See page 25 for highlights. APPROVED: RICHARD E. ROMINGER ACTING SECRETARY OF AGRICULTURE * * * * * * * * * * NOTE:The next issue of this report will be released 8:30 a.m. E. T. on April 11 The cotton portion of the report will be released at 3:00 p.m. E.T.on April 10, 1995. HDR101380000001 HDR201380000001 WASDE - U.S. WHEAT WASDE-300-6 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : February March =============================================================================== Area : Million acres Planted : 72.2 72.2 70.4 70.4 Harvested : 62.8 62.7 61.8 61.8 Yield per harvested : Bushels acre : 39.3 38.2 37.6 37.6 : Million bushels Beginning stocks : 475 531 568 568 Production : 2,467 2,396 2,321 2,321 Imports : 70 109 90 90 Supply, total : 3,012 3,036 2,979 2,979 Food : 834 869 875 875 Seed : 99 96 98 98 Feed and residual : 194 274 250 250 Domestic, total : 1,128 1,240 1,223 1,223 Exports : 1,354 1,228 1,300 1,275 Use, total : 2,481 2,467 2,523 2,498 Ending stocks, total : 531 568 456 481 Farmer-owned reserve 2/ : 28 6 0 0 CCC inventory : 150 150 142 142 Free stocks : 353 412 314 339 Outstanding loans : 47 67 45 45 Avg. farm price ($/bu) 3/ : 3.24 3.26 3.40-3.50 3.40-3.50 =============================================================================== 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/ : 1,200 769 479 386 145 2,979 Domestic use : 544 282 221 99 78 1,223 Exports : 470 300 225 240 40 1,275 Use, total : 1,014 582 446 339 118 2,498 Ending stocks, total : March : 187 187 33 47 27 481 February : 177 175 33 44 27 456 =============================================================================== 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-300-7 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : February March =============================================================================== TOTAL : Area : Million acres Planted : 3.18 2.92 3.35 3.35 Harvested : 3.13 2.83 3.32 3.32 Yield per harvested : Pounds acre : 5,736 5,510 5,964 5,964 : Million hundredweight Beginning stocks 2/ : 27.4 39.4 26.0 26.0 Production : 179.7 156.1 197.8 197.8 Imports : 6.1 6.9 8.0 8.0 Supply, total : 213.2 202.5 231.8 231.8 Domestic & residual 3/ : 96.7 96.9 102.0 102.0 Exports : 77.0 79.6 89.0 89.0 Use, total : 173.7 176.4 191.0 191.0 Ending stocks : 39.4 26.0 40.8 40.8 CCC inventory : 0.1 0.0 0.1 0.1 Free stocks : 39.3 26.0 40.7 40.7 Avg. farm price ($/cwt) 4/ : 5.89 7.98 6.00-7.00 6.50-7.00 : LONG GRAIN : Harvested acres (mil.) : 2.37 2.03 2.38 2.38 Yield (pounds/acre) : 5,397 5,082 5,609 5,609 Beginning stocks (mil. cwt): 13.0 21.6 15.2 15.2 Production : 128.0 103.1 133.4 133.4 Supply, total 5/ : 146.4 130.9 155.7 155.7 Domestic & residual 3/ : 60.8 64.2 65.0 65.0 Exports 6/ : 64.0 51.5 71.0 71.0 Use, total : 124.8 115.7 136.0 136.0 Ending stocks : 21.6 15.2 19.7 19.7 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.76 0.81 0.94 0.94 Yield (pounds/acre) : 6,795 6,590 6,866 6,866 Beginning stocks (mil. cwt): 12.9 15.8 10.1 10.1 Production : 51.6 53.0 64.3 64.3 Supply, total 5/ : 64.8 70.8 76.1 76.1 Domestic & residual 3/ : 35.9 32.8 37.0 37.0 Exports 6/ : 13.0 27.9 18.0 18.0 Use, total : 48.9 60.7 55.0 55.0 Ending stocks : 15.8 10.1 21.1 21.1 =============================================================================== 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-300-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : February March =============================================================================== FEED GRAINS : Area : Million acres Planted : 108.2 98.8 102.7 102.7 Harvested : 95.9 82.4 92.6 92.6 Yield per harvested : Metric tons acre : 2.89 2.26 3.08 3.08 : Million metric tons Beginning stocks : 34.0 63.1 27.4 27.4 Production : 277.1 186.2 284.8 284.8 Imports : 1.2 3.6 2.9 2.9 Supply, total : 312.3 252.9 315.0 315.1 Feed and residual : 154.0 139.0 161.5 161.5 Food, seed & industrial : 44.1 46.2 49.0 49.0 Domestic, total : 198.1 185.2 210.5 210.5 Exports : 51.1 40.3 56.7 57.9 Use, total : 249.3 225.5 267.1 268.4 Ending stocks, total : 63.1 27.4 47.9 46.7 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 42.5 41.3 Outstanding loans : 18.5 2.3 13.6 12.2 : CORN : Area : Million acres Planted : 79.3 73.2 79.2 79.2 Harvested : 72.1 62.9 72.9 72.9 Yield per harvested : Bushels acre : 131.5 100.7 138.6 138.6 : Million bushels Beginning stocks : 1,100 2,113 850 850 Production : 9,477 6,336 10,103 10,103 Imports : 7 21 5 7 Supply, total : 10,584 8,470 10,958 10,960 Feed and residual : 5,296 4,704 5,650 5,650 Food, seed & industrial : 1,511 1,588 1,700 1,700 Domestic, total : 6,808 6,292 7,350 7,350 Exports : 1,663 1,328 1,950 2,000 Use, total : 8,471 7,620 9,300 9,350 Ending stocks, total : 2,113 850 1,658 1,610 Farmer-owned reserve : 13 119 150 150 CCC inventory : 56 45 43 43 Free stocks : 2,044 686 1,465 1,417 Outstanding loans : 693 77 500 450 Avg. farm price ($/bu) 2/ : 2.07 2.50 2.10-2.30 2.15-2.25 =============================================================================== 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-300-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : February March =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 13.2 9.9 9.8 9.8 Area harv. (mil. acres) : 12.1 8.9 9.0 9.0 Yield (bushels/acre) : 72.6 59.9 73.0 73.0 Beginning stocks : 53 175 48 48 Production : 875 534 655 655 Imports : --- --- --- --- Supply, total : 928 709 703 703 Feed and residual : 469 453 400 400 Food, seed & industrial : 8 8 8 8 Domestic, total : 476 460 408 408 Exports : 277 202 220 220 Use, total : 753 662 628 628 Ending stocks, total : 175 48 75 75 Farmer-owned reserve : 1 4 10 10 CCC inventory : 4 1 1 1 Free stocks : 170 43 64 64 Outstanding loans : 19 1 20 15 Avg. farm price ($/bu) 2/ : 1.89 2.31 1.95-2.15 2.00-2.10 : BARLEY : Area planted (mil. acres) : 7.8 7.8 7.2 7.2 Area harv. (mil. acres) : 7.3 6.8 6.7 6.7 Yield (bushels/acre) : 62.5 58.9 56.2 56.2 Beginning stocks : 129 151 139 139 Production : 455 398 375 375 Imports : 11 71 60 60 Supply, total : 595 621 574 574 Feed and residual : 192 241 225 225 Food, seed & industrial : 171 175 175 175 Domestic, total : 364 416 400 400 Exports : 80 66 70 70 Use, total : 444 482 470 470 Ending stocks, total : 151 139 104 104 Farmer-owned reserve : 0 7 5 5 CCC inventory : 5 5 5 5 Free stocks : 146 127 94 94 Outstanding loans : 19 14 15 15 Avg. farm price ($/bu) 2/ : 2.04 1.99 2.00-2.05 2.01 : 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 : 55 107 100 100 Supply, total : 477 427 435 435 Feed and residual : 233 193 200 200 Food, seed & industrial : 125 125 125 125 Domestic, total : 358 318 325 325 Exports : 6 3 1 1 Use, total : 364 321 326 326 Ending stocks, total : 113 106 109 109 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 113 106 109 109 Outstanding loans : 1 1 1 1 Avg. farm price ($/bu) 2/ : 1.32 1.36 1.20-1.25 1.21 =============================================================================== 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-300-12 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/ : 130.34 561.87 122.37 106.02 543.91 123.86 148.30 United States : 12.93 67.14 1.91 5.29 30.69 36.84 14.44 Total foreign : 117.41 494.73 120.47 100.73 513.22 87.02 133.86 Major exporters 4/ : 36.06 140.63 15.87 29.43 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 23.05 62.29 37.87 23.14 Major importers 5/ : 34.94 141.17 36.38 15.80 178.33 1.77 32.39 China : 23.69 101.59 6.72 2.75 109.05 0.09 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/ : 148.30 558.96 112.01 112.45 563.59 117.08 143.66 United States : 14.44 65.22 2.96 7.46 33.74 33.41 15.47 Total foreign : 133.86 493.74 109.05 104.99 529.86 83.66 128.19 Major exporters 4/ : 40.61 133.41 17.57 37.76 87.84 72.42 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 79.88 17.45 29.92 69.70 35.02 15.76 Major importers 5/ : 32.39 148.96 32.75 14.84 180.90 0.81 32.38 China : 22.85 106.39 4.30 2.70 110.65 0.16 22.73 East Europe : 3.88 30.62 2.13 11.30 31.33 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 82.01 12.98 41.98 88.25 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-300-13 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/ : February : 143.36 524.12 112.10 96.21 552.05 111.94 115.43 March : 143.66 524.64 111.36 97.39 551.59 111.04 116.71 United States : February : 15.47 63.16 2.45 6.80 33.29 35.38 12.41 March : 15.47 63.16 2.45 6.80 33.29 34.70 13.09 Total foreign : February : 127.89 460.96 109.65 89.41 518.77 76.56 103.02 March : 128.19 461.49 108.91 90.59 518.31 76.34 103.62 Major exporters 4/ : February : 31.34 125.37 17.50 33.87 85.41 66.15 22.64 March : 31.34 124.71 17.16 35.09 85.46 65.32 22.43 Argentina Feb.: 0.25 10.50 0.00 0.05 4.60 5.70 0.45 Mar.: 0.25 10.50 0.00 0.05 4.60 5.70 0.45 Australia Feb.: 4.13 9.00 0.10 2.30 4.75 6.40 2.08 Mar.: 4.13 8.80 0.10 2.30 4.55 6.40 2.08 Canada Feb.: 11.20 23.35 0.09 3.00 6.70 21.50 6.44 Mar.: 11.20 23.35 0.09 3.00 6.70 21.50 6.44 EU Feb.: 15.76 82.52 17.31 28.52 69.36 32.55 13.68 Mar.: 15.76 82.06 16.97 29.74 69.61 31.72 13.46 Major importers 5/ : February : 32.38 151.84 37.35 16.29 188.04 1.53 32.01 March : 32.38 151.71 37.65 16.29 187.70 2.13 31.91 China Feb.: 22.73 103.00 11.00 3.00 114.63 0.03 22.08 Mar.: 22.73 103.00 11.00 3.00 114.63 0.03 22.08 East Europe Feb.: 5.05 34.08 1.25 12.50 33.55 1.10 5.73 Mar.: 5.05 33.98 1.25 12.50 33.25 1.70 5.33 N. Africa 6/ Feb.: 2.72 12.16 13.30 0.55 25.36 0.00 2.82 Mar.: 2.72 12.16 13.60 0.55 25.36 0.00 3.12 Selected other : Baltics 7/9/ Feb.: 0.19 0.91 0.44 0.53 1.36 0.00 0.18 Mar.: 0.19 0.91 0.44 0.53 1.36 0.00 0.18 FSU-12 8/9/ Feb.: 33.35 59.51 11.15 30.67 76.18 5.25 22.58 Mar.: 33.35 59.51 10.65 30.67 76.18 5.25 22.08 Russia Feb.: 17.74 32.10 3.50 20.00 41.50 0.75 11.09 Mar.: 17.74 32.10 3.00 20.00 41.50 0.75 10.59 Kazakhstan Feb.: 5.96 9.10 0.00 3.00 7.03 4.50 3.54 Mar.: 5.96 9.10 0.00 3.00 7.03 4.50 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-300-14 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/ : 138.14 863.03 97.60 549.96 833.37 105.16 167.79 United States : 33.99 277.42 1.46 154.16 198.65 51.12 63.09 Total foreign : 104.14 585.61 96.15 395.80 634.72 54.03 104.70 Major exporters 4/ : 7.89 56.10 1.47 31.66 41.47 13.90 10.09 Argentina : 1.09 14.08 0.00 5.52 7.67 6.05 1.45 Australia : 1.18 8.25 0.01 4.19 5.35 2.86 1.22 Canada : 4.87 19.49 1.26 14.26 16.70 3.63 5.29 Major importers 5/ : 36.83 156.36 57.36 138.55 194.57 23.43 32.56 EU : 19.36 82.43 13.78 53.60 74.91 21.52 19.14 East Europe : 7.60 43.24 3.68 38.17 49.43 1.21 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 92.62 10.48 73.45 96.14 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/ : 167.79 786.30 93.80 542.37 829.23 99.63 124.86 United States : 63.09 186.45 4.04 139.20 185.86 40.34 27.38 Total foreign : 104.70 599.85 89.76 403.17 643.37 59.28 97.48 Major exporters 4/ : 10.09 63.85 0.90 35.02 44.97 20.31 9.57 Argentina : 1.45 13.29 0.00 6.45 8.51 4.83 1.40 Australia : 1.22 9.85 0.29 4.33 5.46 5.17 0.74 Canada : 5.29 24.04 0.56 16.44 18.97 5.39 5.53 Major importers 5/ : 32.56 159.47 54.80 138.60 193.71 23.88 29.23 EU : 19.14 82.87 14.84 57.31 78.28 21.72 16.85 East Europe : 3.88 44.37 2.04 35.21 46.00 0.35 3.93 Japan : 2.88 0.28 20.64 16.79 21.10 0.00 2.69 Selected other : China : 28.33 116.74 1.20 71.61 108.09 12.00 26.18 Baltics 6/8/ : 0.28 3.15 0.50 2.54 3.36 0.00 0.56 FSU-12 7/8/ : 16.28 92.06 5.30 68.48 94.78 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-300-15 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/ : February : 125.06 863.88 98.65 571.50 854.69 98.24 134.25 March : 124.86 860.79 99.32 570.06 853.11 98.36 132.53 United States : February : 27.38 285.05 3.30 161.68 211.17 56.66 47.90 March : 27.38 285.05 3.35 161.68 211.17 57.93 46.68 Total foreign : February : 97.68 578.83 95.35 409.82 643.52 41.59 86.35 March : 97.48 575.74 95.97 408.37 641.94 40.43 85.86 Major exporters 4/ : February : 10.37 53.08 1.03 33.33 43.35 12.44 8.70 March : 9.57 51.17 2.53 33.35 43.27 11.64 8.37 Argentina Feb.: 1.40 13.70 0.00 6.11 8.35 5.60 1.15 Mar.: 1.40 13.70 0.00 6.11 8.35 5.60 1.15 Australia Feb.: 0.83 4.36 0.33 3.62 4.86 0.51 0.15 Mar.: 0.74 4.45 0.08 3.23 4.25 0.61 0.41 Canada Feb.: 5.53 23.46 0.70 15.60 18.19 5.63 5.88 Mar.: 5.53 23.46 0.70 16.21 18.68 5.23 5.79 Major importers 5/ : February : 28.59 155.01 58.42 143.56 198.64 22.54 20.84 March : 29.23 155.22 57.06 142.35 197.20 22.11 22.21 EU Feb.: 16.10 77.59 15.71 56.77 78.24 20.38 10.77 Mar.: 16.85 77.53 14.38 55.79 76.91 19.90 11.95 East Europe Feb.: 4.22 46.62 1.13 37.94 48.24 0.83 2.90 Mar.: 3.93 46.88 1.03 37.94 48.24 0.63 2.97 Japan Feb.: 2.69 0.22 21.10 17.40 21.76 0.00 2.25 Mar.: 2.69 0.22 21.00 17.20 21.56 0.00 2.35 Selected other : China Feb.: 26.18 118.40 3.70 79.91 115.69 3.20 29.39 Mar.: 26.18 115.60 3.70 79.31 114.89 3.20 27.39 Baltics 6/8/ Feb.: 0.56 2.54 0.30 2.21 2.86 0.00 0.55 Mar.: 0.56 2.54 0.30 2.21 2.86 0.00 0.55 FSU-12 7/8/ Feb.: 17.69 80.87 1.93 59.55 83.96 1.54 14.99 Mar.: 17.69 80.87 1.93 59.55 83.96 1.54 14.99 Russia Feb.: 8.05 45.25 0.60 31.45 47.45 0.90 5.55 Mar.: 8.05 45.25 0.60 31.45 47.45 0.90 5.55 Ukraine Feb.: 4.44 19.83 0.08 14.15 18.40 0.24 5.70 Mar.: 4.44 19.83 0.08 14.15 18.40 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-300-16 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/ : 80.85 533.22 64.36 345.92 508.92 70.03 105.15 United States : 27.95 240.72 0.18 134.54 172.93 42.25 53.67 Total foreign : 52.90 292.50 64.18 211.39 336.00 27.78 51.48 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 67.36 99.94 7.86 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/ : 105.15 467.88 62.31 340.48 504.77 66.16 68.26 United States : 53.67 160.95 0.53 119.48 159.82 33.74 21.60 Total foreign : 51.48 306.93 61.78 221.00 344.95 32.42 46.67 Major exporters 4/ : 2.99 25.78 0.03 11.39 16.87 9.12 2.81 Argentina : 0.87 10.00 0.00 4.25 5.77 4.20 0.90 South Africa : 1.69 12.88 0.02 4.19 8.10 4.80 1.68 Thailand : 0.43 2.90 0.01 2.95 3.00 0.12 0.22 Major importers 5/ : 11.89 68.23 38.78 66.92 99.17 10.11 9.61 EU : 4.85 28.95 9.81 21.95 29.99 9.81 3.82 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 92.95 11.75 25.00 Baltics 6/8/ : 0.00 0.00 0.20 0.18 0.20 0.00 0.00 FSU-12 7/8/ : 1.22 9.02 4.00 10.74 13.11 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-300-17 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/ : February : 69.15 554.54 67.79 375.14 535.49 66.79 88.21 March : 68.26 551.87 69.93 375.11 534.80 67.51 85.33 United States : February : 21.60 256.63 0.13 143.52 186.70 49.53 42.12 March : 21.60 256.63 0.18 143.52 186.70 50.80 40.90 Total foreign : February : 47.56 297.92 67.67 231.62 348.79 17.26 46.09 March : 46.67 295.24 69.75 231.59 348.10 16.71 44.43 Major exporters 4/ : February : 3.51 21.30 0.00 11.40 16.84 5.65 2.32 March : 2.81 19.30 1.75 11.20 16.88 5.15 1.82 Argentina Feb.: 0.90 10.50 0.00 3.95 5.65 4.95 0.80 Mar.: 0.90 10.50 0.00 3.95 5.65 4.95 0.80 South Africa Feb.: 2.39 7.00 0.00 4.20 7.89 0.50 1.00 Mar.: 1.68 5.00 1.75 4.00 7.93 0.00 0.50 Thailand Feb.: 0.22 3.80 0.00 3.25 3.30 0.20 0.52 Mar.: 0.22 3.80 0.00 3.25 3.30 0.20 0.52 Major importers 5/ : February : 9.55 67.25 42.83 71.95 103.75 7.93 7.95 March : 9.61 67.51 42.34 71.87 103.31 7.88 8.27 EU Feb.: 3.47 26.93 9.36 21.57 29.97 7.13 2.66 Mar.: 3.82 26.92 9.17 21.69 29.72 7.28 2.90 Japan Feb.: 1.38 0.00 16.30 12.50 16.50 0.00 1.18 Mar.: 1.38 0.00 16.00 12.20 16.20 0.00 1.18 Selected other : China Feb.: 25.00 104.00 2.50 73.00 99.50 3.00 29.00 Mar.: 25.00 102.00 2.50 73.00 99.50 3.00 27.00 Baltics 6/8/ Feb.: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Mar.: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 FSU-12 7/8/ Feb.: 0.97 5.12 0.85 5.13 6.61 0.00 0.33 Mar.: 0.97 5.12 0.85 5.13 6.61 0.00 0.33 Russia Feb.: 0.50 0.90 0.50 1.50 1.90 0.00 0.00 Mar.: 0.50 0.90 0.50 1.50 1.90 0.00 0.00 ================================================================================ 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-300-18 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/ : 56.66 352.58 13.70 355.11 15.43 54.14 United States : 0.88 5.70 0.19 3.08 2.45 1.25 Total foreign : 55.79 346.88 13.50 352.03 12.98 52.88 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/ : 2.74 35.24 4.98 39.17 1.47 2.32 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/ : 54.14 352.16 15.90 356.91 16.41 49.39 United States : 1.25 4.96 0.22 3.08 2.53 0.83 Total foreign : 52.88 347.20 15.68 353.83 13.88 48.56 Major exporters 4/ : 2.49 40.07 0.00 31.51 8.63 2.42 Thailand : 0.78 12.67 0.00 8.50 4.75 0.20 Vietnam : 0.00 14.65 0.00 12.65 2.00 0.00 Major importers 5/ : 2.32 35.38 5.01 40.60 1.19 0.92 Selected other : China : 29.60 124.39 0.70 128.00 1.52 25.17 Japan : 0.38 7.13 2.20 9.40 0.00 0.31 : : 1994/95 (Projected) : World 3/ : February : 48.37 353.31 15.08 355.96 15.96 45.72 March : 49.39 354.25 15.64 356.43 16.26 47.21 United States : February : 0.83 6.28 0.25 3.24 2.83 1.30 March : 0.83 6.55 0.25 3.33 2.95 1.35 Total foreign : February : 47.54 347.03 14.82 352.72 13.13 44.42 March : 48.56 347.70 15.39 353.10 13.31 45.86 Major exporters 4/ : February : 2.42 41.12 0.00 31.92 9.20 2.42 March : 2.42 41.12 0.00 31.92 9.20 2.42 Thailand Feb.: 0.20 13.86 0.00 8.60 4.90 0.56 Mar.: 0.20 13.86 0.00 8.60 4.90 0.56 Vietnam Feb.: 0.00 14.75 0.00 12.75 2.00 0.00 Mar.: 0.00 14.75 0.00 12.75 2.00 0.00 Major importers 5/ : February : 0.89 33.95 5.69 38.29 0.87 1.37 March : 0.92 34.05 6.17 38.79 0.97 1.37 Selected other : China Feb.: 25.19 121.50 1.00 127.00 0.50 20.19 Mar.: 25.17 121.50 1.00 127.00 0.50 20.17 Japan Feb.: 0.31 10.90 0.30 9.50 0.00 2.01 Mar.: 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-300-10 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :================================== : : Est. : February March =============================================================================== SOYBEANS : Million acres Area : Planted : 59.2 60.1 61.9 61.9 Harvested : 58.2 57.3 61.1 61.1 : : Bushels/acre Yield per harv. : unit : 37.6 32.6 41.9 41.9 : : Million bushels : Beginning stocks : 278 292 209 209 Production : 2,190 1,871 2,558 2,558 Imports : 2 6 8 8 Supply, total : 2,471 2,170 2,775 2,775 Crushings : 1,279 1,272 1,365 1,365 Exports : 770 589 785 785 Seed : 64 68 64 64 Residual : 66 32 51 51 Use, total : 2,179 1,961 2,265 2,265 Ending stocks : 292 209 510 510 Avg. price ($/bu) 2/ : 5.56 6.40 5.20 - 5.20 - : 5.50 5.50 : : Million pounds SOYBEAN OIL: : Beginning stocks : 2,239 1,555 1,103 1,103 Production : 13,778 13,906 15,162 15,162 Imports : 10 68 15 15 Supply, total : 16,028 15,528 16,280 16,280 Domestic : 13,054 12,896 13,000 13,000 Exports : 1,419 1,529 2,050 2,050 Use, total : 14,473 14,425 15,050 15,050 Ending stocks : 1,555 1,103 1,230 1,230 Avg. price c/lb 2/ : 21.40 27.10 25.5-28.5 25.5-28.5 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 230 204 150 150 Production : 30,364 30,417 32,340 32,340 Imports : 93 69 60 60 Supply, total : 30,687 30,691 32,550 32,550 Domestic : 24,251 25,185 26,350 26,500 Exports : 6,232 5,356 5,950 5,800 Use, total : 30,483 30,541 32,300 32,300 Ending stocks : 204 150 250 250 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-300-19 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/ : 18.38 117.23 30.07 96.27 115.92 29.59 20.17 United States : 7.58 59.61 0.08 34.81 38.37 20.94 7.96 Total foreign : 10.80 57.62 29.99 61.46 77.55 8.64 12.22 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/ : 20.17 117.47 28.38 100.65 120.47 28.09 17.46 United States : 7.96 50.92 0.18 34.62 37.33 16.03 5.69 Total foreign : 12.22 66.55 28.21 66.03 83.15 12.06 11.77 Major exporters 3/ : 9.84 38.80 0.21 27.39 29.83 9.74 9.27 Argentina : 3.77 12.30 0.00 8.73 9.37 3.05 3.65 Brazil : 6.07 24.70 0.11 18.06 19.76 5.49 5.62 Major importers 4/ : 1.42 0.79 17.70 15.59 18.33 0.31 1.28 EU (EC-12) /5 : 0.65 0.69 12.84 11.92 13.31 0.31 0.56 Japan : 0.77 0.10 4.86 3.67 5.02 0.00 0.71 : World 2/ : 1994/95 (Projected) February : 17.45 135.12 32.15 105.52 125.25 32.72 26.76 March : 17.46 137.91 32.25 107.40 128.34 32.82 26.47 United States : February : 5.69 69.63 0.22 37.15 40.28 21.36 13.89 March : 5.69 69.63 0.22 37.15 40.28 21.36 13.89 Total foreign : February : 11.76 65.50 31.94 68.37 84.97 11.35 12.87 March : 11.77 68.28 32.03 70.25 88.06 11.45 12.57 Major exporters 3/ : February : 9.21 39.45 1.00 27.71 30.01 9.30 10.35 March : 9.27 39.80 1.00 28.26 30.56 9.20 10.31 Argentina Feb. : 3.65 12.70 0.00 8.76 9.26 3.00 4.09 March : 3.65 12.70 0.00 8.76 9.26 3.00 4.09 Brazil Feb. : 5.56 24.90 0.90 18.40 20.10 5.00 6.26 March : 5.62 25.10 0.90 18.90 20.60 4.80 6.22 Major importers 4/ : February : 1.28 1.01 19.42 17.30 20.07 0.34 1.29 March : 1.28 1.01 19.42 17.30 20.07 0.34 1.29 EU (EC-12) Feb. : 0.56 0.90 14.72 13.80 15.27 0.34 0.57 March : 0.56 0.90 14.72 13.80 15.27 0.34 0.57 Japan Feb. : 0.71 0.11 4.70 3.50 4.80 0.00 0.72 March : 0.71 0.11 4.70 3.50 4.80 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-300-20 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 75.87 27.08 74.92 27.38 3.75 United States : 0.21 27.55 0.08 22.00 5.65 0.19 Total foreign : 2.89 48.33 27.00 52.92 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 79.63 28.81 79.26 29.64 3.29 United States : 0.19 27.59 0.07 22.86 4.86 0.14 Total foreign : 3.57 52.04 28.73 56.41 24.78 3.15 Major exporters 3/ : 1.23 21.12 0.00 4.36 16.99 1.00 Argentina : 0.44 7.05 0.00 0.17 6.94 0.38 Brazil : 0.79 14.07 0.00 4.19 10.05 0.62 Major importers 4/ : 0.86 10.44 17.11 24.04 3.66 0.71 EU (EC-12) : 0.82 9.42 14.48 20.40 3.66 0.67 : World 2/ : 1994/95 (Projected) February : 3.29 83.36 30.00 83.31 30.02 3.31 March : 3.29 84.87 30.35 84.54 30.52 3.45 United States : February : 0.14 29.34 0.05 23.90 5.40 0.23 March : 0.14 29.34 0.05 24.05 5.25 0.23 Total foreign : February : 3.15 54.02 29.94 59.40 24.62 3.09 March : 3.15 55.53 30.29 60.48 25.27 3.22 Major exporters 3/ : February : 1.00 21.49 0.00 4.59 16.97 0.93 March : 1.00 21.88 0.00 4.60 17.22 1.07 Argentina Feb. : 0.38 7.08 0.00 0.18 6.97 0.31 March : 0.38 7.08 0.00 0.18 6.97 0.31 Brazil Feb. : 0.62 14.41 0.00 4.41 10.00 0.62 March : 0.62 14.80 0.00 4.42 10.25 0.76 Major importers 4/ : February : 0.71 12.03 17.75 25.86 3.98 0.65 March : 0.71 12.03 17.85 25.96 3.98 0.65 EU (EC-12) Feb. : 0.67 10.89 14.90 21.87 3.98 0.61 March : 0.67 10.89 15.00 21.97 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-300-21 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 17.13 4.05 17.25 4.24 2.00 United States : 1.02 6.25 0.01 5.92 0.64 0.71 Total foreign : 1.30 10.88 4.04 11.33 3.60 1.30 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/ : 2.00 18.04 4.82 18.43 4.96 1.47 United States : 0.71 6.31 0.03 5.85 0.69 0.50 Total foreign : 1.30 11.73 4.79 12.58 4.27 0.97 Major exporters 3/ : 0.79 7.12 0.59 4.07 3.88 0.55 Argentina : 0.21 1.53 0.00 0.07 1.50 0.16 Brazil : 0.32 3.40 0.14 2.32 1.34 0.19 EU (EC-12) : 0.27 2.20 0.46 1.67 1.05 0.20 Major importers 4/ : 0.03 1.68 1.07 2.78 0.00 0.01 China : 0.00 1.09 0.93 2.02 0.00 0.00 Pakistan : 0.01 0.00 0.10 0.11 0.00 0.01 World 2/ : 1994/95 (Projected) February : 1.47 19.02 4.95 18.76 5.04 1.64 March : 1.47 19.33 4.87 18.93 5.04 1.70 United States : February : 0.50 6.88 0.01 5.90 0.93 0.56 March : 0.50 6.88 0.01 5.90 0.93 0.56 Total foreign : February : 0.97 12.14 4.95 12.86 4.11 1.08 March : 0.97 12.45 4.87 13.03 4.11 1.14 Major exporters 3/ : February : 0.55 7.50 0.57 4.35 3.69 0.59 March : 0.55 7.59 0.55 4.35 3.69 0.65 Argentina Feb. : 0.16 1.53 0.00 0.08 1.45 0.17 March : 0.16 1.53 0.00 0.08 1.45 0.17 Brazil Feb. : 0.19 3.47 0.14 2.50 1.05 0.24 March : 0.19 3.55 0.11 2.50 1.05 0.30 EU (EC-12) Feb. : 0.20 2.51 0.44 1.77 1.19 0.19 March : 0.20 2.51 0.44 1.77 1.19 0.19 Major importers 4/ : February : 0.01 1.61 1.18 2.77 0.00 0.02 March : 0.01 1.83 1.20 3.01 0.00 0.02 China Feb. : 0.00 1.04 0.95 1.99 0.00 0.00 March : 0.00 1.19 0.95 2.14 0.00 0.00 Pakistan Feb. : 0.01 0.01 0.15 0.14 0.00 0.02 March : 0.01 0.01 0.15 0.14 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-300-11 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :====================== : : Estimate : February March ====================================================================== : 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 8,240 Beet sugar : 4,392 4,090 4,650 4,650 Cane sugar : 3,446 3,587 3,590 3,590 Imports 2/ : 2,039 1,772 1,972 1,855 Under quota 4/ : 1,335 1,113 1,457 1,390 Other 5/ : 704 659 515 465 Total supply : 11,354 11,153 11,550 11,433 : Exports 2/6/ : 405 454 510 510 Domestic deliveries 2/ : 9,197 9,333 9,430 9,430 Domestic food use : 9,034 9,174 9,255 9,255 Other 7/ : 163 159 175 175 Miscellaneous 8/ : 48 28 0 0 Use, total : 9,650 9,815 9,940 9,940 Ending stocks 2/9/ : 1,704 1,338 1,610 1,493 : Stocks to use ratio : 17.7 13.6 16.2 15.0 ====================================================================== 1/ Fiscal years beginning Oct 1. Includes Puerto Rico. 2/ Historical data are from CFSA, "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 258,000 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" is 11.9 percent. HDR201380000001 WASDE - U.S. QUARTERLY ANIMAL PRODUCT & PRICES WASDE-300-22 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 6003 150.6 : 1994 : I : 5744 4182 10083 5674 1091 6891 16974 1509 37.6 II : 6044 4240 10431 5983 1254 7371 17802 1521 39.9 III : 6378 4326 10838 6160 1337 7622 18460 1550 38.2 IV : 6115 4913 11177 6029 1310 7462 18639 1597 37.9 Annual : Feb Est : 24282 17661 42530 23838 4992 29337 71867 6177 154.1 Mar Est : 24281 17661 42529 23846 4992 29346 71875 6177 153.6 : 1995 : I *: 5950 4475 10579 6150 1200 7475 18054 1560 38.8 II *: 6125 4325 10594 6350 1330 7815 18409 1565 40.9 III *: 6450 4425 11008 6500 1395 8030 19038 1560 39.1 IV *: 6150 4700 10992 6400 1380 7905 18897 1590 38.7 Annual : Feb Proj : 24625 17925 43119 25400 5290 31210 74329 6275 158.2 Mar Proj : 24675 17925 43173 25400 5305 31225 74398 6275 157.6 ================================================================================ * 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 : 73.11 45.70 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 : 67.63 31.03 51.8 72.5 67.2 13.03 Annual : Feb Est : 68.53 40.03 55.7 65.7 67.3 13.04 Mar Est : 68.84 40.03 55.7 65.7 67.3 13.04 : 1995 : I *: 71-72 38-39 51-52 59-60 66-67 12.60-12.80 II *: 66-70 37-39 52-54 58-60 59-63 11.95-12.45 III *: 62-68 38-42 52-56 60-64 63-69 11.95-12.75 IV *: 65-71 36-40 50-54 63-69 66-72 12.60-13.60 Annual : Feb Proj : 66-70 37-39 51-54 59-63 64-68 11.95-12.65 Mar Proj : 66-70 38-40 51-54 60-63 64-68 12.30-12.90 ================================================================================ *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-300-23 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 Est. Feb : 529 24389 2392 27310 1581 557 25172 67.5 Mar : 529 24388 2371 27288 1611 548 25129 67.4 1995 Proj. Feb : 557 24732 2635 27924 1735 450 25739 68.4 Mar : 548 24782 2635 27965 1715 450 25800 68.6 : PORK : 1993 : 385 17088 740 18213 435 359 17419 52.3 1994 Est. Feb : 359 17719 744 18822 540 430 17852 53.1 Mar : 359 17719 743 18821 531 438 17852 53.1 1995 Proj. Feb : 430 17983 730 19143 495 375 18273 53.8 Mar : 438 17983 730 19151 495 375 18281 53.9 : TOTAL RED MEAT 4/ : 1993 : 758 40759 3194 44711 1718 900 42092 119.6 1994 Est. Feb : 900 42721 3187 46808 2130 1004 43674 122.8 Mar : 900 42720 3163 46783 2151 1003 43629 122.7 1995 Proj. Feb : 1004 43310 3415 47729 2238 839 44652 124.3 Mar : 1003 43364 3410 47777 2218 839 44720 124.5 : BROILERS : 1993 : 368 22015 0 22383 1966 358 20059 68.4 1994 Est. Feb : 358 23658 0 24016 2845 459 20712 69.8 Mar : 358 23667 0 24025 2876 458 20691 69.9 1995 Proj. Feb : 459 25209 0 25668 3050 490 22128 73.8 Mar : 458 25209 0 25667 3225 490 21952 73.4 : TURKEYS : 1993 : 272 4798 0 5069 212 249 4608 17.8 1994 Est. Feb : 249 4940 0 5189 236 260 4694 18.0 Mar : 249 4940 0 5189 246 254 4689 18.0 1995 Proj. Feb : 260 5235 0 5495 250 300 4945 18.8 Mar : 254 5250 0 5504 250 300 4954 18.8 : TOTAL POULTRY 5/ : 1993 : 650 27328 0 27977 2234 615 25128 88.1 1994 Est. Feb : 615 29107 0 29722 3171 732 25818 89.4 Mar : 615 29116 0 29731 3212 727 25793 89.4 1995 Proj. Feb : 732 30965 0 31698 3400 800 27498 94.2 Mar : 727 30980 0 31707 3575 790 27342 93.9 : RED MEAT & POULTRY: 1993 : 1408 68087 3194 72688 3953 1515 67221 207.7 1994 Est. Feb : 1515 71828 3187 76530 5301 1736 69492 212.2 Mar : 1515 71836 3163 76514 5363 1730 69422 212.1 1995 Proj. Feb : 1736 74275 3415 79427 5638 1639 72150 218.5 Mar : 1730 74344 3410 79484 5793 1629 72062 218.4 ============================================================================ 1/ Total including farm production for red meats and, for poultry, federally inspected plus non-federally inspected, less condemnations. 2/ Pounds, 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-300-24 U.S. Egg Supply and Use =============================================================================== : : : 1994 Estimated : 1995 Projected : : :-----------------:----------------- Commodity : 1992 : 1993 : Feb : Mar : Feb : Mar =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 13.0 13.5 10.7 10.7 15.0 14.9 Production : 5905.0 6003.1 6176.6 6176.6 6275.0 6275.0 Imports : 4.3 4.7 3.7 3.7 4.0 4.0 Total supply : 5922.3 6021.2 6191.0 6191.0 6294.0 6293.9 : Use : Exports : 157.0 158.9 190.0 187.6 190.0 190.0 Hatching use : 732.0 769.3 801.9 801.9 835.0 835.0 Ending stocks : 13.5 10.7 15.0 14.9 12.0 12.0 Consumption : Total : 5019.8 5082.3 5184.1 5186.6 5257.0 5256.9 Per capita (number) : 235.8 236.2 238.5 238.6 239.5 239.5 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : : : 1994/95 Proj 1/ Commodity :1990/91:1991/92:1992/93: 1993/94 :----------------- : 1/ : 1/ : 1/ : 1/ : Feb : Mar =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 5.2 5.2 5.0 5.0 4.6 4.6 Production : 147.7 150.0 151.0 152.2 157.5 156.8 Farm use : 2.0 1.9 1.9 1.9 1.9 1.9 Marketings : 145.7 148.1 149.1 150.3 155.6 154.9 Imports 2/ : 2.6 2.5 2.7 3.0 3.4 3.0 Total cml. supply 2/ : 153.5 155.8 156.8 158.3 163.6 162.5 Use : Commercial use 2/ : 137.9 140.7 144.1 149.5 153.5 153.7 Ending commercial stks. 2/: 5.2 5.0 5.0 4.6 5.2 5.0 CCC net removals: : Milkfat basis 3/ : 10.4 10.1 7.6 4.2 4.8 3.8 Skim-solids basis 3/ : 4.9 1.5 3.8 3.6 5.5 5.8 : : Dollars per cwt Prices rec'd. by farmers 4/: Manufacturing grade : 10.67 12.03 11.60 12.02 10.95- 11.35- : 11.45 11.75 All milk : 11.93 13.25 12.73 13.13 12.10- 12.40- : 12.60 12.80 : : Million pounds CCC product net removals 3/: Butter : 431 453 332 178 195 150 Cheese : 99 13 10 2 30 10 Nonfat dry milk : 334 105 293 290 425 450 Dry whole milk : 0 16 33 26 30 50 =============================================================================== 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-300-4 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 : 1777.48 350.26 2102.61 401.61 1993/94 (Est.) : 1697.42 256.63 2067.64 342.64 1994/95 (Proj.) : February : 1741.31 354.49 2058.10 404.17 March : 1739.68 354.75 2057.59 404.49 : Wheat : 1992/93 : 561.87 67.14 692.21 81.97 1993/94 (Est.) : 558.96 65.22 707.26 82.62 1994/95 (Proj.) : February : 524.12 63.16 667.48 81.08 March : 524.64 63.16 668.31 81.08 : Rice, milled : 1992/93 : 352.58 5.70 409.24 6.77 1993/94 (Est.) : 352.16 4.96 406.29 6.43 1994/95 (Proj.) : February : 353.31 6.28 401.68 7.36 March : 354.25 6.55 403.64 7.63 : Coarse grains 4/ : 1992/93 : 863.03 277.42 1001.16 312.86 1993/94 (Est.) : 786.30 186.45 954.09 253.59 1994/95 (Proj.) : February : 863.88 285.05 988.94 315.73 March : 860.79 285.05 985.64 315.78 : Corn : 1992/93 : 533.22 240.72 614.07 268.85 1993/94 (Est.) : 467.88 160.95 573.03 215.16 1994/95 (Proj.) : February : 554.54 256.63 623.70 278.35 March : 551.87 256.63 620.13 278.40 ======================================================= 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-300-4 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 : 244.44 90.40 1732.39 232.42 370.22 78.79 1993/94 (Est.) : 233.11 76.28 1749.73 222.68 317.91 43.68 1994/95 (Proj.) : February : 226.14 94.87 1762.70 247.70 295.40 61.61 March : 225.65 95.58 1761.13 247.79 296.46 61.12 : Wheat : 1992/93 : 123.86 36.84 543.91 30.69 148.30 14.44 1993/94 (Est.) : 117.08 33.41 563.59 33.74 143.66 15.47 1994/95 (Proj.) : February : 111.94 35.38 552.05 33.29 115.43 12.41 March : 111.04 34.70 551.59 33.29 116.71 13.09 : Rice, milled : 1992/93 : 15.43 2.45 355.11 3.08 54.14 1.25 1993/94 (Est.) : 16.41 2.53 356.91 3.08 49.39 0.83 1994/95 (Proj.) : February : 15.96 2.83 355.96 3.24 45.72 1.30 March : 16.26 2.95 356.43 3.33 47.21 1.35 : Coarse grains 4/ : 1992/93 : 105.16 51.12 833.37 198.65 167.79 63.09 1993/94 (Est.) : 99.63 40.34 829.23 185.86 124.86 27.38 1994/95 (Proj.) : February : 98.24 56.66 854.69 211.17 134.25 47.90 March : 98.36 57.93 853.11 211.17 132.53 46.68 : Corn : 1992/93 : 70.03 42.25 508.92 172.93 105.15 53.67 1993/94 (Est.) : 66.16 33.74 504.77 159.82 68.26 21.60 1994/95 (Proj.) : February : 66.79 49.53 535.49 186.70 88.21 42.12 March : 67.51 50.80 534.80 186.70 85.33 40.90 ======================================================================== NOTE: Reliability calculations 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. 3/Wheat, coarse grains and milled rice. 4/Corn, sorghum, barley, oats, rye, millet and mixed grains HDR201380000001 SOY AND COTTON SUMMARY PART ONE WASDE-300-5 World and U.S. Supply and Use for Oilseeds 1/ ======================================================= : Production : Total Supply Commodity :==================================== : World : U.S. : World : U.S. ======================================================= Soybeans : 1992/93 : 117.23 59.61 135.61 67.25 1993/94 (Est.) : 117.47 50.92 137.64 59.05 1994/95 (Proj.) : February : 135.12 69.63 152.57 75.54 March : 137.91 69.63 155.37 75.54 Soybean Meal : 1992/93 : 75.87 27.55 78.97 27.84 1993/94 (Est.) : 79.63 27.59 83.38 27.84 1994/95 (Proj.) : February : 83.36 29.34 86.64 29.53 March : 84.87 29.34 88.16 29.53 Soybean oil : 1992/93 : 17.12 6.25 19.44 7.27 1993/94 (Est.) : 18.04 6.31 20.04 7.04 1994/95 (Proj.) : February : 19.02 6.88 20.49 7.38 March : 19.33 6.88 20.80 7.38 : Sunflowerseed : 1992/93 : 21.29 1.16 22.00 1.47 1993/94 (Est.) : 21.03 1.17 21.46 1.26 1994/95 (Proj.) : February : 22.65 2.19 23.11 2.27 March : 22.80 2.19 23.26 2.27 Sunflower Meal : 1992/93 : 8.27 0.44 8.52 0.45 1993/94 (Est.) : 8.01 0.33 8.27 0.33 1994/95 (Proj.) : February : 8.71 0.52 8.97 0.53 March : 8.80 0.53 9.06 0.54 Sunflower oil : 1992/93 : 7.36 0.33 8.06 0.38 1993/94 (Est.) : 7.17 0.26 7.75 0.29 1994/95 (Proj.) : February : 7.73 0.42 8.28 0.45 March : 7.77 0.43 8.32 0.46 : Rapeseed : 1992/93 : 25.31 0.07 26.44 0.09 1993/94 (Est.) : 26.76 0.12 27.91 0.47 1994/95 (Proj.) : February : 29.44 0.21 30.22 0.70 March : 29.53 0.21 30.31 0.70 Rapeseed Meal : 1992/93 : 14.04 0.04 14.51 0.59 1993/94 (Est.) : 15.14 0.29 15.62 1.01 1994/95 (Proj.) : February : 16.15 0.34 16.64 1.10 March : 16.26 0.34 16.75 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.) : February : 9.73 0.22 10.13 0.69 March : 9.80 0.22 10.20 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 96.27 34.81 20.17 7.95 1993/94 (Est.) : 28.09 16.03 100.65 34.62 17.46 5.69 1994/95 (Proj.) : February : 32.72 21.36 105.52 37.15 26.76 13.89 March : 32.82 21.36 107.40 37.15 26.47 13.89 Soybean Meal : 1992/93 : 27.38 5.65 74.92 22.00 3.75 0.19 1993/94 (Est.) : 29.64 4.86 79.27 22.85 3.29 0.14 1994/95 (Proj.) : February : 30.02 5.40 83.31 23.90 3.31 0.23 March : 30.53 5.26 84.52 24.04 3.45 0.23 Soybean oil : 1992/93 : 4.24 0.64 17.25 5.92 2.00 0.71 1993/94 (Est.) : 4.96 0.69 18.43 5.85 1.47 0.50 1994/95 (Proj.) : February : 5.04 0.93 18.76 5.90 1.64 0.56 March : 5.04 0.93 18.93 5.90 1.70 0.56 : Sunflowerseed : 1992/93 : 1.91 0.12 18.48 0.92 0.43 0.07 1993/94 (Est.) : 2.02 0.10 17.79 0.66 0.46 0.07 1994/95 (Proj.) : February : 2.59 0.25 19.00 1.05 0.85 0.42 March : 2.58 0.25 19.16 1.07 0.84 0.41 Sunflower Meal : 1992/93 : 1.80 0.05 8.62 0.40 0.26 0.00 1993/94 (Est.) : 1.95 0.04 8.00 0.29 0.26 0.00 1994/95 (Proj.) : February : 2.30 0.05 8.40 0.48 0.28 0.00 March : 2.30 0.05 8.50 0.49 0.28 0.00 Sunflower oil : 1992/93 : 2.20 0.27 7.60 0.09 0.57 0.03 1993/94 (Est.) : 2.05 0.20 7.59 0.06 0.55 0.03 1994/95 (Proj.) : February : 2.52 0.29 7.73 0.10 0.60 0.06 March : 2.55 0.32 7.82 0.09 0.59 0.05 : Rapeseed : 1992/93 : 4.00 0.05 22.83 0.03 1.15 0.00 1993/94 (Est.) : 4.97 0.04 24.67 0.39 0.78 0.04 1994/95 (Proj.) : February : 5.69 0.05 26.38 0.59 1.28 0.05 March : 5.79 0.05 26.58 0.59 1.18 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 15.40 1.00 0.48 0.01 1994/95 (Proj.) : February : 3.18 0.00 16.43 1.10 0.45 0.01 March : 3.18 0.00 16.35 1.10 0.45 0.01 Rapeseed Oil : 1992/93 : 1.65 0.01 8.54 0.41 0.41 0.03 1993/94 (Est.) : 1.79 0.03 9.33 0.56 0.40 0.03 1994/95 (Proj.) : February : 1.99 0.04 9.71 0.62 0.42 0.03 March : 2.30 0.04 9.74 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. HDR101380000006 WASDE COTTON US & WORLD COTTON HIGHLIGHTS Larger prospective mill use and exports again highlight this month's U.S. cotton outlook for 1994/95. With export commitments of 10.8 million bales to date, shipments during February jumped 1.4 million, boosting this season's cumulative shipments to 5.5 million bales. This vigorous trade activity prompted a 4-percent increase this month in prospective 1994/95 exports to 10 million bales. With expected mill use also revised up 2 percent to 11.3 milion bales, this season's ending stocks are trimmed to 2.1 million bales, 40 percent below the beginning level. The indicated stocks-to-use ratio is a record-low 10 percent. This month's world cotton outlook for 1994/95 features only minor changes in production, consumption, and trade, but slightly larger stocks stemming from a 1992/93 trade revision for Brazil. Global output is pegged at 84 million bales as larger crops in Argentina, Australia and Paraguay offset reduced prospects in Egypt. Forecast world consumption of 85.2 million bales is up modestly due to larger use in the United States and Turkey. However, with a larger carryin, 1994/95 global ending stocks are revised up slightly this month to 30.4 million bales. 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 : 82.74 16.22 122.85 19.92 25.42 1993/94 (Est.) : 76.93 16.13 115.12 20.80 26.76 1994/95 (Proj.): February : 84.04 19.73 114.18 23.26 28.64 March : 84.02 19.73 114.74 23.27 28.88 ========================================================== ========================================================= : Trade : Consumption : Ending stocks Year :========================================= : U.S. : World : U.S. : World : U.S. ========================================================= : 1992/93 : 5.20 85.65 10.25 38.20 4.66 1993/94 (Est.) : 6.86 85.07 10.42 30.72 3.53 1994/95 (Proj.): February : 9.60 84.99 11.10 30.22 2.70 March : 10.00 85.20 11.30 30.36 2.10 ========================================================== 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 82.74 27.25 85.65 25.42 0.83 38.20 United States : 3.70 16.22 4/ 10.25 5.20 -0.19 4.66 Total Foreign : 36.41 66.52 27.25 75.40 20.22 1.02 33.54 Major exporters 5/: 27.84 58.68 3.45 48.03 15.54 0.72 25.70 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 2.51 0.02 0.28 2.05 0.00 0.66 S. Hemisphere 7/: 3.91 5.14 1.84 4.24 2.70 -0.01 3.95 Australia : 0.85 1.71 0.00 0.13 1.70 0.00 0.74 Brazil : 2.14 2.11 1.83 3.45 0.11 0.00 2.52 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 : 38.20 76.93 27.93 85.07 26.76 0.52 30.72 United States : 4.66 16.13 0.01 10.42 6.86 -0.01 3.53 Total Foreign : 33.54 60.79 27.93 74.65 19.90 0.53 27.19 Major exporters 5/: 25.70 53.50 4.01 47.99 15.24 0.39 19.58 China : 12.34 17.20 0.81 20.90 0.75 0.30 8.40 Pakistan : 2.16 6.28 0.35 6.50 0.32 0.06 1.92 India : 2.92 9.60 0.27 9.92 0.31 0.00 2.58 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/: 0.66 2.43 0.04 0.31 2.04 0.00 0.78 S. Hemisphere 7/: 3.95 5.00 1.94 4.53 2.39 0.01 3.97 Australia : 0.74 1.51 0.00 0.15 1.53 0.00 0.57 Brazil : 2.52 1.86 1.87 3.77 0.01 0.00 2.48 Major importers : 5.00 1.74 18.86 18.49 1.78 0.07 5.27 Europe : 2.20 1.70 6.80 7.05 1.05 0.02 2.59 Selected Asia 8/: 2.64 0.04 9.46 9.44 0.13 0.05 2.52 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 3.26 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 : February : 30.14 84.04 29.78 84.99 28.64 0.11 30.22 March : 30.72 84.02 29.81 85.20 28.88 0.12 30.36 United States : February : 3.53 19.73 0.01 11.10 9.60 -0.14 2.70 March : 3.53 19.73 0.01 11.30 10.00 -0.13 2.10 Total Foreign : February : 26.61 64.31 29.78 73.89 19.04 0.25 27.52 March : 27.19 64.29 29.80 73.90 18.88 0.25 28.26 Major exporters 5/: February : 19.00 56.27 6.73 47.60 14.18 0.09 20.14 March : 19.58 56.26 6.81 47.68 13.97 0.09 20.92 China Feb : 8.47 19.50 3.00 20.50 0.55 0.00 9.92 Mar : 8.40 19.50 3.20 20.50 0.40 0.00 10.20 Pakistan Feb : 1.92 6.00 0.60 6.30 0.05 0.05 2.12 Mar : 1.92 6.00 0.60 6.30 0.05 0.05 2.12 India Feb : 2.58 9.80 0.63 10.15 0.23 0.00 2.63 Mar : 2.58 9.80 0.63 10.15 0.23 0.00 2.63 Uzbekistan Feb : 0.96 6.00 0.00 0.90 5.50 0.00 0.56 Mar : 0.96 6.00 0.00 0.90 5.50 0.00 0.56 TurkmenistanFeb : 0.20 1.79 0.00 0.10 1.70 0.00 0.18 Mar : 0.20 1.79 0.00 0.10 1.70 0.00 0.18 Afr.Fr.Zn.6/Feb : 0.78 2.99 0.04 0.32 2.90 0.00 0.57 Mar : 0.78 2.99 0.04 0.32 2.90 0.00 0.57 S. Hem. 7/ Feb : 3.11 5.52 1.75 4.70 2.60 0.01 3.06 Mar : 3.97 5.71 1.55 4.70 2.77 0.01 3.75 Australia Feb : 0.57 1.24 0.02 0.16 1.15 0.00 0.52 Mar : 0.57 1.28 0.02 0.16 1.20 0.00 0.51 Brazil Feb : 1.62 2.30 1.70 3.90 0.03 0.00 1.70 Mar : 2.48 2.30 1.50 3.90 0.03 0.00 2.36 Maj. imp. Feb : 5.27 1.82 18.00 17.91 1.96 0.10 5.12 Mar : 5.27 1.82 18.00 17.91 1.96 0.10 5.12 Europe Feb : 2.59 1.77 6.62 7.18 1.23 0.05 2.52 Mar : 2.59 1.77 6.62 7.18 1.23 0.05 2.52 Sel. Asia 8/Feb : 2.52 0.05 9.38 9.43 0.13 0.05 2.33 Mar : 2.52 0.05 9.38 9.43 0.13 0.05 2.33 Japan Feb : 0.42 0.00 1.85 1.85 0.00 0.00 0.42 Mar : 0.42 0.00 1.85 1.85 0.00 0.00 0.42 S. Korea Feb : 0.68 4/ 1.68 1.68 0.00 0.00 0.69 Mar : 0.68 4/ 1.68 1.68 0.00 0.00 0.69 Russia Feb : 0.16 0.00 2.00 1.30 0.60 0.00 0.26 Mar : 0.16 0.00 2.00 1.30 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 2.5 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 :================================== : : : February : March =============================================================================== : Domestic measure Area : Million acres Planted : 13.24 13.44 13.73 13.73 Harvested : 11.12 12.78 13.33 13.33 : Pounds Yield per harv. acre : 700 606 710 710 : Million 480 pound bales Beginning stocks 2/ : 3.70 4.66 3.53 3.53 Production : 16.22 16.13 19.73 19.73 Supply, total 3/ : 19.92 20.80 23.26 23.27 Domestic use : 10.25 10.42 11.10 11.30 Exports : 5.20 6.86 9.60 10.00 Use, total : 15.45 17.28 20.70 21.30 Unaccounted 4/ : -0.19 -0.01 -0.14 -0.13 Ending stocks : 4.66 3.53 2.70 2.10 Avg. farm price 6/ : 54.90 59.00 70.00 71.00 : : Metric measure Area : Million hectares Planted : 5.36 5.44 5.56 5.56 Harvested : 4.50 5.17 5.39 5.39 : : Metric tons Yield / harv. hectare : 0.78 0.68 0.80 0.80 : Million metric tons Beginning stocks 2/ : 0.81 1.02 0.77 0.77 Production : 3.53 3.51 4.30 4.30 Supply, total 3/ : 4.34 4.53 5.06 5.07 Domestic use : 2.23 2.27 2.42 2.46 Exports : 1.13 1.49 2.09 2.18 Use, total : 3.36 3.76 4.51 4.64 Unaccounted 4/ : -0.04 5/ -0.03 -0.03 Ending stocks : 1.02 0.77 0.59 0.46 Avg. farm price 6/ : 1.21 1.30 1.54 1.56 =============================================================================== 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. The March 1994/95 price is a weighted average for August- January and is not a projection for the marketing year. The February 1994/95 price is a weighted average for August-December.