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-301 - April 11, 1995 HIGHLIGHTS WHEAT: Projected U.S. 1994/95 ending stocks of wheat are up 10 million bushels from last month, but remain well below the carryin level. Projected exports are down 25 million bushels from last month because of a slower than expected pace of sales and shipments to date. Projected feed and residual use is up 25 million bushels because the March 1 wheat stocks indicate stronger than expected use in the December-February quarter. Food use, however, continues to trail expectations and is projected 10 million bushels below last month. The projected price range is unchanged at $3.40 to $3.50 per bushel. Projected global 1994/95 use is up marginally from last month, but ending stocks are lower, largely due to changes for the countries of the former Soviet Union (FSU). Projected global imports are down from last month, as reductions for Uzbekistan, China, Ukraine and several other countries more than offset higher forecast imports for Bangladesh, Iran and several other countries. Projected exports are down for the EU and the United States. COARSE GRAINS: Projected U.S. 1994/95 ending stocks of corn are down 22 million bushels from last month, with imports up 3 million and exports up 25 million. Forecast imports of oats and barley are each up 5 million bushels, and sorghum exports are down 10 million. The projected price range for corn is up 5 cents on each end to $2.20 to $2.30 per bushel, reflecting not only the lower 1994/95 ending stocks, but also the lower than expected 1995 corn planting intentions in the Prospective Plantings report. Projected global 1994/95 coarse grain production and use are up from last month, but ending stocks are down. The larger production mainly reflects a 2.5-million-ton increase in Brazil's corn crop. Changes in global use and stocks largely are due to revisions in historical estimates and 1994/95 forecasts for FSU countries. While there are also numerous trade changes for the FSU, these changes have no impact on U.S. trade prospects. However, a 500,000-ton reduction in forecast exports by China raises prospective U.S. exports. The changes in world imports are largely offsetting, with higher forecast imports for the EU, Poland and several other countries, but lower prospective imports by Brazil, Mexico, Malaysia and Egypt. RICE: Although total U.S. rough rice use in 1994/95 is unchanged from a month ago, exports are projected 6 million hundredweight lower, while projected domestic use and residual is raised by nearly the same amount, leaving ending stocks little changed. U.S. Census rice export data indicate a larger share of rough rice exports to date (August-January) and less milled rice than was earlier projected. The projected price range is lowered 20 cents on the high end to $6.50 to $6.80 per cwt. Global rice production, consumption and ending stocks for 1994/95 are projected higher than last month. Larger crops in Cambodia, Argentina, Indonesia, Peru, Vietnam and several African countries more than offset a smaller harvest in Bangladesh. OILSEEDS: Prospective 1994/95 U.S. soybean ending stocks are reduced to 435 million bushels from last month's 510 million bushels but are still well above normal commercial needs. The drop mainly reflects USDA's March 1 stocks survey indicating smaller soybean supplies. Increases in prospective soybean exports to 800 million bushels and in soybean crush to 1,370 million bushels account for the rest of the stock decline. Increased U.S. crush is attributed to strong domestic soybean meal use. Soybean oil export prospects also are sharply higher, up 10 percent from last month and 45 percent from last year. Larger than anticipated shipments to China account for most of the increase but reported exports to Pakistan also contribute to the rise. The U.S. sunflower oil export forecast is also raised based on strong sales to the Middle East and North Africa. World oilseed production prospects for 1994/95 are raised slightly this month to 258.2 million metric tons. Most of the increase reflects increases in soybean production in Brazil, sunflowerseed in Argentina and palm kernel and palm oil crops in Malaysia. Brazil's soybean crop is forecast at a record 25.5 million tons, up 0.4 million from last month as good-to-excellent growing and harvesting conditions continue to aid yields. Global trade and consumption forecasts for soybeans and products are increased slightly this month and ending stocks are reduced. Higher soybean meal use prospects in the European Community and larger soybean oil imports by China are the prominent changes, along with reduced U.S. soybean and soybean oil stocks. U.S. season-average price prospects for soybeans are increased slightly to $5.35 to $5.45 per bushel, while soybean meal and oil price ranges are narrowed to $150 to $160 per short ton and 26.5 to 27.5 cents per pound, respectively. SUGAR: U.S. sugar production in fiscal year 1994/95 is projected at 8.125 million short tons, raw value, down 1.4 percent from last month. In Florida, where the harvest has been completed, cane sugar production is estimated at 1.73 million tons, down 110,000 tons from last month's forecast. Cane yields and sugar recovery from cane during the last month of the harvest were lower than anticipated. The forecast for Puerto Rico is lowered 5,000 tons to 40,000 tons. LIVESTOCK, POULTRY, DAIRY: The U.S. meat production forecast for 1995 is up slightly from last month and almost 4 percent above last year's level. The beef production forecast is up as larger than anticipated numbers of cattle are moving into feedlots. The Hogs and Pigs report suggested only minor changes to the pork output forecast, which is raised 75 million pounds this month. The 1995 beef import forecast is lowered as shipments from Australia and Brazil are sharply below levels of a year ago and anticipated levels. The U.S. beef export forecast is lowered with the Mexican market even weaker than earlier expected. Poultry forecasts are little changed from last month. Milk production and commercial use forecasts are raised this month. Production is up as milk cows numbers and output per cow are exceeding expectations. Commercial disappearance of dairy products continues strong and direct purchases by the CCC are very small. COTTON: See page 25 for highlights. APPROVED: DAN GLICKMAN SECRETARY OF AGRICULTURE * * * * * * * * * * NOTE: The next issue of this report will be released 8:30 a.m. E. T. on Thursday, May 11. The cotton portion of the report will be released at 3:00 p.m. E.T. on May 10, 1995. This report was prepared by the Interagency Commodity Estimates Committees and approved by the World Agricultural Outlook Board, Gerald A. Bange, Acting Chairperson, (202) 720-8651. Contact committee chairpersons at (202) 720-9805. INTERAGENCY COMMODITY ESTIMATES COMMITTEES Wheat: Gerald R. Rector, Chairperson, WAOB Frank Gomme, FAS; Ralph Tapp, AMS; Craig Jagger, CFSA; Edward W. Allen, ERS. Rice: Andrew C. Aaronson, Chairperson, WAOB Lloyd Fleck, FAS; Ralph Tapp, AMS, Eugene Rosera, CFSA; Randall D. Schnepf, ERS. Feed Grains: Gerald R. Rector, Chairperson, WAOB Alan Riffkin, FAS; Phillip W. Sronce, CFSA; Ralph Tapp, AMS; Peter Riley, ERS. Soybeans, Cottonseed and Oils: Jim L. Matthews, Chairperson, WAOB David McGuire, FAS; Scott O. Sanford, ERS; Ralph Tapp, AMS; Keith Menzie, CFSA. Cotton: Russell G. Barlowe, Chairperson, WAOB Patrick Packnett, FAS; Carol Skelly, CFSA; Lee Cliburn, AMS; Leslie Meyer, ERS. Sugar: Edmond Missiaen, Chairperson, WAOB Joseph Somers, FAS; Robert Barry, CFSA; Peter Buzzanell, ERS Meat Animals: James E. Nix, Chairperson, WAOB Peter Downing, FAS; John Mengel, CFSA; Ralph Tapp, AMS; Ron Gustafson, ERS. Poultry: James E. Nix, Chairperson, WAOB Ralph Dutrow, FAS; John Mengel, CFSA; Sue Buhler, AMS; Milton Madison, ERS. Dairy: James E. Nix, Chairperson, WAOB Ralph Dutrow, FAS; John Mengel, CFSA; Robert R. Miller, AMS; James Miller, ERS. 1995 WASDE RELEASE DATES During 1995, the WASDE report will be released on the following schedule (all times shown are Eastern Time): January 11, 3:00 p.m., cotton; January 12, 8:30 a.m., full report February 9, 3:00 p.m., cotton; February 10, 8:30 a.m., full report March 9, 3:00 p.m., cotton; March 10, 8:30 a.m., full report April 10, 3:00 p.m., cotton; April 11, 8:30 a.m., full report May 10, 3:00 p.m., cotton; May 11, 8:30 a.m., full report June 9, 3:00 p.m., cotton; June 12, 8:30 a.m., full report July 11, 3:00 p.m., cotton; July 12, 8:30 a.m., full report August 10, 3:00 p.m., cotton; August 11, 8:30 a.m., full report September 11, 3:00 p.m., cotton; September 12, 8:30 a.m., full report October 10, 3:00 p.m., cotton; October 11, 8:30 a.m., full report November 8, 3:00 p.m., cotton; November 9, 8:30 a.m., full report December 11, 3:00 p.m., cotton; December 12, 8:30 a.m., full report Timely Information on Agriculture's Future USDA's Agricultural Outlook Forum, held February 22 and 23, 1995, featured discussion of changing farm policy and detailed commodity projections through the year 2005. A proceedings and a report on long-term projections to 2005 are available; both for $25.00; request item YCON-95. To order call 1-800-999-6779. To order audio and video tapes of the Forum, call 1-800-747-0856. HDR101380000001 HDR201380000001 WASDE - U.S. WHEAT WASDE-301-6 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : March April =============================================================================== Area : Million acres Planted : 72.2 72.2 70.4 70.4 Harvested : 62.8 62.7 61.8 61.8 Yield per harvested : Bushels acre : 39.3 38.2 37.6 37.6 : Million bushels Beginning stocks : 475 531 568 568 Production : 2,467 2,396 2,321 2,321 Imports : 70 109 90 90 Supply, total : 3,012 3,036 2,979 2,979 Food : 835 872 875 865 Seed : 99 96 98 98 Feed and residual : 194 272 250 275 Domestic, total : 1,128 1,240 1,223 1,238 Exports : 1,354 1,228 1,275 1,250 Use, total : 2,481 2,467 2,498 2,488 Ending stocks, total : 531 568 481 491 Farmer-owned reserve 2/ : 28 6 0 0 CCC inventory : 150 150 142 142 Free stocks : 353 412 339 349 Outstanding loans : 47 67 45 45 Avg. farm price ($/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/ : 1,202 767 479 386 145 2,979 Domestic use : 554 280 225 99 80 1,238 Exports : 450 300 220 240 40 1,250 Use, total : 1,004 580 445 339 120 2,488 Ending stocks, total : April : 199 187 34 47 25 491 March : 187 187 33 47 27 481 =============================================================================== 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-301-7 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : March April =============================================================================== 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 25.8 Production : 179.7 156.1 197.8 197.8 Imports : 6.1 6.9 8.0 8.0 Supply, total : 213.2 202.5 231.8 231.5 Domestic & residual 3/ : 96.7 98.3 102.0 108.2 Exports : 77.1 78.4 89.0 83.0 Use, total : 173.7 176.7 191.0 191.2 Ending stocks : 39.4 25.8 40.8 40.3 CCC inventory : 0.1 0.0 0.1 0.1 Free stocks : 39.3 25.8 40.7 40.2 Avg. farm price ($/cwt) 4/ : 5.89 7.98 6.50-7.00 6.50-6.80 : 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 15.1 Production : 128.0 103.1 133.4 133.4 Supply, total 5/ : 146.4 130.9 155.7 155.6 Domestic & residual 3/ : 60.8 65.4 65.0 71.0 Exports 6/ : 64.0 50.4 71.0 66.5 Use, total : 124.8 115.8 136.0 137.5 Ending stocks : 21.6 15.1 19.7 18.1 : : 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 10.0 Production : 51.6 53.0 64.3 64.3 Supply, total 5/ : 64.8 70.9 76.1 75.9 Domestic & residual 3/ : 35.9 31.0 37.0 37.2 Exports 6/ : 13.1 28.0 18.0 16.5 Use, total : 48.9 59.0 55.0 53.7 Ending stocks : 15.8 10.0 21.1 22.2 =============================================================================== 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- 0.7. 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-301-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : March April =============================================================================== 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 3.2 Supply, total : 312.3 252.9 315.1 315.3 Feed and residual : 154.0 139.0 161.5 161.6 Food, seed & industrial : 44.1 46.2 49.0 49.0 Domestic, total : 198.1 185.2 210.5 210.6 Exports : 51.1 40.3 57.9 58.3 Use, total : 249.3 225.5 268.4 268.9 Ending stocks, total : 63.1 27.4 46.7 46.4 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 41.3 41.0 Outstanding loans : 18.5 2.3 12.2 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 7 10 Supply, total : 10,584 8,470 10,960 10,963 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 2,000 2,025 Use, total : 8,471 7,620 9,350 9,375 Ending stocks, total : 2,113 850 1,610 1,588 Farmer-owned reserve : 13 119 150 150 CCC inventory : 56 45 43 43 Free stocks : 2,044 686 1,417 1,395 Outstanding loans : 693 77 450 450 Avg. farm price ($/bu) 2/ : 2.07 2.50 2.15-2.25 2.20-2.30 =============================================================================== 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-301-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :=============================== : : Est. : March April =============================================================================== : 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 7 Domestic, total : 476 460 408 407 Exports : 277 202 220 210 Use, total : 753 662 628 617 Ending stocks, total : 175 48 75 86 Farmer-owned reserve : 1 4 10 10 CCC inventory : 4 1 1 1 Free stocks : 170 43 64 75 Outstanding loans : 19 1 15 15 Avg. farm price ($/bu) 2/ : 1.89 2.31 2.00-2.10 2.05-2.15 : BARLEY : Area planted (mil. acres) : 7.8 7.8 7.2 7.2 Area harv. (mil. acres) : 7.3 6.8 6.7 6.7 Yield (bushels/acre) : 62.5 58.9 56.2 56.2 Beginning stocks : 129 151 139 139 Production : 455 398 375 375 Imports : 11 71 60 65 Supply, total : 595 621 574 579 Feed and residual : 192 241 225 225 Food, seed & industrial : 171 175 175 175 Domestic, total : 364 416 400 400 Exports : 80 66 70 70 Use, total : 444 482 470 470 Ending stocks, total : 151 139 104 109 Farmer-owned reserve : 0 7 5 5 CCC inventory : 5 5 5 5 Free stocks : 146 127 94 99 Outstanding loans : 19 14 15 15 Avg. farm price ($/bu) 2/ : 2.04 1.99 2.01 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 : 55 107 100 105 Supply, total : 477 427 435 440 Feed and residual : 233 193 200 210 Food, seed & industrial : 125 125 125 125 Domestic, total : 358 318 325 335 Exports : 6 3 1 1 Use, total : 364 321 326 336 Ending stocks, total : 113 106 109 104 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 113 106 109 104 Outstanding loans : 1 1 1 1 Avg. farm price ($/bu) 2/ : 1.32 1.36 1.21 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-301-12 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/ : 132.80 561.87 122.45 110.17 549.47 124.06 145.20 United States : 12.93 67.14 1.91 5.27 30.69 36.84 14.44 Total foreign : 119.87 494.73 120.54 104.90 518.78 87.22 130.76 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 36.17 15.80 178.29 1.77 32.22 China : 23.69 101.59 6.72 2.75 109.05 0.09 22.85 East Europe : 5.79 26.42 3.48 11.80 30.73 1.25 3.71 N. Africa 6/ : 3.75 9.66 14.23 1.00 24.27 0.00 3.37 Selected other : Baltics 7/9/ : 0.27 1.26 0.64 1.05 1.83 0.00 0.33 FSU-12 8/9/ : 25.27 88.46 23.25 51.50 100.04 6.80 30.14 Russia : 14.55 46.17 14.47 32.62 56.62 0.90 17.67 Kazakhstan : 1.75 18.29 0.13 5.33 9.57 5.80 4.79 : : 1993/94 (Estimated) : World 3/ : 145.20 559.17 112.39 111.95 564.26 117.43 140.10 United States : 14.44 65.22 2.96 7.39 33.74 33.41 15.47 Total foreign : 130.76 493.95 109.43 104.55 530.53 84.01 124.63 Major exporters 4/ : 40.61 133.35 17.57 37.76 87.80 72.77 30.97 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 79.82 17.45 29.92 69.66 35.37 15.39 Major importers 5/ : 32.22 149.01 32.95 14.84 180.76 0.81 32.61 China : 22.85 106.39 4.30 2.70 110.65 0.16 22.73 East Europe : 3.71 30.62 2.06 11.30 31.26 0.25 4.88 N. Africa 6/ : 3.37 9.25 14.90 0.60 24.40 0.00 3.12 Selected other : Baltics 7/9/ : 0.33 1.36 0.49 0.96 1.72 0.00 0.46 FSU-12 8/9/ : 30.14 82.01 13.03 41.29 88.76 6.50 29.91 Russia : 17.67 43.50 5.00 26.05 48.95 0.50 16.73 Kazakhstan : 4.79 11.59 0.00 2.81 7.00 5.50 3.88 ================================================================================ 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-301-13 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/ : March : 143.66 524.64 111.36 97.39 551.59 111.04 116.71 April : 140.10 525.00 110.53 98.83 552.38 110.02 112.72 United States : March : 15.47 63.16 2.45 6.80 33.29 34.70 13.09 April : 15.47 63.16 2.45 7.48 33.69 34.02 13.37 Total foreign : March : 128.19 461.49 108.91 90.59 518.31 76.34 103.62 April : 124.63 461.84 108.09 91.35 518.68 76.01 99.36 Major exporters 4/ : March : 31.34 124.71 17.16 35.09 85.46 65.32 22.43 April : 30.97 124.54 17.41 35.09 85.30 64.97 22.66 Argentina Mar.: 0.25 10.50 0.00 0.05 4.60 5.70 0.45 Apr.: 0.25 10.50 0.00 0.05 4.60 5.70 0.45 Australia Mar.: 4.13 8.80 0.10 2.30 4.55 6.40 2.08 Apr.: 4.13 8.80 0.10 2.30 4.55 6.40 2.08 Canada Mar.: 11.20 23.35 0.09 3.00 6.70 21.50 6.44 Apr.: 11.20 23.35 0.09 3.00 6.70 21.50 6.44 EU Mar.: 15.76 82.06 16.97 29.74 69.61 31.72 13.46 Apr.: 15.39 81.89 17.22 29.74 69.44 31.37 13.69 Major importers 5/ : March : 32.38 151.71 37.65 16.29 187.70 2.13 31.91 April : 32.61 151.45 36.85 16.29 186.77 2.13 32.02 China Mar.: 22.73 103.00 11.00 3.00 114.63 0.03 22.08 Apr.: 22.73 103.00 10.50 3.00 114.13 0.03 22.08 East Europe Mar.: 5.05 33.98 1.25 12.50 33.25 1.70 5.33 Apr.: 4.88 33.98 1.15 12.50 33.18 1.70 5.13 N. Africa 6/ Mar.: 2.72 12.16 13.60 0.55 25.36 0.00 3.12 Apr.: 3.12 11.72 13.40 0.55 25.00 0.00 3.25 Selected other : Baltics 7/9/ Mar.: 0.19 0.91 0.44 0.53 1.36 0.00 0.18 Apr.: 0.46 0.91 0.39 0.71 1.39 0.00 0.37 FSU-12 8/9/ Mar.: 33.35 59.51 10.65 30.67 76.18 5.25 22.08 Apr.: 29.91 59.51 9.60 31.25 77.45 5.25 16.31 Russia Mar.: 17.74 32.10 3.00 20.00 41.50 0.75 10.59 Apr.: 16.73 32.10 3.00 21.93 44.13 0.75 6.95 Kazakhstan Mar.: 5.96 9.10 0.00 3.00 7.03 4.50 3.54 Apr.: 3.88 9.10 0.00 2.05 5.97 4.50 2.50 ================================================================================ 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, 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-301-14 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/ : 134.56 862.77 99.10 552.48 834.57 106.24 162.75 United States : 33.99 277.42 1.46 154.16 198.65 51.12 63.09 Total foreign : 100.57 585.35 97.64 398.32 635.92 55.12 99.66 Major exporters 4/ : 7.89 56.10 1.47 31.96 41.55 13.80 10.10 Argentina : 1.09 14.08 0.00 5.82 7.76 5.96 1.46 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/ : 36.76 156.36 57.43 139.25 194.28 23.72 32.56 EU : 19.36 82.43 13.78 54.00 74.91 21.52 19.14 East Europe : 7.52 43.24 3.74 38.47 49.13 1.49 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/ : 0.54 2.63 0.80 2.65 3.60 0.00 0.37 FSU-12 7/8/ : 7.20 92.62 11.39 74.97 98.22 2.88 10.10 Russia : 4.14 55.79 7.19 45.58 60.68 0.40 6.03 Ukraine : 1.28 15.59 0.93 12.24 16.24 0.28 1.27 : : 1993/94 (Estimated) : World 3/ : 162.75 787.01 94.55 546.58 829.44 99.59 120.33 United States : 63.09 186.45 4.04 139.20 185.86 40.34 27.38 Total foreign : 99.66 600.56 90.51 407.38 643.58 59.24 92.95 Major exporters 4/ : 10.10 63.85 0.90 35.19 44.98 20.31 9.57 Argentina : 1.46 13.29 0.00 6.61 8.52 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/ : 32.56 159.46 55.23 139.81 194.97 23.06 29.22 EU : 19.14 82.85 15.12 57.76 79.11 20.91 17.08 East Europe : 3.88 44.38 1.82 34.96 45.82 0.35 3.92 Japan : 2.88 0.28 21.21 17.83 21.91 0.00 2.46 Selected other : China : 28.33 116.74 1.20 71.61 108.09 12.00 26.18 Baltics 6/8/ : 0.37 3.15 0.50 2.47 3.42 0.00 0.59 FSU-12 7/8/ : 10.10 92.06 5.60 71.73 94.54 1.47 11.75 Russia : 6.03 50.89 3.70 39.56 54.36 0.48 5.79 Ukraine : 1.27 20.28 0.33 14.92 18.92 0.33 2.63 ================================================================================ 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-301-15 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/ : March : 124.86 860.79 99.32 570.06 853.11 98.36 132.53 April : 120.33 863.89 99.71 575.77 854.58 97.84 129.64 United States : March : 27.38 285.05 3.35 161.68 211.17 57.93 46.68 April : 27.38 285.05 3.62 161.83 211.32 58.31 46.42 Total foreign : March : 97.48 575.74 95.97 408.37 641.94 40.43 85.86 April : 92.95 578.84 96.09 413.94 643.26 39.53 83.22 Major exporters 4/ : March : 9.57 51.17 2.53 33.35 43.27 11.64 8.37 April : 9.57 50.92 2.57 33.65 43.36 11.64 8.07 Argentina Mar.: 1.40 13.70 0.00 6.11 8.35 5.60 1.15 Apr.: 1.40 13.45 0.00 6.33 8.30 5.60 0.95 Australia Mar.: 0.74 4.45 0.08 3.23 4.25 0.61 0.41 Apr.: 0.74 4.45 0.12 3.27 4.29 0.61 0.41 Canada Mar.: 5.53 23.46 0.70 16.21 18.68 5.23 5.79 Apr.: 5.53 23.46 0.70 16.21 18.68 5.33 5.69 Major importers 5/ : March : 29.23 155.22 57.06 142.35 197.20 22.11 22.21 April : 29.22 155.28 57.01 143.35 198.62 21.41 21.49 EU Mar.: 16.85 77.53 14.38 55.79 76.91 19.90 11.95 Apr.: 17.08 77.67 14.47 57.27 78.69 18.95 11.58 East Europe Mar.: 3.93 46.88 1.03 37.94 48.24 0.63 2.97 Apr.: 3.92 46.76 1.13 37.68 48.16 0.68 2.97 Japan Mar.: 2.69 0.22 21.00 17.20 21.56 0.00 2.35 Apr.: 2.46 0.22 20.99 17.19 21.55 0.00 2.11 Selected other : China Mar.: 26.18 115.60 3.70 79.31 114.89 3.20 27.39 Apr.: 26.18 115.60 3.70 79.81 115.39 2.70 27.39 Baltics 6/8/ Mar.: 0.56 2.54 0.30 2.21 2.86 0.00 0.55 Apr.: 0.59 2.54 0.30 2.10 2.94 0.00 0.49 FSU-12 7/8/ Mar.: 17.69 80.87 1.93 59.55 83.96 1.54 14.99 Apr.: 11.75 80.87 2.01 60.58 82.89 1.84 9.89 Russia Mar.: 8.05 45.25 0.60 31.45 47.45 0.90 5.55 Apr.: 5.79 45.25 0.53 30.72 45.22 1.18 5.17 Ukraine Mar.: 4.44 19.83 0.08 14.15 18.40 0.24 5.70 Apr.: 2.63 19.83 0.08 16.29 20.04 0.19 2.31 ================================================================================ 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-301-16 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/ : 81.65 532.97 64.64 345.54 507.51 69.93 107.11 United States : 27.95 240.72 0.18 134.54 172.93 42.25 53.67 Total foreign : 53.70 292.26 64.46 211.01 334.59 27.68 53.44 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/ : 12.08 68.54 39.01 67.36 99.71 8.03 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/ : 0.11 0.00 0.33 0.35 0.35 0.00 0.08 FSU-12 7/8/ : 2.28 7.09 5.84 10.59 12.93 0.22 2.05 Russia : 1.23 2.14 4.24 5.11 6.21 0.10 1.30 : : 1993/94 (Estimated) : World 3/ : 107.11 468.83 63.01 340.98 505.43 66.71 70.51 United States : 53.67 160.95 0.53 119.48 159.82 33.74 21.60 Total foreign : 53.44 307.88 62.48 221.51 345.61 32.96 48.92 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 68.24 39.57 67.92 100.13 10.18 9.39 EU : 4.85 28.95 10.13 21.95 30.26 9.87 3.80 Japan : 1.44 0.00 16.17 12.70 16.45 0.00 1.16 Selected other : China : 27.00 102.70 0.00 65.50 92.95 11.75 25.00 Baltics 6/8/ : 0.08 0.00 0.20 0.20 0.20 0.00 0.08 FSU-12 7/8/ : 2.05 9.02 4.00 10.65 12.84 0.15 2.08 Russia : 1.30 2.45 3.30 4.87 5.97 0.08 0.99 ================================================================================ 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-301-17 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/ : March : 68.26 551.87 69.93 375.11 534.80 67.51 85.33 April : 70.51 554.69 70.04 378.95 538.03 67.26 87.17 United States : March : 21.60 256.63 0.18 143.52 186.70 50.80 40.90 April : 21.60 256.63 0.25 143.52 186.70 51.44 40.34 Total foreign : March : 46.67 295.24 69.75 231.59 348.10 16.71 44.43 April : 48.92 298.06 69.78 235.43 351.33 15.82 46.82 Major exporters 4/ : March : 2.81 19.30 1.75 11.20 16.88 5.15 1.82 April : 2.81 19.30 1.75 11.30 17.03 5.10 1.72 Argentina Mar.: 0.90 10.50 0.00 3.95 5.65 4.95 0.80 Apr.: 0.90 10.50 0.00 4.00 5.70 5.00 0.70 South Africa Mar.: 1.68 5.00 1.75 4.00 7.93 0.00 0.50 Apr.: 1.68 5.00 1.75 4.00 7.93 0.00 0.50 Thailand Mar.: 0.22 3.80 0.00 3.25 3.30 0.20 0.52 Apr.: 0.22 3.80 0.00 3.30 3.40 0.10 0.52 Major importers 5/ : March : 9.61 67.51 42.34 71.87 103.31 7.88 8.27 April : 9.39 67.31 42.35 71.72 103.49 7.44 8.11 EU Mar.: 3.82 26.92 9.17 21.69 29.72 7.28 2.90 Apr.: 3.80 26.92 9.27 21.75 30.19 6.74 3.07 Japan Mar.: 1.38 0.00 16.00 12.20 16.20 0.00 1.18 Apr.: 1.16 0.00 16.00 12.20 16.20 0.00 0.96 Selected other : China Mar.: 25.00 102.00 2.50 73.00 99.50 3.00 27.00 Apr.: 25.00 102.00 2.50 73.50 100.00 2.50 27.00 Baltics 6/8/ Mar.: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Apr.: 0.08 0.00 0.00 0.04 0.04 0.00 0.03 FSU-12 7/8/ Mar.: 0.97 5.12 0.85 5.13 6.61 0.00 0.33 Apr.: 2.08 5.12 0.85 5.41 7.29 0.00 0.75 Russia Mar.: 0.50 0.90 0.50 1.50 1.90 0.00 0.00 Apr.: 0.99 0.90 0.50 1.40 2.25 0.00 0.14 ================================================================================ 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-301-18 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/ : 56.61 352.85 13.61 355.41 15.56 54.06 United States : 0.88 5.70 0.19 2.96 2.56 1.25 Total foreign : 55.73 347.15 13.42 352.44 13.00 52.80 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 4.99 39.18 1.49 2.31 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/ : 54.06 353.33 16.20 357.65 16.46 49.74 United States : 1.25 5.24 0.22 3.22 2.63 0.87 Total foreign : 52.80 348.09 15.98 354.43 13.83 48.87 Major exporters 4/ : 2.49 40.72 0.00 32.16 8.62 2.43 Thailand : 0.78 12.67 0.00 8.50 4.74 0.21 Vietnam : 0.00 15.30 0.00 13.30 2.00 0.00 Major importers 5/ : 2.31 35.38 5.02 40.62 1.19 0.91 Selected other : China : 29.60 124.39 0.70 128.00 1.52 25.17 Japan : 0.38 7.13 2.62 9.40 0.00 0.73 : : 1994/95 (Projected) : World 3/ : March : 49.39 354.25 15.64 356.43 16.26 47.21 April : 49.74 356.32 15.50 358.02 16.24 48.03 United States : March : 0.83 6.55 0.25 3.33 2.95 1.35 April : 0.87 6.55 0.25 3.39 2.95 1.34 Total foreign : March : 48.56 347.70 15.39 353.10 13.31 45.86 April : 48.87 349.77 15.25 354.63 13.30 46.70 Major exporters 4/ : March : 2.42 41.12 0.00 31.92 9.20 2.42 April : 2.43 42.02 0.00 32.82 9.10 2.53 Thailand Mar.: 0.20 13.86 0.00 8.60 4.90 0.56 Apr.: 0.21 13.86 0.00 8.60 4.90 0.57 Vietnam Mar.: 0.00 14.75 0.00 12.75 2.00 0.00 Apr.: 0.00 15.65 0.00 13.65 2.00 0.00 Major importers 5/ : March : 0.92 34.05 6.17 38.79 0.97 1.37 April : 0.91 34.41 6.02 39.00 0.97 1.36 Selected other : China Mar.: 25.17 121.50 1.00 127.00 0.50 20.17 Apr.: 25.17 121.50 1.00 127.00 0.50 20.17 Japan Mar.: 0.31 10.90 0.30 9.50 0.00 2.01 Apr.: 0.73 10.90 0.30 9.35 0.00 2.58 ================================================================================ 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-301-10 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :================================== : : Est. : March April =============================================================================== 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 1,370 Exports : 770 589 785 800 Seed : 64 68 64 66 Residual : 66 32 51 104 Use, total : 2,179 1,961 2,265 2,340 Ending stocks : 292 209 510 435 Avg. price ($/bu) 2/ : 5.56 6.40 5.20 - 5.35 - : 5.50 5.45 : : Million pounds SOYBEAN OIL: : Beginning stocks : 2,239 1,555 1,103 1,103 Production : 13,778 13,906 15,162 15,212 Imports : 10 68 15 10 Supply, total : 16,028 15,528 16,280 16,325 Domestic : 13,054 12,896 13,000 13,000 Exports : 1,419 1,529 2,050 2,250 Use, total : 14,473 14,425 15,050 15,250 Ending stocks : 1,555 1,103 1,230 1,075 Avg. price c/lb 2/ : 21.40 27.10 25.5-28.5 26.5-27.5 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 230 204 150 150 Production : 30,364 30,417 32,340 32,390 Imports : 93 69 60 60 Supply, total : 30,687 30,691 32,550 32,600 Domestic : 24,251 25,185 26,500 26,600 Exports : 6,232 5,356 5,800 5,800 Use, total : 30,483 30,541 32,300 32,400 Ending stocks : 204 150 250 200 Avg price $/sht ton 2/: 193.75 193.00 145-165 150-160 =============================================================================== 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-301-19 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 30.22 96.39 116.04 29.61 20.17 United States : 7.58 59.61 0.06 34.81 38.35 20.94 7.96 Total foreign : 10.80 57.62 30.16 61.58 77.69 8.66 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 19.81 17.69 20.88 0.31 1.42 EU (EC-12) /5 : 0.63 1.18 14.94 13.90 15.80 0.31 0.65 Japan : 0.79 0.19 4.87 3.79 5.08 0.00 0.77 : : 1993/94 (Estimated) World 2/ : 20.17 117.46 28.65 100.73 120.64 28.18 17.46 United States : 7.96 50.92 0.18 34.62 37.33 16.03 5.69 Total foreign : 12.22 66.54 28.47 66.11 83.31 12.14 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 17.91 15.69 18.46 0.40 1.28 EU (EC-12) /5 : 0.65 0.69 13.06 12.02 13.44 0.40 0.56 Japan : 0.77 0.10 4.86 3.67 5.02 0.00 0.71 : World 2/ : 1994/95 (Projected) March : 17.46 137.91 32.25 107.40 128.34 32.82 26.47 April : 17.46 138.25 32.55 107.86 130.32 33.00 24.93 United States : March : 5.69 69.63 0.22 37.15 40.28 21.36 13.89 April : 5.69 69.63 0.22 37.29 41.92 21.77 11.85 Total foreign : March : 11.77 68.28 32.03 70.25 88.06 11.45 12.57 April : 11.77 68.62 32.33 70.57 88.41 11.23 13.08 Major exporters 3/ : March : 9.27 39.80 1.00 28.26 30.56 9.20 10.31 April : 9.27 40.20 1.00 28.26 30.56 9.20 10.71 Argentina Mar. : 3.65 12.70 0.00 8.76 9.26 3.00 4.09 April : 3.65 12.70 0.00 8.76 9.26 3.00 4.09 Brazil Mar. : 5.62 25.10 0.90 18.90 20.60 4.80 6.22 April : 5.62 25.50 0.90 18.90 20.60 4.80 6.62 Major importers 4/ : March : 1.28 1.01 19.42 17.30 20.07 0.34 1.29 April : 1.28 1.01 19.67 17.48 20.32 0.34 1.29 EU (EC-12) Mar. : 0.56 0.90 14.72 13.80 15.27 0.34 0.57 April : 0.56 0.90 14.97 13.98 15.52 0.34 0.57 Japan Mar. : 0.71 0.11 4.70 3.50 4.80 0.00 0.72 April : 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-301-20 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 76.09 27.40 75.49 27.34 3.75 United States : 0.21 27.55 0.08 22.00 5.65 0.19 Total foreign : 2.89 48.54 27.31 53.49 21.69 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 11.76 17.13 24.91 3.93 0.86 EU (EC-12) : 0.78 10.84 14.51 21.38 3.93 0.82 : : 1993/94 (Estimated) World 2/ : 3.75 79.81 29.44 80.32 29.40 3.29 United States : 0.19 27.59 0.06 22.84 4.86 0.14 Total foreign : 3.57 52.22 29.38 57.47 24.54 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 10.49 17.82 24.99 3.47 0.71 EU (EC-12) : 0.82 9.50 15.30 21.49 3.47 0.67 : World 2/ : 1994/95 (Projected) March : 3.29 84.87 30.35 84.54 30.52 3.45 April : 3.29 85.30 30.38 85.00 30.63 3.33 United States : March : 0.14 29.34 0.05 24.05 5.25 0.23 April : 0.14 29.38 0.05 24.13 5.26 0.18 Total foreign : March : 3.15 55.53 30.29 60.48 25.27 3.22 April : 3.15 55.92 30.32 60.87 25.37 3.15 Major exporters 3/ : March : 1.00 21.88 0.00 4.60 17.22 1.07 April : 1.00 21.88 0.00 4.60 17.22 1.07 Argentina Mar. : 0.38 7.08 0.00 0.18 6.97 0.31 April : 0.38 7.08 0.00 0.18 6.97 0.31 Brazil Mar. : 0.62 14.80 0.00 4.42 10.25 0.76 April : 0.62 14.80 0.00 4.42 10.25 0.76 Major importers 4/ : March : 0.71 12.03 17.85 25.96 3.98 0.65 April : 0.71 12.08 18.21 26.32 4.03 0.65 EU (EC-12) Mar. : 0.67 10.89 15.00 21.97 3.98 0.61 April : 0.67 11.02 15.52 22.58 4.03 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, FSU-12 and EU. HDR201380000001 WASDE - WORLD SOYOIL WASDE-301-21 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 17.12 4.05 17.28 4.20 2.00 United States : 1.02 6.25 0.01 5.92 0.64 0.71 Total foreign : 1.30 10.87 4.05 11.36 3.56 1.30 Major exporters 3/ : 0.75 6.86 0.60 4.23 3.20 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 2.51 0.47 1.88 1.06 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 18.03 4.73 18.26 5.02 1.48 United States : 0.71 6.31 0.03 5.85 0.69 0.50 Total foreign : 1.30 11.72 4.69 12.41 4.33 0.98 Major exporters 3/ : 0.79 7.13 0.56 4.05 3.89 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 2.21 0.43 1.65 1.05 0.20 Major importers 4/ : 0.03 1.68 0.99 2.66 0.04 0.01 China : 0.00 1.09 0.84 1.89 0.04 0.00 Pakistan : 0.01 0.00 0.10 0.11 0.00 0.01 World 2/ : 1994/95 (Projected) March : 1.47 19.33 4.87 18.93 5.04 1.70 April : 1.48 19.38 5.00 19.03 5.20 1.63 United States : March : 0.50 6.88 0.01 5.90 0.93 0.56 April : 0.50 6.90 0.01 5.90 1.02 0.49 Total foreign : March : 0.97 12.45 4.87 13.03 4.11 1.14 April : 0.98 12.48 5.00 13.13 4.18 1.14 Major exporters 3/ : March : 0.55 7.59 0.55 4.35 3.69 0.65 April : 0.55 7.62 0.54 4.38 3.69 0.65 Argentina Mar. : 0.16 1.53 0.00 0.08 1.45 0.17 April : 0.16 1.53 0.00 0.08 1.45 0.17 Brazil Mar. : 0.19 3.55 0.11 2.50 1.05 0.30 April : 0.19 3.55 0.11 2.50 1.05 0.30 EU (EC-12) Mar. : 0.20 2.51 0.44 1.77 1.19 0.19 April : 0.20 2.54 0.43 1.80 1.18 0.19 Major importers 4/ : March : 0.01 1.83 1.20 3.01 0.00 0.02 April : 0.01 1.83 1.35 3.10 0.06 0.02 China Mar. : 0.00 1.19 0.95 2.14 0.00 0.00 April : 0.00 1.19 1.10 2.23 0.06 0.00 Pakistan Mar. : 0.01 0.01 0.15 0.14 0.00 0.02 April : 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-301-11 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1994/95 Projections Item : 1992/93 : 1993/94 :====================== : : Estimate : March April ====================================================================== : 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 8,125 Beet sugar : 4,392 4,090 4,650 4,650 Cane sugar : 3,446 3,587 3,590 3,475 Imports 2/ : 2,039 1,772 1,855 1,855 Under quota 4/ : 1,335 1,113 1,390 1,390 Other 5/ : 704 659 465 465 Total supply : 11,354 11,153 11,433 11,318 : 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 1,493 1,378 : Stocks to use ratio : 17.7 13.6 15.0 13.9 ====================================================================== 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 in excess of marketing allotments in 1994/95. The stocks to use ratio without the "blocked stocks" is 11.3 percent. HDR201380000001 WASDE - U.S. QUARTERLY ANIMAL PRODUCT & PRICES WASDE-301-22 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 : 5745 4181 10083 5667 1091 6883 16966 1509 37.6 II : 6042 4239 10428 5984 1254 7372 17800 1521 39.9 III : 6377 4326 10837 6167 1337 7629 18466 1550 38.2 IV : 6114 4912 11175 6029 1310 7462 18637 1597 37.9 Annual : Mar Est : 24281 17661 42529 23846 4992 29346 71875 6177 153.6 Apr Est : 24278 17658 42523 23846 4992 29346 71869 6177 153.6 : 1995 : I : 5900 4500 10553 6150 1200 7480 18033 1550 39.0 II *: 6150 4375 10670 6375 1330 7840 18510 1565 41.1 III *: 6550 4425 11109 6500 1395 8030 19139 1560 39.2 IV *: 6225 4700 11068 6400 1380 7905 18973 1590 38.7 Annual : Mar Proj : 24675 17925 43173 25400 5305 31225 74398 6275 157.6 Apr Proj : 24825 18000 43400 25425 5305 31255 74655 6265 158.0 ================================================================================ * 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 : Mar Est : 68.84 40.03 55.7 65.7 67.3 13.04 Apr Est : 68.84 40.03 55.7 65.7 67.3 13.04 : 1995 : I : 71.58 38.56 51.8 59.7 65.2 12.60 II *: 66-68 37-39 52-54 59-61 60-62 12.00-12.40 III *: 62-66 39-41 52-56 61-65 64-68 12.00-12.70 IV *: 64-70 36-40 50-54 64-70 66-72 12.60-13.60 Annual : Mar Proj : 66-70 38-40 51-54 60-63 64-68 12.30-12.90 Apr Proj : 66-69 38-40 51-54 61-64 64-67 12.30-12.80 ================================================================================ *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-301-23 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. Mar : 529 24388 2371 27288 1611 548 25129 67.4 Apr : 529 24386 2371 27286 1611 548 25127 67.4 1995 Proj. Mar : 548 24782 2635 27965 1715 450 25800 68.6 Apr : 548 24933 2450 27931 1675 450 25806 68.5 : PORK : 1993 : 385 17088 740 18213 435 359 17419 52.3 1994 Est. Mar : 359 17719 743 18821 531 438 17852 53.1 Apr : 359 17696 743 18798 531 438 17829 53.0 1995 Proj. Mar : 438 17983 730 19151 495 375 18281 53.9 Apr : 438 18038 730 19206 515 405 18286 53.8 : TOTAL RED MEAT 4/ : 1993 : 758 40759 3194 44711 1718 900 42092 119.6 1994 Est. Mar : 900 42720 3163 46783 2151 1003 43629 122.7 Apr : 900 42683 3163 46746 2151 1003 43592 122.5 1995 Proj. Mar : 1003 43364 3410 47777 2218 839 44720 124.5 Apr : 1003 43560 3225 47788 2198 871 44719 124.4 : BROILERS : 1993 : 368 22015 0 22383 1966 358 20059 68.4 1994 Est. Mar : 358 23667 0 24025 2876 458 20691 69.9 Apr : 358 23666 0 24024 2876 458 20690 69.9 1995 Proj. Mar : 458 25209 0 25667 3225 490 21952 73.4 Apr : 458 25233 0 25691 3225 490 21976 73.4 : TURKEYS : 1993 : 272 4798 0 5069 212 249 4608 17.8 1994 Est. Mar : 249 4940 0 5189 246 254 4689 18.0 Apr : 249 4937 0 5187 246 254 4686 18.0 1995 Proj. Mar : 254 5250 0 5504 250 300 4954 18.8 Apr : 254 5247 0 5501 250 300 4951 18.8 : TOTAL POULTRY 5/ : 1993 : 650 27328 0 27977 2234 615 25128 88.1 1994 Est. Mar : 615 29116 0 29731 3212 727 25793 89.4 Apr : 615 29113 0 29727 3212 727 25789 89.4 1995 Proj. Mar : 727 30980 0 31707 3575 790 27342 93.9 Apr : 727 31006 0 31733 3575 800 27358 93.9 : RED MEAT & POULTRY: 1993 : 1408 68087 3194 72688 3953 1515 67221 207.7 1994 Est. Mar : 1515 71836 3163 76514 5363 1730 69422 212.1 Apr : 1515 71796 3163 76473 5363 1730 69381 211.9 1995 Proj. Mar : 1730 74344 3410 79484 5793 1629 72062 218.4 Apr : 1730 74566 3225 79521 5773 1671 72077 218.3 ============================================================================ 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-301-24 U.S. Egg Supply and Use =============================================================================== : : : 1994 Estimated : 1995 Projected : : :-----------------:----------------- Commodity : 1992 : 1993 : Mar : Apr : Mar : Apr =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 13.0 13.5 10.7 10.7 14.9 14.9 Production : 5905.0 6003.1 6176.6 6176.6 6275.0 6265.0 Imports : 4.3 4.7 3.7 3.7 4.0 4.0 Total supply : 5922.3 6021.2 6191.0 6191.0 6293.9 6283.9 : Use : Exports : 157.0 158.9 187.6 187.6 190.0 190.0 Hatching use : 732.0 769.3 801.9 801.9 835.0 835.0 Ending stocks : 13.5 10.7 14.9 14.9 12.0 12.0 Consumption : Total : 5019.8 5082.3 5186.6 5186.6 5256.9 5246.9 Per capita (number) : 235.8 236.2 238.6 238.5 239.5 238.9 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : : : 1994/95 Proj 1/ Commodity :1990/91:1991/92:1992/93: 1993/94 :----------------- : 1/ : 1/ : 1/ : 1/ : Mar : Apr =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 5.2 5.2 5.0 5.0 4.6 4.6 Production : 147.7 150.0 151.0 152.2 156.8 157.2 Farm use : 2.0 1.9 1.9 1.9 1.9 1.9 Marketings : 145.7 148.1 149.1 150.3 154.9 155.3 Imports 2/ : 2.6 2.5 2.7 3.0 3.0 3.0 Total cml. supply 2/ : 153.5 155.8 156.8 158.3 162.5 162.9 Use : Commercial use 2/ : 137.9 140.7 144.1 149.5 153.7 154.4 Ending commercial stks. 2/: 5.2 5.0 5.0 4.6 5.0 5.0 CCC net removals: : Milkfat basis 3/ : 10.4 10.1 7.6 4.2 3.8 3.5 Skim-solids basis 3/ : 4.9 1.5 3.8 3.6 5.8 5.8 : : Dollars per cwt Prices rec'd. by farmers 4/: Manufacturing grade : 10.67 12.03 11.60 12.02 11.35- 11.40- : 11.75 11.70 All milk : 11.93 13.25 12.73 13.13 12.40- 12.45- : 12.80 12.75 : : Million pounds CCC product net removals 3/: Butter : 431 453 332 178 150 135 Cheese : 99 13 10 2 10 10 Nonfat dry milk : 334 105 293 290 450 450 Dry whole milk : 0 16 33 26 50 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-301-4 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 : 1777.49 350.26 2101.45 401.61 1993/94 (Est.) : 1699.51 256.91 2061.52 342.92 1994/95 (Proj.) : March : 1739.68 354.75 2057.59 404.49 April : 1745.20 354.75 2055.37 404.80 : Wheat : 1992/93 : 561.87 67.14 694.67 81.97 1993/94 (Est.) : 559.17 65.22 704.37 82.62 1994/95 (Proj.) : March : 524.64 63.16 668.31 81.08 April : 525.00 63.16 665.10 81.08 : Rice, milled : 1992/93 : 352.85 5.70 409.46 6.77 1993/94 (Est.) : 353.33 5.24 407.39 6.71 1994/95 (Proj.) : March : 354.25 6.55 403.64 7.63 April : 356.32 6.55 406.05 7.67 : Coarse grains 4/ : 1992/93 : 862.77 277.42 997.32 312.86 1993/94 (Est.) : 787.01 186.45 949.77 253.59 1994/95 (Proj.) : March : 860.79 285.05 985.64 315.78 April : 863.89 285.05 984.22 316.05 : Corn : 1992/93 : 532.97 240.72 614.62 268.85 1993/94 (Est.) : 468.83 160.95 575.94 215.16 1994/95 (Proj.) : March : 551.87 256.63 620.13 278.40 April : 554.69 256.63 625.20 278.48 ======================================================= 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-301-4 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 : 245.86 90.52 1739.44 232.30 362.01 78.79 1993/94 (Est.) : 233.48 76.39 1751.35 222.82 310.17 43.72 1994/95 (Proj.) : March : 225.65 95.58 1761.13 247.79 296.46 61.12 April : 224.11 95.28 1764.98 248.40 290.40 61.12 : Wheat : 1992/93 : 124.06 36.84 549.47 30.69 145.20 14.44 1993/94 (Est.) : 117.43 33.41 564.26 33.74 140.10 15.47 1994/95 (Proj.) : March : 111.04 34.70 551.59 33.29 116.71 13.09 April : 110.02 34.02 552.38 33.69 112.72 13.37 : Rice, milled : 1992/93 : 15.56 2.56 355.41 2.96 54.06 1.25 1993/94 (Est.) : 16.46 2.63 357.65 3.22 49.74 0.87 1994/95 (Proj.) : March : 16.26 2.95 356.43 3.33 47.21 1.35 April : 16.24 2.95 358.02 3.39 48.03 1.34 : Coarse grains 4/ : 1992/93 : 106.24 51.12 834.57 198.65 162.75 63.09 1993/94 (Est.) : 99.59 40.34 829.44 185.86 120.33 27.38 1994/95 (Proj.) : March : 98.36 57.93 853.11 211.17 132.53 46.68 April : 97.84 58.31 854.58 211.32 129.64 46.42 : Corn : 1992/93 : 69.93 42.25 507.51 172.93 107.11 53.67 1993/94 (Est.) : 66.71 33.74 505.43 159.82 70.51 21.60 1994/95 (Proj.) : March : 67.51 50.80 534.80 186.70 85.33 40.90 April : 67.26 51.44 538.03 186.70 87.17 40.34 ======================================================================== 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 g HDR201380000001 SOY AND COTTON SUMMARY PART ONE WASDE-301-5 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.) : 117.46 50.92 137.63 59.05 1994/95 (Proj.) : March : 137.91 69.63 155.37 75.54 April : 138.25 69.63 155.71 75.54 Soybean Meal : 1992/93 : 76.09 27.55 79.19 27.84 1993/94 (Est.) : 79.81 27.59 83.57 27.84 1994/95 (Proj.) : March : 84.87 29.34 88.16 29.53 April : 85.30 29.38 88.59 29.57 Soybean oil : 1992/93 : 17.12 6.25 19.44 7.27 1993/94 (Est.) : 18.03 6.31 20.03 7.04 1994/95 (Proj.) : March : 19.33 6.88 20.80 7.38 April : 19.38 6.90 20.85 7.40 : Sunflowerseed : 1992/93 : 21.29 1.16 22.00 1.47 1993/94 (Est.) : 20.94 1.17 21.37 1.26 1994/95 (Proj.) : March : 22.80 2.19 23.26 2.27 April : 23.08 2.19 23.54 2.27 Sunflower Meal : 1992/93 : 8.27 0.44 8.52 0.45 1993/94 (Est.) : 7.95 0.33 8.21 0.33 1994/95 (Proj.) : March : 8.80 0.53 9.06 0.54 April : 8.97 0.59 9.23 0.60 Sunflower oil : 1992/93 : 7.36 0.33 8.06 0.38 1993/94 (Est.) : 7.13 0.26 7.70 0.29 1994/95 (Proj.) : March : 7.77 0.43 8.32 0.46 April : 7.91 0.48 8.46 0.51 : Rapeseed : 1992/93 : 25.31 0.07 26.44 0.09 1993/94 (Est.) : 26.77 0.12 27.92 0.47 1994/95 (Proj.) : March : 29.53 0.21 30.31 0.70 April : 29.58 0.21 30.35 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.) : March : 16.26 0.34 16.75 1.10 April : 16.25 0.34 16.73 1.10 Rapeseed Oil : 1992/93 : 8.40 0.02 8.89 0.45 1993/94 (Est.) : 9.16 0.19 9.58 0.63 1994/95 (Proj.) : March : 9.80 0.22 10.20 0.69 April : 9.79 0.22 10.19 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 : 29.61 20.94 96.39 34.81 20.17 7.95 1993/94 (Est.) : 28.18 16.03 100.73 34.62 17.46 5.69 1994/95 (Proj.) : March : 32.82 21.36 107.40 37.15 26.47 13.89 April : 33.00 21.77 107.86 37.29 24.93 11.85 Soybean Meal : 1992/93 : 27.34 5.65 75.49 22.00 3.75 0.19 1993/94 (Est.) : 29.40 4.86 80.32 22.85 3.28 0.14 1994/95 (Proj.) : March : 30.53 5.26 84.52 24.04 3.45 0.23 April : 30.63 5.26 85.00 24.13 3.33 0.18 Soybean oil : 1992/93 : 4.20 0.64 17.28 5.92 2.00 0.71 1993/94 (Est.) : 5.02 0.69 18.26 5.85 1.48 0.50 1994/95 (Proj.) : March : 5.04 0.93 18.93 5.90 1.70 0.56 April : 5.20 1.02 19.03 5.90 1.62 0.49 : Sunflowerseed : 1992/93 : 1.91 0.12 18.48 0.92 0.43 0.07 1993/94 (Est.) : 2.02 0.10 17.70 0.66 0.46 0.07 1994/95 (Proj.) : March : 2.58 0.25 19.16 1.07 0.84 0.41 April : 2.65 0.25 19.50 1.20 0.74 0.30 Sunflower Meal : 1992/93 : 1.80 0.05 8.62 0.40 0.26 0.00 1993/94 (Est.) : 1.96 0.04 7.94 0.29 0.26 0.00 1994/95 (Proj.) : March : 2.30 0.05 8.50 0.49 0.28 0.00 April : 2.40 0.05 8.57 0.55 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 7.55 0.06 0.55 0.03 1994/95 (Proj.) : March : 2.55 0.32 7.82 0.09 0.59 0.05 April : 2.69 0.37 7.84 0.09 0.59 0.05 : Rapeseed : 1992/93 : 4.00 0.05 22.83 0.03 1.15 0.00 1993/94 (Est.) : 4.98 0.04 24.66 0.39 0.78 0.04 1994/95 (Proj.) : March : 5.79 0.05 26.58 0.59 1.18 0.05 April : 5.87 0.05 26.55 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 15.39 1.00 0.48 0.01 1994/95 (Proj.) : March : 3.18 0.00 16.35 1.10 0.45 0.01 April : 3.19 0.00 16.32 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.) : 1.85 0.03 9.27 0.56 0.40 0.03 1994/95 (Proj.) : March : 2.30 0.04 9.74 0.62 0.42 0.03 April : 2.39 0.04 9.65 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 This month's U.S. cotton outlook for 1994/95 features minor changes in production and stocks. The crop is revised down less than 1 percent based on March Cotton Ginnings. With U.S. mill use and export projections unchanged, ending stocks are placed at 2 million bales, 5 percent below a month earlier. For world cotton, 1994/95 production, consumption, trade and stocks are all revised down this month. Production is placed at 83.8 million bales, slightly below March indications as smaller crops in India, the African Franc Zone and Uzbekistan more than offset upward revisions for Pakistan and Brazil. Global consumption also is lowered slightly to 85 million bales as 2.5-percent smaller use in China overshadows an increase for Pakistan. World trade prospects are trimmed in line with the reduced consumption. A 3.6- percent drop in global ending stocks this month primarily reflects reduced stocks in Brazil where consumption is revised upward for 1986-94. 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 : 82.78 16.22 122.40 19.92 25.47 1993/94 (Est.) : 76.89 16.13 114.39 20.80 26.73 1994/95 (Proj.): March : 84.02 19.73 114.74 23.27 28.88 April : 83.80 19.67 113.41 23.21 28.69 ========================================================== ========================================================= : Trade : Consumption : Ending stocks Year :========================================= : U.S. : World : U.S. : World : U.S. ========================================================= : 1992/93 : 5.20 85.85 10.25 37.50 4.66 1993/94 (Est.) : 6.86 85.44 10.42 29.62 3.53 1994/95 (Proj.): March : 10.00 85.20 11.30 30.36 2.10 April : 10.00 84.98 11.30 29.27 2.00 ========================================================== 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 : 39.63 82.78 27.25 85.85 25.47 0.83 37.50 United States : 3.70 16.22 4/ 10.25 5.20 -0.19 4.66 Total Foreign : 35.92 66.56 27.25 75.60 20.27 1.02 32.84 Major exporters 5/: 27.36 58.68 3.45 48.23 15.54 0.72 25.00 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/: 3.42 5.14 1.83 4.45 2.70 -0.01 3.26 Australia : 0.85 1.71 0.00 0.13 1.70 0.00 0.74 Brazil : 1.65 2.11 1.82 3.65 0.11 0.00 1.83 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 : 37.50 76.89 27.90 85.44 26.73 0.52 29.62 United States : 4.66 16.13 0.01 10.42 6.86 -0.01 3.53 Total Foreign : 32.84 60.76 27.89 75.02 19.86 0.53 26.09 Major exporters 5/: 25.00 53.49 4.01 48.40 15.23 0.39 18.48 China : 12.34 17.20 0.81 20.90 0.75 0.30 8.40 Pakistan : 2.16 6.28 0.35 6.73 0.32 0.06 1.69 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 2.42 0.04 0.31 2.03 0.00 0.78 S. Hemisphere 7/: 3.26 5.00 1.94 4.72 2.39 0.01 3.09 Australia : 0.74 1.51 0.00 0.15 1.53 0.00 0.57 Brazil : 1.83 1.86 1.87 3.95 0.01 0.00 1.60 Major importers : 5.00 1.74 18.83 18.46 1.78 0.07 5.27 Europe : 2.20 1.70 6.77 7.02 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 : March : 30.72 84.02 29.81 85.20 28.88 0.12 30.36 April : 29.62 83.80 29.68 84.98 28.69 0.16 29.27 United States : March : 3.53 19.73 0.01 11.30 10.00 -0.13 2.10 April : 3.53 19.67 0.01 11.30 10.00 -0.09 2.00 Total Foreign : March : 27.19 64.29 29.80 73.90 18.88 0.25 28.26 April : 26.09 64.13 29.67 73.68 18.69 0.25 27.27 Major exporters 5/: March : 19.58 56.26 6.81 47.68 13.97 0.09 20.92 April : 18.48 56.13 6.81 47.61 13.77 0.09 19.95 China Mar : 8.40 19.50 3.20 20.50 0.40 0.00 10.20 Apr : 8.40 19.50 3.20 20.00 0.40 0.00 10.70 Pakistan Mar : 1.92 6.00 0.60 6.30 0.05 0.05 2.12 Apr : 1.69 6.20 0.60 6.70 0.08 0.05 1.67 India Mar : 2.58 9.80 0.63 10.15 0.23 0.00 2.63 Apr : 2.58 9.60 0.63 10.00 0.23 0.00 2.58 Uzbekistan Mar : 0.96 6.00 0.00 0.90 5.50 0.00 0.56 Apr : 0.96 5.85 0.00 0.90 5.40 0.00 0.51 TurkmenistanMar : 0.20 1.79 0.00 0.10 1.70 0.00 0.18 Apr : 0.20 1.79 0.00 0.10 1.70 0.00 0.18 Afr.Fr.Zn.6/Mar : 0.78 2.99 0.04 0.32 2.90 0.00 0.57 Apr : 0.78 2.79 0.04 0.32 2.75 0.00 0.53 S. Hem. 7/ Mar : 3.97 5.71 1.55 4.70 2.77 0.01 3.75 Apr : 3.09 5.91 1.55 4.88 2.77 0.01 2.88 Australia Mar : 0.57 1.28 0.02 0.16 1.20 0.00 0.51 Apr : 0.57 1.28 0.02 0.16 1.20 0.00 0.51 Brazil Mar : 2.48 2.30 1.50 3.90 0.03 0.00 2.36 Apr : 1.60 2.50 1.50 4.10 0.03 0.00 1.48 Maj. imp. Mar : 5.27 1.82 18.00 17.91 1.96 0.10 5.12 Apr : 5.27 1.82 17.82 17.73 1.96 0.10 5.12 Europe Mar : 2.59 1.77 6.62 7.18 1.23 0.05 2.52 Apr : 2.59 1.77 6.70 7.26 1.23 0.05 2.52 Sel. Asia 8/Mar : 2.52 0.05 9.38 9.43 0.13 0.05 2.33 Apr : 2.52 0.05 9.13 9.18 0.13 0.05 2.33 Japan Mar : 0.42 0.00 1.85 1.85 0.00 0.00 0.42 Apr : 0.42 0.00 1.80 1.80 0.00 0.00 0.42 S. Korea Mar : 0.68 4/ 1.68 1.68 0.00 0.00 0.69 Apr : 0.68 4/ 1.68 1.68 0.00 0.00 0.69 Russia Mar : 0.16 0.00 2.00 1.30 0.60 0.00 0.26 Apr : 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 :================================== : : : March : April =============================================================================== : 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 : 700 606 710 708 : Million 480 pound bales Beginning stocks 2/ : 3.70 4.66 3.53 3.53 Production : 16.22 16.13 19.73 19.67 Supply, total 3/ : 19.92 20.80 23.27 23.21 Domestic use : 10.25 10.42 11.30 11.30 Exports : 5.20 6.86 10.00 10.00 Use, total : 15.45 17.28 21.30 21.30 Unaccounted 4/ : -0.19 -0.01 -0.13 -0.09 Ending stocks : 4.66 3.53 2.10 2.00 Avg. farm price 6/ : 54.90 59.00 71.00 72.00 : : 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 0.79 : Million metric tons Beginning stocks 2/ : 0.81 1.02 0.77 0.77 Production : 3.53 3.51 4.30 4.28 Supply, total 3/ : 4.34 4.53 5.07 5.05 Domestic use : 2.23 2.27 2.46 2.46 Exports : 1.13 1.49 2.18 2.18 Use, total : 3.36 3.76 4.64 4.64 Unaccounted 4/ : -0.04 5/ -0.03 -0.02 Ending stocks : 1.02 0.77 0.46 0.44 Avg. farm price 6/ : 1.21 1.30 1.57 1.59 =============================================================================== 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 April 1994/95 price is a weighted average for August-March and is not a projection for the marketing year. The March 1994/95 price is a weighted average for August-February. Note: April 1994/95 production is based on the March 24 Cotton Ginnings and adjusted by a factor of 1.001134 to reflect the average difference between March ginnings and final production during 1989-93.