WASDE-324 - March 11, 1997 WHEAT: U.S. 1996/97 total wheat supply and use projections are unchanged from last month, although exports and ending stocks projections for soft red winter and white wheat are changed slightly. The projected price range is narrowed 5 cents on each end to $4.25 to $4.35 per bushel. Projected 1996/97 global production, use, trade and ending stocks are up from last month. The major changes in the trade projections are a 1-million-ton increase in Iran's expected imports and a 1-million-ton increase in non-intra exports for the EU. While forecast exports for Australia are up 500,000 tons for their local October-September marketing year, the July-June year projected exports are unchanged from last month. COARSE GRAINS: Supply and use projections for 1996/97 U.S. coarse grains are unchanged from last month. The price range is up 5 cents on each end for oats, but unchanged from last month for the other feed grains. Projected 1996/97 global coarse grains supply and use are little changed in aggregate from last month, although projections for numerous countries are changed. Smaller crops in South Africa and India are largely offset by larger output in Argentina, Australia, and the EU. Lower projected corn production in South Africa is reflected in reduced ending stocks. RICE: U.S. 1996/97 rice supply and use projections are little changed from last month. Rice imports for 1996/97 are raised to a record 9 million hundredweight based on the strong pace of imports through December, particularly of fragrant rice from Thailand. The export projection for 1996/97 is raised 1 million hundredweight because of the continued strong pace of exports to date, particularly large exports of rough rice to European and Western Hemisphere markets. The projected price range for 1996/97 is raised 20 cents on the low end to $9.50-$10.00 per hundredweight because of higher-than-expected domestic and international prices through the first half of the marketing year and expectations for high prices the remainder of the year. Prices of high-quality long grain rice have remained firm around the world because of tight supplies among major exporters, including the United States and Thailand. World rice supply, consumption, exports and ending stocks for 1996/97 are projected lower than a month ago. The decrease in supplies is attributed primarily to smaller rice crops projected for Burma, India, and Thailand. Crops are also lowered in Colombia and Uruguay. Global exports are lowered because of smaller exportable supplies in Burma and Thailand. Vietnam's exports are raised from a month ago because of an anticipated more aggressive export program supported by Vietnam's government. OILSEEDS: U.S. domestic use for soybean meal and oil are increased this month based on strong year-to-date disappearance. Soybean crush is raised 10 million bushels to a record 1420 million to reflect the strong product demand. Soybean ending stocks remain unchanged as slight reductions are made in soybean exports and residual use. While soybean exports remain strong on a year-to-date basis, net foreign demand for the remainder of this marketing year is viewed to be a little weaker than a month ago because of increased oilseed production prospects in several countries which is not fully offset by increased consumption prospects. Prospective U.S. soybean and product season average prices are all higher this month as supply and use balances remain very tight particularly for soybeans and soybean meal. Soybean prices are forecast at $6.90 to $7.30 per bushel while soybean meal prices are forecast at $235 to $255 per short ton. Soybean oil prices are forecast at 23.0 to 24.5 cents per pound. World oilseed production is forecast at 259.1 million tons, up 1.8 million from last month helped by improved crop prospects for soybeans in Brazil, Paraguay, and China and for rapeseed in India and China. Brazil's soybean crop is forecast at a record 27 million tons and Paraguay is also forecast to be a record at 2.7 million. Very good growing conditions in these countries are contributing to record yields. China's soybean production is estimated at 13.0 million tons, up 0.5 from last month but off from last years 13.5 million ton crop. Globally, soybean production is forecast at 134.0 million tons up 1.2 million from last month and up 9.2 million from last year. Foreign soybean crush and imports are both increased this month but by less than the increase in supplies adding to ending stocks. Increases in crush and imports were made in Mexico, EU, and in China. China's soybean imports were increased to 1.9 million tons, up 0.2 million while the soybean crush is increased by 0.6 million. SUGAR: U.S. sugar stocks at the end of fiscal year 1996/97 are projected at 1.41 million short tons, raw value, or 14.0 percent of forecast total use. Sugar production is down from last month, with all of the change in cane sugar. Florida sugar production is reduced to 1.70 million tons. End of season recovery of sugar from cane dropped sharply, probably because of damage from a freeze in January. Cane sugar processing in Texas was completed in February with production totaling about 90,000 tons. LIVESTOCK, POULTRY, AND DAIRY: The U.S. meat production forecast is down slightly from last month. Total meat output for 1997 is expected to increase nearly 2 percent from the 1996 level. Beef and pork production are expected to be down slightly from 1996's output while poultry production expands. Estimated production of beef, pork, and broilers for the first quarter of 1997 is reduced from last month's level as output is trailing expectations. The largest reduction is for beef where average weights are much lower than anticipated. The export forecasts for beef and broilers are reduced this month. Export prospects for beef continue to weaken with most of the weakness centering on the Japanese market. Broiler exports do not appear to be as robust as they were most of last year and most of this is due to the Russian market where issues about the collection of higher tariffs seems to be hampering sales. Small changes are made to the 1996/97 milk supply and use forecasts this month. The changes primarily reflect slight downward revisions that NASS made to milk production estimates for 1995 and 1996 in their annual review of the estimates. COTTON: U.S. 1996/97 exports are forecast at 6.8 million bales, up 300,000 bales from last month. Export sales and shipments continue to be strong, as prices have remained competitive. Mill use is forecast at 11 million bales, unchanged from February. This season's ending stocks are projected at 4.15 million bales, 300,000 bales below last month. Global 1996/97 production, consumption, imports, and exports are up from last month's forecast. Production increases in India, Pakistan, and Mexico more than offset declines in Australia and Greece. Increased consumption forecast for China and India easily eclipse a decrease for Hong Kong. China's 1996/97 imports are forecast at 2.5 million bales, up 600,000 from February's projection, as heavy purchases continue in overseas markets. Global ending stocks are forecast to be 36.0 million bales, down 750,000 bales from last month's indications. Approved by the Secretary of Agriculture and the World Agricultural Outlook Board, Gerald A. Bange, Chairperson, (202) 720-6030. This report was prepared by the Interagency Commodity Estimates Committees. Committee members are listed on page 30. APPROVED: DAN GLICKMAN SECRETARY OF AGRICULTURE * * * * * * * * * * * The next issue of this report will be released 8:30 a.m. ET on April 11, 1997. WASDE-324-4 World and U.S. Supply and Use for Grains 1/ Million Metric Tons =============================================================================== : : Total : : Total : Ending Commodity : Output : Supply : Trade 2/ : Use : Stocks =============================================================================== : : World Total grains 3/ : 1994/95 : 1,760.81 2,078.11 236.61 1,775.11 303.00 1995/96 (Est.) : 1,706.97 2,009.97 234.92 1,762.93 247.04 1996/97 (Proj.) : February : 1,846.63 2,093.12 224.93 1,820.61 272.51 March : 1,844.07 2,091.11 225.49 1,820.48 270.64 Wheat : 1994/95 : 524.58 666.66 110.93 548.71 117.95 1995/96 (Est.) : 536.92 654.88 108.82 551.11 103.76 1996/97 (Proj.) : February : 581.04 684.77 106.11 572.83 111.93 March : 581.46 685.22 107.92 573.06 112.16 Coarse grains 4/ : 1994/95 : 870.95 994.65 103.62 859.12 135.53 1995/96 (Est.) : 799.29 934.82 106.27 841.93 92.89 1996/97 (Proj.) : February : 888.34 980.57 99.65 871.34 109.23 March : 887.74 980.63 99.07 871.51 109.12 Rice, milled : 1994/95 : 365.28 416.79 22.06 367.28 49.51 1995/96 (Est.) : 370.76 420.27 19.83 369.88 50.39 1996/97 (Proj.) : February : 377.26 427.79 19.17 376.44 51.35 March : 374.87 425.26 18.50 375.90 49.36 : : United States Total grains 3/ : 1994/95 : 354.70 404.54 98.11 246.26 60.18 1995/96 (Est.) : 274.47 339.52 99.47 214.56 25.48 1996/97 (Proj.) : February : 335.28 366.13 83.09 239.93 43.12 March : 335.28 366.17 83.12 239.93 43.13 Wheat : 1994/95 : 63.17 81.14 32.34 35.01 13.79 1995/96 (Est.) : 59.40 75.04 33.78 31.02 10.23 1996/97 (Proj.) : February : 62.10 74.51 25.86 35.76 12.89 March : 62.10 74.51 25.86 35.76 12.89 Coarse grains 4/ : 1994/95 : 284.89 315.66 62.43 207.90 45.34 1995/96 (Est.) : 209.44 257.56 63.00 180.12 14.44 1996/97 (Proj.) : February : 267.58 284.97 54.78 200.76 29.43 March : 267.58 284.97 54.78 200.76 29.43 Rice, milled : 1994/95 : 6.65 7.74 3.34 3.34 1.05 1995/96 (Est.) : 5.63 6.92 2.69 3.42 0.81 1996/97 (Proj.) : February : 5.60 6.65 2.45 3.41 0.79 March : 5.60 6.69 2.48 3.41 0.80 =============================================================================== 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. WASDE-324-5 World and U.S. Supply and Use for Grains, Continued 1/ Million Metric Tons =============================================================================== : : Total : : Total : Ending Commodity : Output : Supply : Trade 2/ : Use : Stocks =============================================================================== : : Foreign Total grains 3/ : 1994/95 : 1,406.11 1,673.57 138.50 1,528.85 242.82 1995/96 (Est.) : 1,432.50 1,670.45 135.45 1,548.36 221.55 1996/97 (Proj.) : February : 1,511.36 1,726.99 141.85 1,580.68 229.40 March : 1,508.80 1,724.94 142.37 1,580.55 227.51 Wheat : 1994/95 : 461.41 585.52 78.59 513.70 104.16 1995/96 (Est.) : 477.52 579.84 75.04 520.09 93.53 1996/97 (Proj.) : February : 518.94 610.26 80.26 537.07 99.04 March : 519.36 610.71 82.06 537.30 99.27 Coarse grains 4/ : 1994/95 : 586.06 678.99 41.20 651.22 90.20 1995/96 (Est.) : 589.85 677.26 43.27 661.81 78.45 1996/97 (Proj.) : February : 620.75 695.60 44.86 670.58 79.80 March : 620.16 695.66 44.28 670.76 79.69 Rice, milled : 1994/95 : 358.63 409.06 18.72 363.94 48.46 1995/96 (Est.) : 365.12 413.35 17.14 366.46 49.58 1996/97 (Proj.) : February : 371.66 421.13 16.72 373.03 50.56 March : 369.28 418.57 16.02 372.49 48.56 =============================================================================== 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. World and U.S. Supply and Use for Cotton 1/ Million 480-lb. bales =============================================================================== : : Total : : Total : Ending Commodity : Output : Supply : Trade 2/ : Use : Stocks =============================================================================== : : World 1994/95 : 85.52 111.80 28.46 84.67 29.27 1995/96 (Est.) : 92.17 121.45 27.36 85.31 35.62 1996/97 (Proj.) : February : 86.21 122.54 26.91 85.75 36.75 March : 86.34 121.96 27.11 86.22 36.00 : United States 1994/95 : 19.66 23.21 9.40 11.20 2.65 1995/96 (Est.) : 17.90 20.96 7.68 10.65 2.61 1996/97 (Proj.) : February : 18.95 21.96 6.50 11.00 4.45 March : 18.95 21.96 6.80 11.00 4.15 : Foreign 1994/95 : 65.86 88.59 19.06 73.47 26.62 1995/96 (Est.) : 74.27 100.49 19.68 74.67 33.01 1996/97 (Proj.) : February : 67.26 100.58 20.41 74.75 32.30 March : 67.39 100.00 20.31 75.22 31.85 =============================================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. See global cotton tables for treatment of export/import imbalances. WASDE-324-6 World and U.S. Supply and Use for Oilseeds 1/ (Million Metric Tons) =============================================================================== : : Total : : Total : Ending Commodity : Output : Supply : Trade : Use 2/ : Stocks =============================================================================== : : World Oilseeds : 1994/95 : 260.90 281.19 44.01 207.34 27.14 1995/96 (Est.) : 256.50 283.64 43.72 217.00 22.11 1996/97 (Proj.) : February : 257.25 279.41 45.26 215.11 19.82 March : 259.08 281.19 45.26 216.21 19.96 Oilmeals : 1994/95 : 141.65 147.16 46.88 140.82 6.36 1995/96 (Est.) : 147.27 153.63 48.72 146.04 6.31 1996/97 (Proj.) : February : 146.24 153.19 48.46 146.47 6.42 March : 147.21 153.51 48.49 147.30 5.64 Vegetable Oils : 1994/95 : 69.29 75.23 27.08 68.88 6.22 1995/96 (Est.) : 72.25 78.47 25.92 71.00 6.83 1996/97 (Proj.) : February : 72.75 79.49 26.25 72.50 6.80 March : 73.09 79.92 26.75 72.86 6.69 : : United States Oilseeds : 1994/95 : 79.72 86.90 23.81 43.99 10.27 1995/96 (Est.) : 69.10 79.83 23.93 42.56 6.03 1996/97 (Proj.) : February : 74.93 81.40 25.30 43.41 4.97 March : 74.93 81.41 25.14 43.68 4.94 Oilmeals : 1994/95 : 33.20 34.26 6.36 27.64 0.26 1995/96 (Est.) : 32.27 33.58 5.69 27.63 0.27 1996/97 (Proj.) : February : 32.92 34.45 6.26 27.95 0.24 March : 33.07 34.42 6.25 27.94 0.24 Vegetable Oils : 1994/95 : 8.58 10.65 2.02 7.90 0.74 1995/96 (Est.) : 8.23 10.26 1.05 8.02 1.20 1996/97 (Proj.) : February : 8.20 10.80 1.40 8.23 1.17 March : 8.26 10.89 1.48 8.26 1.15 : : Foreign Oilseeds : 1994/95 : 181.18 239.00 20.20 163.34 16.87 1995/96 (Est.) : 187.41 247.97 19.79 174.44 16.08 1996/97 (Proj.) : February : 182.31 243.17 19.96 171.69 14.84 March : 184.15 244.59 20.12 172.53 15.03 Oilmeals : 1994/95 : 108.45 159.80 40.53 113.19 6.09 1995/96 (Est.) : 115.00 167.49 43.03 118.42 6.04 1996/97 (Proj.) : February : 113.33 166.90 42.20 118.52 6.18 March : 114.13 167.01 42.24 119.37 5.40 Vegetable Oils : 1994/95 : 60.72 91.53 25.06 60.98 5.48 1995/96 (Est.) : 64.01 93.50 24.88 62.98 5.64 1996/97 (Proj.) : February : 64.55 94.76 24.85 64.27 5.63 March : 64.83 95.41 25.27 64.60 5.54 =============================================================================== 1/ Aggregate of local marketing years with Brazil and Argentina on an Oct.-Sept. year. 2/ Crush only for oilseeds. WASDE-324-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :============================== : : Est. : February March =============================================================================== Area : Million acres Planted : 70.3 69.1 75.6 75.6 Harvested : 61.8 60.9 62.9 62.9 Yield per harvested : Bushels acre : 37.6 35.8 36.3 36.3 : Million bushels Beginning stocks : 568 507 376 376 Production : 2,321 2,183 2,282 2,282 Imports : 92 68 80 80 Supply, total : 2,981 2,757 2,738 2,738 Food : 853 884 910 910 Seed : 89 104 104 104 Feed and residual : 344 152 300 300 Domestic, total : 1,287 1,140 1,314 1,314 Exports : 1,188 1,241 950 950 Use, total : 2,475 2,381 2,264 2,264 Ending stocks : 507 376 474 474 Farmer-owned reserve : 0 0 0 0 CCC inventory : 142 118 95 95 Free stocks : 365 258 379 379 Outstanding loans : 0 13 15 15 Avg. farm price ($/bu) 2/ : 3.45 4.55 4.20- 4.40 4.25- 4.35 =============================================================================== U.S. Wheat by Class: Supply and Use =============================================================================== Year beginning : Hard : Hard : Soft : : : June 1 : Winter : Spring : Red : White : Durum : Total =============================================================================== 1995/96 (estimated) : Million bushels Beginning stocks : 194 193 37 57 26 507 Production : 825 475 456 325 102 2,183 Supply, total 3/ : 1,019 698 492 401 147 2,757 Domestic use : 481 262 207 108 82 1,140 Exports : 384 330 250 238 39 1,241 Use, total : 865 592 457 346 121 2,381 Ending stocks, total : 154 106 35 55 26 376 : 1996/97 (projected) : Beginning stocks : 154 106 35 55 26 376 Production : 762 627 422 355 116 2,282 Supply, total 3/ : 917 781 457 420 163 2,738 Domestic use : 493 312 270 147 92 1,314 Exports : 280 275 140 220 35 950 Use, total : 773 588 410 367 127 2,264 Ending stocks, total : March : 144 193 48 53 36 474 February : 144 193 43 58 36 474 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning June 1. 2/ Marketing-year weighted average price received by farmers. 3/ Includes imports. WASDE-324-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :============================== : : Est. : February March =============================================================================== FEED GRAINS : Area : Million acres Planted : 102.8 93.7 104.5 104.5 Harvested : 92.5 82.5 94.5 94.5 Yield per harvested : Metric tons acre : 3.08 2.54 2.83 2.83 : Million metric tons Beginning stocks : 27.4 45.3 14.4 14.4 Production : 284.6 209.2 267.4 267.4 Imports : 3.3 2.7 2.8 2.8 Supply, total : 315.2 257.2 284.6 284.6 Feed and residual : 159.1 134.0 152.6 152.6 Food, seed & industrial : 48.4 45.7 47.9 47.9 Domestic, total : 207.5 179.8 200.4 200.4 Exports : 62.4 63.0 54.8 54.8 Use, total : 269.9 242.8 255.2 255.2 Ending stocks, total : 45.3 14.4 29.4 29.4 Farmer-owned reserve : 2.1 0.0 0.0 0.0 CCC inventory : 1.2 0.9 0.8 0.8 Free stocks : 42.0 13.5 28.6 28.6 Outstanding loans : 9.2 0.9 4.7 4.7 : CORN : Area : Million acres Planted : 79.2 71.2 79.5 79.5 Harvested : 72.9 65.0 73.1 73.1 Yield per harvested : Bushels acre : 138.6 113.5 127.1 127.1 : Million bushels Beginning stocks : 850 1,558 426 426 Production : 10,103 7,374 9,293 9,293 Imports : 10 16 10 10 Supply, total : 10,962 8,948 9,729 9,729 Feed and residual : 5,537 4,711 5,200 5,200 Food, seed & industrial : 1,690 1,583 1,670 1,670 Domestic, total : 7,227 6,294 6,870 6,870 Exports : 2,177 2,228 1,900 1,900 Use, total : 9,405 8,522 8,770 8,770 Ending stocks, total : 1,558 426 959 959 Farmer-owned reserve : 78 0 0 0 CCC inventory : 42 30 30 30 Free stocks : 1,438 396 929 929 Outstanding loans : 348 33 175 175 Avg. farm price ($/bu) 2/ : 2.26 3.24 2.55- 2.85 2.55- 2.85 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. WASDE-324-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :============================== : : Est. : February March =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 9.8 9.5 13.2 13.2 Area harv. (mil. acres) : 8.9 8.3 11.9 11.9 Yield (bushels/acre) : 72.8 55.6 67.5 67.5 Beginning stocks : 48 72 18 18 Production : 649 460 803 803 Imports : 0 0 0 0 Supply, total : 697 532 821 821 Feed : 400 312 525 525 Food, seed & industrial : 3 4 4 4 Total domestic : 402 316 529 529 Exports : 223 198 225 225 Use, total : 625 514 754 754 Ending stocks, total : 72 18 67 67 Farmer-owned reserve : 2 0 0 0 CCC inventory : 1 0 0 0 Free stocks : 69 18 67 67 Outstanding loans : 5 0 5 5 Avg. farm price ($/bu) 2/ : 2.13 3.19 2.20- 2.50 2.20- 2.50 BARLEY : Area planted (mil. acres) : 7.2 6.7 7.2 7.2 Area harv. (mil. acres) : 6.7 6.3 6.8 6.8 Yield (bushels/acre) : 56.2 57.3 58.5 58.5 Beginning stocks : 139 113 100 100 Production : 375 360 397 397 Imports : 66 41 40 40 Supply, total : 580 513 536 536 Feed : 235 185 235 235 Food, seed & industrial : 166 166 166 166 Total domestic : 401 351 401 401 Exports : 66 62 35 35 Use, total : 467 413 436 436 Ending stocks, total : 113 100 100 100 Farmer-owned reserve : 5 0 0 0 CCC inventory : 5 5 0 0 Free stocks : 103 95 100 100 Outstanding loans : 9 3 5 5 Avg. farm price ($/bu) 2/ : 2.03 2.89 2.70- 2.80 2.70- 2.80 OATS : Area planted (mil. acres) : 6.6 6.3 4.7 4.7 Area harv. (mil. acres) : 4.0 3.0 2.7 2.7 Yield (bushels/acre) : 57.1 54.7 57.8 57.8 Beginning stocks : 106 101 66 66 Production : 229 162 155 155 Imports : 93 81 100 100 Supply, total : 428 343 322 322 Feed : 202 152 120 120 Food, seed & industrial : 124 123 120 120 Total domestic : 326 275 240 240 Exports : 1 2 3 3 Use, total : 327 277 243 243 Ending stocks, total : 101 66 79 79 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 101 66 79 79 Outstanding loans : 1 0 0 0 Avg. farm price ($/bu) 2/ : 1.22 1.68 1.85- 1.95 1.90- 2.00 =============================================================================== 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. WASDE-324-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :============================== : : Est. : February March =============================================================================== TOTAL : Area : Million acres Planted : 3.35 3.12 2.82 2.82 Harvested : 3.32 3.09 2.80 2.80 Yield per harvested : Pounds acre : 5,964 5,621 6,121 6,121 : Million hundredweight Beginning stocks 2/ : 25.8 31.3 25.0 25.0 Production : 197.8 173.9 171.3 171.3 Imports : 7.0 7.4 7.8 9.0 Supply, total : 230.6 212.6 204.1 205.4 Domestic & residual 3/ : 99.9 104.5 104.8 104.8 Exports, total 4/ : 99.4 83.0 75.0 76.0 Rough : 18.2 10.8 12.0 12.0 Milled (rough equiv.) : 81.2 72.2 63.0 64.0 Use, total : 199.3 187.6 179.8 180.8 Ending stocks : 31.3 25.0 24.3 24.6 CCC inventory : 0.1 0.0 0.0 0.0 Free stocks : 31.2 25.0 24.3 24.6 Avg. farm price ($/cwt) 5/ : 6.78 9.15 9.30-10.00 9.50-10.00 : LONG GRAIN : Harvested acres (mil.) : 2.38 2.31 1.96 1.96 Yield (pounds/acre) : 5,609 5,265 5,777 5,777 Beginning stocks : 15.1 14.4 10.1 10.1 Production : 133.4 121.7 113.5 113.5 Supply, total 6/ : 154.5 142.4 130.3 131.6 Domestic & Residual 3/ : 60.3 66.7 65.0 65.0 Exports 7/ : 79.8 65.6 56.0 57.0 Use, total : 140.1 132.3 121.0 122.0 Ending stocks : 14.4 10.1 9.3 9.6 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.94 0.78 0.84 0.84 Yield (pounds/acre) : 6,866 6,676 6,929 6,929 Beginning stocks : 10.0 15.8 14.3 14.3 Production : 64.3 52.1 57.9 57.9 Supply, total 6/ : 75.0 69.5 73.2 73.2 Domestic & Residual 3/ : 39.6 37.8 39.8 39.8 Exports 7/ : 19.6 17.4 19.0 19.0 Use, total : 59.2 55.3 58.8 58.8 Ending stocks : 15.8 14.3 14.3 14.4 =============================================================================== 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): 1994/95-0.7; 1995/96-1.1; 1996/97-0.6. 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/ Includes rough rice and milled rice exports. Milled rice exports are converted to an equivalent rough basis. 5/ Marketing-year weighted average price received by farmers. 6/ Includes imports. 7/ Exports by type of rice are estimated. WASDE-324-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :=============================== : : Est. : February March =============================================================================== SOYBEANS: : Million acres Area : Planted : 61.7 62.6 64.2 64.2 Harvested : 60.9 61.6 63.4 63.4 : : Bushels Yield per harvested : acre : 41.4 35.3 37.6 37.6 : : Million bushels : Beginning stocks : 209 335 183 183 Production : 2,517 2,177 2,382 2,382 Imports : 5 4 4 4 Supply, total : 2,731 2,516 2,570 2,570 Crushings : 1,405 1,370 1,410 1,420 Exports : 838 851 905 900 Seed : 72 72 73 73 Residual : 81 39 43 38 Use, total : 2,396 2,333 2,430 2,431 Ending stocks : 335 183 140 140 Avg. farm price ($/bu) 2/ : 5.48 6.77 6.75- 7.25 6.90- 7.30 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 1,103 1,137 2,015 2,015 Production : 15,613 15,236 15,350 15,460 3/ Imports : 17 95 100 75 Supply, total : 16,733 16,468 17,465 17,550 Domestic : 12,916 13,460 13,650 13,800 Exports : 2,680 992 1,850 1,850 Use, total : 15,597 14,452 15,500 15,650 Ending stocks : 1,137 2,015 1,965 1,900 Avg. price (c/lb) 2/ : 27.58 24.75 22.80- 23.00- : 24.30 24.50 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 150 223 229 229 Production : 33,270 32,513 33,341 33,521 3/ Imports : 64 75 80 100 Supply, total : 33,483 32,812 33,650 33,850 Domestic : 26,542 26,581 26,800 27,000 Exports : 6,717 6,002 6,650 6,650 Use, total : 33,260 32,583 33,450 33,650 Ending stocks : 223 229 200 200 Average price ($/s.t.) 2/ : 162.55 236.00 230.00- 235.00- : 245.00 255.00 =============================================================================== 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. 3/Based on October year crush estimate of 1,415 million bushels. WASDE-324-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :====================== : : Estimate : February March ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,337 1,241 1,492 1,492 Production 2/3/ : 7,927 7,370 7,290 7,235 Beet sugar : 4,493 3,916 4,000 4,000 Cane sugar 4/ : 3,434 3,454 3,290 3,235 Imports 2/ : 1,853 2,772 2,734 2,734 TRQ 5/ : 1,564 2,231 2,269 2,269 Other 6/ : 289 541 465 465 Total supply : 11,117 11,383 11,516 11,461 : Exports 2/7/ : 502 385 250 250 Domestic deliveries 2/ : 9,337 9,554 9,800 9,800 Domestic food use : 9,239 9,441 9,670 9,670 Other 8/ : 98 113 130 130 Miscellaneous 9/ : 37 (48) 0 0 Use, total : 9,876 9,891 10,050 10,050 Ending stocks 2/ : 1,241 1,492 1,466 1,411 : Stocks to use ratio : 12.6 15.1 14.6 14.0 ====================================================================== 1/ Fiscal years beginning Oct 1. Includes Puerto Rico. 2/ Historical data are from FSA, "Sweetener Market Data" except 1995/96 imports from U.S. Customs Service. 3/ Production in 1996/97 is Interagency Sugar Estimates Committee forecast. 4/ Estimates by state for 1996/97: FL 1,700; HI 370; LA 1,045; TX 90; PR 30. 5/ Actual arrivals under the tariff rate quota (TRQ) with late entries, early entries, and TRQ overfills assigned to the fiscal year in which they actually arrived. 6/ Quota exempt imports (for reexport, for polyhydric alcohol, from Canada in 1994/95, and high-duty). 7/ Mostly reexports. 8/ Transfer to sugar containing products for reexport, for nonedible alcohol, and feed. 9/ Residual. 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 --------------------------------------------------------------------- WASDE-324-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1996/97 Projections Item : 1994/95 : 1995/96 :================================== : : : February March =============================================================================== Area : Million acres Planted : 13.72 16.93 14.67 14.67 Harvested : 13.32 16.01 12.83 12.83 : Pounds : Yield per harv. acre : 708 537 709 709 : : Million 480 pound bales : Beginning stocks 2/ : 3.53 2.65 2.61 2.61 Production : 19.66 17.90 18.95 18.95 Imports : 0.02 0.41 0.40 0.40 Supply, total : 23.21 20.96 21.96 21.96 Domestic use : 11.20 10.65 11.00 11.00 Exports : 9.40 7.68 6.50 6.80 Use, total : 20.60 18.32 17.50 17.80 Unaccounted 3/ : -0.04 0.03 0.01 0.01 Ending stocks : 2.65 2.61 4.45 4.15 : Avg. farm price 4/ : 72.00 75.40 69.70 : =============================================================================== 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/ Reflects the difference between ending stocks based on Bureau of Census data and the previous season's supply less total use. 4/ Cents per pound for upland cotton. The 1996/97 price is a weighted average for August-January. WASDE-324-14 World Wheat Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: =============================================================================== : : 1994/95 : World 3/ : 142.08 524.58 110.42 100.08 548.71 110.93 117.95 United States : 15.47 63.17 2.50 9.37 35.01 32.34 13.79 Total foreign : 126.61 461.41 107.92 90.71 513.70 78.59 104.16 Major exporters 4/ : 31.50 127.87 17.50 38.01 89.35 67.11 20.40 Argentina : 0.45 11.30 0.02 0.15 4.32 7.30 0.15 Australia : 3.71 8.90 0.00 1.63 3.91 6.34 2.37 Canada : 11.12 23.12 0.13 4.04 7.84 20.85 5.68 EU-15 : 16.22 84.54 17.36 32.19 73.29 32.62 12.21 Major importers 5/ : 32.98 147.04 38.97 15.46 180.67 3.29 35.04 China : 22.73 99.30 10.24 3.00 110.53 0.03 21.72 East. Europe : 5.25 33.96 1.59 11.52 31.23 2.81 6.75 N. Africa : 3.07 11.03 14.24 0.40 24.30 0.00 4.05 Selected other : Baltics 6/ : 0.57 0.81 0.34 0.57 1.24 0.04 0.43 FSU-12 6/7/ : 31.28 59.90 7.35 29.96 75.67 3.91 18.95 Russia : 16.73 32.10 1.56 20.43 42.63 0.39 7.37 Kazakstan : 3.95 9.05 0.00 2.05 5.97 3.50 3.53 : : 1995/96 (Estimated) : World 3/ : 117.95 536.92 107.96 94.38 551.11 108.82 103.76 United States : 13.79 59.40 1.85 4.13 31.02 33.78 10.23 Total foreign : 104.16 477.52 106.11 90.25 520.09 75.04 93.53 Major exporters 4/ : 20.40 137.38 18.76 41.83 93.30 63.41 19.83 Argentina : 0.15 9.20 0.03 0.15 4.28 4.95 0.15 Australia : 2.37 16.98 0.02 1.29 3.62 13.30 2.45 Canada : 5.68 25.04 0.13 4.41 8.21 16.00 6.63 EU-15 : 12.21 86.17 18.58 35.99 77.19 29.16 10.60 Major importers 5/ : 35.04 147.32 37.69 15.19 181.80 4.76 33.48 China : 21.72 102.22 12.00 3.20 112.00 0.30 23.63 East. Europe : 6.75 34.99 0.94 11.20 31.55 4.06 7.07 N. Africa : 4.05 8.13 13.05 0.26 23.71 0.00 1.52 Selected other : Baltics 6/ : 0.43 0.87 0.15 0.56 1.22 0.00 0.23 FSU-12 6/7/ : 18.95 58.92 8.74 27.84 72.81 4.10 9.71 Russia : 7.37 30.10 4.10 17.92 39.42 0.10 2.05 Kazakstan : 3.53 6.49 0.00 1.65 5.60 3.00 1.42 =============================================================================== 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-15 (includes intra-trade). 5/ Algeria, Brazil, China, Eastern Europe, Egypt, Japan, Libya, Morocco and Tunisia. 6/ Includes imports and exports among the nations of the former USSR. 7/ Former USSR excluding the Baltic States. WASDE-324-15 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: =============================================================================== : : 1996/97 (Projected) World 3/ : February : 103.73 581.04 102.80 99.07 572.83 106.11 111.93 March : 103.76 581.46 104.01 99.02 573.06 107.92 112.16 United States : February : 10.23 62.10 2.18 8.17 35.76 25.86 12.89 March : 10.23 62.10 2.18 8.17 35.76 25.86 12.89 Total foreign : February : 93.49 518.94 100.62 90.91 537.07 80.26 99.04 March : 93.53 519.36 101.84 90.86 537.30 82.06 99.27 Major exporters 4/ : February : 19.83 168.56 15.60 45.04 98.96 71.70 33.32 March : 19.83 168.80 15.85 45.04 98.96 73.50 32.02 Argentina Feb : 0.15 15.50 0.03 0.15 4.43 11.00 0.25 Mar : 0.15 15.50 0.03 0.15 4.43 11.00 0.25 Australia Feb : 2.45 23.10 0.02 2.20 4.50 16.50 4.57 Mar : 2.45 23.50 0.02 2.20 4.50 17.00 4.47 Canada Feb : 6.63 30.50 0.30 5.20 9.18 16.00 12.26 Mar : 6.63 30.50 0.30 5.20 9.18 16.00 12.26 EU-15 Feb : 10.60 99.46 15.25 37.49 80.86 28.20 16.25 Mar : 10.60 99.31 15.50 37.49 80.86 29.50 15.05 Major importers 5/ : February : 33.48 154.78 29.47 14.99 183.53 1.41 32.79 March : 33.48 154.78 29.53 14.44 182.59 1.41 33.79 China Feb : 23.63 109.00 4.00 3.50 113.00 0.20 23.43 Mar : 23.63 109.00 4.00 3.50 113.00 0.20 23.43 East. Europe Feb : 7.07 26.47 1.92 10.30 30.26 0.81 4.39 Mar : 7.07 26.47 2.28 10.05 30.62 0.81 4.39 N. Africa Feb : 1.52 15.63 12.05 0.66 25.78 0.00 3.42 Mar : 1.52 15.63 11.75 0.36 24.48 0.00 4.42 Selected other : Baltics 6/ Feb : 0.23 1.17 0.21 0.55 1.31 0.00 0.31 Mar : 0.23 1.17 0.21 0.55 1.31 0.00 0.31 FSU-12 6/7/ Feb : 9.71 62.95 6.84 24.36 69.79 4.10 5.60 Mar : 9.71 62.95 6.84 24.36 69.79 4.10 5.60 Russia Feb : 2.05 34.90 2.50 14.90 37.10 0.50 1.85 Mar : 2.05 34.90 2.50 14.90 37.10 0.50 1.85 Kazakstan Feb : 1.42 7.70 0.00 1.20 5.10 3.00 1.02 Mar : 1.42 7.70 0.00 1.20 5.10 3.00 1.02 =============================================================================== 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World mports 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-15 (includes intra-trade). 5/ Algeria, Brazil, China, Eastern Europe, Egypt, Japan, Libya, Morocco and Tunisia. 6/ Includes imports and exports among the nations of the former USSR. 7/ Former USSR excluding the Baltic States. WASDE-324-16 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: =============================================================================== : : 1994/95 : World 3/ : 123.70 870.95 105.03 574.19 859.12 103.62 135.53 United States : 27.38 284.89 3.39 159.26 207.90 62.43 45.34 Total foreign : 96.32 586.06 101.64 414.93 651.22 41.20 90.20 Major exporters 4/ : 10.09 52.06 1.99 35.38 45.07 12.64 6.44 Argentina : 1.50 13.86 0.01 5.84 7.66 6.32 1.39 Australia : 0.89 5.41 0.19 3.55 4.72 1.28 0.49 Canada : 5.07 23.39 0.93 18.69 21.40 4.71 3.30 Major importers 5/ : 29.80 156.62 60.56 146.39 202.69 21.19 23.11 EU-15 : 18.01 86.46 15.87 64.87 88.56 19.88 11.88 East. Europe : 4.27 46.85 1.24 37.31 47.69 1.24 3.43 Japan : 2.45 0.23 21.17 17.55 21.66 0.00 2.20 Selected other : China : 26.76 114.29 6.38 81.34 117.08 1.60 28.75 Baltics 6/ : 0.57 2.60 0.41 2.17 3.02 0.03 0.54 FSU-12 6/7/ : 13.07 79.23 2.39 58.17 80.10 2.66 11.92 Russia : 5.99 45.10 0.81 29.38 43.88 1.78 6.24 Ukraine : 3.73 18.53 0.15 15.79 19.17 0.24 3.00 : : 1995/96 (Estimated) : World 3/ : 135.53 799.29 98.36 550.18 841.93 106.27 92.89 United States : 45.34 209.44 2.79 134.20 180.12 63.00 14.44 Total foreign : 90.20 589.85 95.57 415.98 661.81 43.27 78.45 Major exporters 4/ : 6.44 62.46 1.20 35.94 45.96 18.37 5.76 Argentina : 1.39 14.09 0.01 5.18 7.02 7.80 0.66 Australia : 0.49 9.36 0.05 3.65 4.95 4.29 0.66 Canada : 3.30 24.12 0.87 18.58 21.15 4.16 2.97 Major importers 5/ : 23.11 166.85 63.42 153.76 209.91 20.75 22.71 EU-15 : 11.88 88.22 17.06 67.18 89.69 17.89 9.58 East. Europe : 3.43 52.04 0.62 37.97 48.89 2.81 4.39 Japan : 2.20 0.22 20.36 16.64 20.70 0.00 2.09 Selected other : China : 28.75 124.50 2.99 88.08 124.28 0.26 31.70 Baltics 6/ : 0.54 2.15 0.33 1.86 2.65 0.00 0.36 FSU-12 6/7/ : 11.92 57.54 2.05 44.55 64.06 1.43 6.02 Russia : 6.24 30.70 1.05 23.46 36.05 0.40 1.54 Ukraine : 3.00 15.61 0.03 12.05 15.62 0.28 2.73 =============================================================================== 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-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Includes imports and exports among the nations of the former USSR. 7/ Former USSR excluding the Baltic States. WASDE-324-17 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: =============================================================================== : : 1996/97 (Projected) World 3/ : February : 92.23 888.34 97.32 578.20 871.34 99.65 109.23 March : 92.89 887.74 96.40 578.06 871.51 99.07 109.12 United States : February : 14.44 267.58 2.95 152.67 200.76 54.78 29.43 March : 14.44 267.58 2.95 152.67 200.76 54.78 29.43 Total foreign : February : 77.79 620.75 94.36 425.53 670.58 44.86 79.80 March : 78.45 620.16 93.45 425.39 670.76 44.28 79.69 Major exporters 4/ : February : 5.76 68.99 1.23 37.56 47.66 19.69 8.63 March : 5.76 68.57 1.23 37.86 47.96 19.89 7.71 Argentina Feb : 0.66 17.46 0.01 6.13 7.93 9.25 0.95 Mar : 0.66 17.86 0.01 6.33 8.13 9.45 0.95 Australia Feb : 0.66 8.89 0.01 3.84 5.04 3.76 0.76 Mar : 0.66 9.07 0.01 3.94 5.14 3.76 0.84 Canada Feb : 2.97 28.36 0.76 19.07 21.66 5.58 4.86 Mar : 2.97 28.36 0.76 19.07 21.66 5.58 4.86 Major importers 5/ : February : 22.71 180.83 57.97 158.59 215.43 21.10 24.99 March : 22.71 181.80 57.56 159.44 216.53 20.30 25.24 EU-15 Feb : 9.58 102.84 13.96 70.73 93.62 19.27 13.49 Mar : 9.58 104.01 13.96 72.21 95.35 18.47 13.74 East. Europe Feb : 4.39 49.59 0.55 37.61 48.45 1.75 4.33 Mar : 4.39 49.38 0.63 37.48 48.32 1.75 4.33 Japan Feb : 2.09 0.24 21.02 17.24 21.34 0.00 2.00 Mar : 2.09 0.24 21.02 17.24 21.34 0.00 2.00 Selected other : China Feb : 31.06 130.35 1.75 94.26 131.24 1.05 30.87 Mar : 31.70 130.35 1.60 94.06 131.09 1.05 31.51 Baltics 6/ Feb : 0.36 2.67 0.33 2.16 2.97 0.00 0.39 Mar : 0.36 2.67 0.33 2.16 2.97 0.00 0.39 FSU-12 6/7/ Feb : 6.01 52.64 1.48 35.56 55.03 1.00 4.09 Mar : 6.02 52.64 1.48 35.56 55.03 1.00 4.11 Russia Feb : 1.54 31.80 0.60 19.34 32.20 0.70 1.04 Mar : 1.54 31.80 0.60 19.34 32.20 0.70 1.04 Ukraine Feb : 2.73 9.50 0.03 7.28 10.60 0.23 1.43 Mar : 2.73 9.50 0.03 7.28 10.60 0.23 1.43 =============================================================================== 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-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Includes imports and exports among the nations of the former USSR. 7/ Former USSR excluding the Baltic States. WASDE-324-18 World Corn Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: =============================================================================== : : 1994/95 : World 3/ : 72.68 561.08 75.25 375.50 539.78 72.32 93.99 United States : 21.60 256.62 0.24 140.64 183.58 55.31 39.57 Total foreign : 51.09 304.46 75.00 234.86 356.21 17.01 54.41 Major exporters 4/ : 3.62 20.01 0.80 10.51 15.78 6.29 2.36 Argentina : 1.00 11.36 0.00 3.76 5.26 6.00 1.10 South Africa : 2.40 4.85 0.60 3.10 6.82 0.13 0.90 Thailand : 0.22 3.80 0.20 3.65 3.70 0.16 0.36 Major importers 5/ : 10.32 68.62 45.19 73.08 105.85 7.95 10.34 EU-15 : 3.82 28.30 10.42 23.45 32.47 7.13 2.93 Japan : 1.16 0.00 16.48 12.70 16.45 0.00 1.19 Selected other : China : 25.00 99.28 4.29 74.00 99.65 1.41 27.50 Baltics 6/ : 0.08 0.00 0.11 0.15 0.15 0.00 0.03 FSU-12 6/7/ : 2.79 4.03 0.50 4.41 6.21 0.04 1.07 Russia : 1.19 0.90 0.22 1.30 2.15 0.00 0.16 : : 1995/96 (Estimated) : World 3/ : 93.99 515.45 70.01 370.67 545.36 76.66 64.07 United States : 39.57 187.30 0.42 119.68 159.89 56.59 10.82 Total foreign : 54.41 328.14 69.59 250.99 385.48 20.07 53.25 Major exporters 4/ : 2.36 25.00 0.26 11.21 16.76 9.00 1.86 Argentina : 1.10 11.10 0.00 3.40 4.90 6.90 0.40 South Africa : 0.90 10.20 0.00 3.90 7.90 2.00 1.20 Thailand : 0.36 3.70 0.26 3.91 3.96 0.10 0.26 Major importers 5/ : 10.34 72.66 47.12 77.30 110.28 8.95 10.89 EU-15 : 2.93 28.96 9.45 24.05 32.42 6.63 2.30 Japan : 1.19 0.00 15.98 12.33 16.08 0.00 1.09 Selected other : China : 27.50 112.00 1.48 83.05 110.05 0.23 30.70 Baltics 6/ : 0.03 0.00 0.13 0.13 0.13 0.00 0.03 FSU-12 6/7/ : 1.07 6.99 0.36 4.48 6.48 0.26 1.69 Russia : 0.16 1.70 0.10 0.97 1.80 0.00 0.16 =============================================================================== 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-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Includes imports and exports among the nations of the former USSR. 7/ Former USSR excluding the Baltic States. WASDE-324-19 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: =============================================================================== : : 1996/97 (Projected) World 3/ : February : 64.05 576.04 67.88 393.77 565.16 68.68 74.93 March : 64.07 575.63 67.28 393.27 565.75 68.68 73.95 United States : February : 10.82 236.06 0.25 132.09 174.51 48.26 24.37 March : 10.82 236.06 0.25 132.09 174.51 48.26 24.37 Total foreign : February : 53.23 339.98 67.63 261.69 390.66 20.42 50.56 March : 53.25 339.57 67.03 261.18 391.24 20.42 49.58 Major exporters 4/ : February : 1.86 28.00 0.43 11.98 17.73 9.85 2.71 March : 1.86 27.00 0.43 11.98 17.73 9.85 1.71 Argentina Feb : 0.40 14.50 0.00 4.00 5.50 8.75 0.65 Mar : 0.40 14.50 0.00 4.00 5.50 8.75 0.65 South Africa Feb : 1.20 9.50 0.03 3.88 7.88 1.00 1.85 Mar : 1.20 8.50 0.03 3.88 7.88 1.00 0.85 Thailand Feb : 0.26 4.00 0.40 4.10 4.35 0.10 0.21 Mar : 0.26 4.00 0.40 4.10 4.35 0.10 0.21 Major importers 5/ : February : 10.89 78.94 42.63 79.47 113.12 8.55 10.78 March : 10.89 79.67 42.38 79.93 113.61 8.55 10.78 EU-15 Feb : 2.30 33.83 8.57 25.25 33.99 6.83 3.89 Mar : 2.30 34.78 8.57 26.17 34.94 6.83 3.89 Japan Feb : 1.09 0.00 15.75 12.10 15.90 0.00 0.94 Mar : 1.09 0.00 15.50 11.85 15.65 0.00 0.94 Selected other : China Feb : 30.70 117.00 0.05 89.25 116.25 1.00 30.50 Mar : 30.70 117.00 0.05 89.25 116.25 1.00 30.50 Baltics 6/ Feb : 0.03 0.00 0.14 0.15 0.15 0.00 0.02 Mar : 0.03 0.00 0.14 0.15 0.15 0.00 0.02 FSU-12 6/7/ Feb : 1.67 4.51 0.44 3.28 5.42 0.05 1.15 Mar : 1.69 4.51 0.44 3.28 5.42 0.05 1.17 Russia Feb : 0.16 1.10 0.20 0.37 1.30 0.00 0.16 Mar : 0.16 1.10 0.20 0.37 1.30 0.00 0.16 =============================================================================== 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-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, the Republic of Korea and Taiwan. 6/ Includes imports and exports among the nations of the former USSR. 7/ Former USSR excluding the Baltic States. WASDE-324-20 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 : =============================================================================== : : 1994/95 World 3/ : 51.51 365.28 18.73 367.28 22.06 49.51 United States : 0.87 6.65 0.22 3.34 3.34 1.05 Total foreign : 50.65 358.63 18.51 363.94 18.72 48.46 Major exporters 4/ : 2.42 43.11 0.01 33.46 10.54 1.54 Thailand : 0.41 14.12 0.00 8.40 5.93 0.20 Vietnam : 0.00 16.26 0.01 13.96 2.31 0.00 Major importers 5/ : 1.35 38.32 7.86 43.23 1.01 3.29 Indonesia : 0.53 32.33 3.00 34.00 0.00 1.86 Selected other : China : 25.17 123.15 1.96 129.00 0.03 21.26 Japan : 0.73 10.90 0.01 9.35 0.41 1.88 : : 1995/96 (Estimated) World 3/ : 49.51 370.76 19.23 369.88 19.83 50.39 United States : 1.05 5.63 0.24 3.42 2.69 0.81 Total foreign : 48.46 365.12 19.00 366.46 17.14 49.58 Major exporters 4/ : 1.54 45.94 0.00 35.20 10.25 2.02 Thailand : 0.20 14.40 0.00 8.60 5.25 0.75 Vietnam : 0.00 17.60 0.00 14.50 3.10 0.00 Major importers 5/ : 3.29 38.66 6.15 43.20 0.90 4.00 Indonesia : 1.86 32.70 1.25 33.25 0.00 2.56 Selected other : China : 21.26 129.65 0.85 130.00 0.30 21.46 Japan : 1.88 9.78 0.45 9.30 0.20 2.61 : : 1996/97 (Projected) World 3/ : February : 50.53 377.26 18.57 376.44 19.17 51.35 March : 50.39 374.87 17.46 375.90 18.50 49.36 United States : February : 0.81 5.60 0.25 3.41 2.45 0.79 March : 0.81 5.60 0.29 3.41 2.48 0.80 Total foreign : February : 49.72 371.66 18.32 373.03 16.72 50.56 March : 49.58 369.28 17.17 372.49 16.02 48.56 Major exporters 4/ : February : 2.12 46.10 0.00 35.05 10.50 2.67 March : 2.02 44.46 0.00 34.75 9.65 2.08 Thailand Feb : 0.85 14.40 0.00 8.50 5.50 1.25 Mar : 0.75 13.90 0.00 8.60 5.00 1.05 Vietnam Feb : 0.00 17.00 0.00 14.25 2.75 0.00 Mar : 0.00 17.00 0.00 14.25 2.75 0.00 Major importers 5/ : February : 3.99 39.71 7.06 45.64 1.11 4.01 March : 4.00 39.71 6.04 45.22 1.11 3.41 Indonesia Feb : 2.56 33.50 1.50 35.00 0.00 2.56 Mar : 2.56 33.50 1.00 35.00 0.00 2.06 Selected other : China Feb : 21.46 132.00 1.00 132.00 0.25 22.21 Mar : 21.46 132.00 0.80 132.00 0.75 21.51 Japan Feb : 2.61 9.41 0.60 9.25 0.30 3.08 Mar : 2.61 9.41 0.60 9.25 0.30 3.08 =============================================================================== 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-15 (includes intra-trade) and Non-EU Western Europe. WASDE-324-21 World Soybean Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : : :stocks :Beginning:Produc-: : Domestic : : : stocks : tion :Imports: Crush : Total :Exports: =============================================================================== : : 1994/95 World 2/ : 17.38 137.78 32.79 109.92 132.20 32.12 23.63 United States : 5.69 68.49 0.14 38.24 42.40 22.81 9.11 Total foreign : 11.68 69.29 32.66 71.68 89.80 9.31 14.52 Major exporters 3/ : 9.25 40.75 1.20 29.53 31.81 7.52 11.87 Argentina : 3.80 12.65 0.00 8.69 9.17 2.50 4.77 Brazil : 5.46 25.90 1.20 20.19 21.89 3.57 7.10 Major importers 4/ : 1.34 1.13 20.89 18.19 21.39 0.38 1.59 EU-15 : 0.62 1.03 16.05 14.43 16.35 0.38 0.96 Japan : 0.72 0.10 4.84 3.76 5.04 0.00 0.62 : : 1995/96 (Estimated) World 2/ : 23.63 124.76 32.51 112.36 131.82 31.74 17.33 United States : 9.11 59.24 0.12 37.28 40.32 23.17 4.99 Total foreign : 14.52 65.51 32.39 75.08 91.50 8.58 12.34 Major exporters 3/ : 11.87 38.74 0.80 32.50 34.63 6.90 9.88 Argentina : 4.77 12.64 0.00 10.20 10.68 2.00 4.73 Brazil : 7.10 23.70 0.80 21.55 23.15 3.30 5.15 Major importers 4/ : 1.59 1.06 19.02 17.19 19.99 0.35 1.32 EU-15 : 0.96 0.94 14.22 13.49 15.01 0.35 0.76 Japan : 0.62 0.12 4.80 3.70 4.98 0.00 0.56 : : 1996/97 (Projected) World 2/ : February : 17.11 132.81 34.17 114.12 133.58 34.41 16.10 March : 17.33 133.98 34.52 114.82 134.42 34.97 16.44 United States : February : 4.99 64.84 0.12 38.37 41.51 24.63 3.81 March : 4.99 64.84 0.12 38.65 41.66 24.49 3.80 Total foreign : February : 12.11 67.97 34.05 75.75 92.07 9.78 12.29 March : 12.34 69.15 34.40 76.17 92.77 10.48 12.64 Major exporters 3/ : February : 9.65 42.50 1.00 32.65 34.88 8.25 10.03 March : 9.88 43.20 0.80 32.20 34.55 8.95 10.38 Argentina Feb : 4.63 13.50 0.00 10.50 10.90 2.50 4.73 Mar : 4.73 13.50 0.00 10.85 11.35 2.00 4.88 Brazil Feb : 5.02 26.50 1.00 21.30 23.03 4.20 5.30 Mar : 5.15 27.00 0.80 20.50 22.25 5.20 5.50 Major importers 4/ : February : 1.32 1.19 19.36 17.40 20.27 0.32 1.28 March : 1.32 1.19 19.56 17.60 20.47 0.32 1.28 EU-15 Feb : 0.76 1.07 14.50 13.65 15.24 0.32 0.77 Mar : 0.76 1.07 14.70 13.85 15.44 0.32 0.77 Japan Feb : 0.56 0.12 4.86 3.75 5.03 0.00 0.51 Mar : 0.56 0.12 4.86 3.75 5.03 0.00 0.51 =============================================================================== 1/ Data based on local marketing years except 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 export and imports. Therefore, world supply may not equal world use. 3/ Argentina, Brazil and Paraguay. 4/ Japan and EU. WASDE-324-22 World Soybean Meal Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total : : : stocks : tion :Imports: Domestic: Exports : =============================================================================== : : 1994/95 World 2/ : 3.57 87.19 31.22 86.72 31.30 3.95 United States : 0.14 30.18 0.06 24.08 6.09 0.20 Total foreign : 3.43 57.00 31.16 62.64 25.21 3.75 Major exporters 3/ : 1.16 22.89 0.00 5.41 17.56 1.09 Argentina : 0.56 7.02 0.00 0.31 6.73 0.54 Brazil : 0.61 15.87 0.00 5.10 10.83 0.54 Major importers 4/ : 0.95 12.32 19.32 27.72 3.70 1.17 EU-15 : 0.93 11.49 16.80 24.42 3.67 1.12 : : 1995/96 (Estimated) World 2/ : 3.95 89.17 32.28 88.92 32.92 3.56 United States : 0.20 29.50 0.07 24.11 5.45 0.21 Total foreign : 3.75 59.67 32.21 64.80 27.47 3.36 Major exporters 3/ : 1.09 25.22 0.00 5.58 20.03 0.70 Argentina : 0.54 8.28 0.00 0.28 8.25 0.30 Brazil : 0.54 16.94 0.00 5.30 11.78 0.40 Major importers 4/ : 1.17 11.39 18.68 26.47 3.62 1.15 EU-15 : 1.12 10.75 16.42 23.62 3.56 1.11 : : 1996/97 (Projected) World 2/ : February : 4.19 90.39 33.28 90.87 32.87 4.11 March : 3.56 90.92 32.67 91.15 32.63 3.38 United States : February : 0.21 30.25 0.07 24.31 6.03 0.18 March : 0.21 30.41 0.09 24.50 6.03 0.18 Total foreign : February : 3.98 60.14 33.21 66.56 26.83 3.93 March : 3.36 60.51 32.58 66.65 26.59 3.20 Major exporters 3/ : February : 1.32 25.23 0.00 5.60 19.60 1.35 March : 0.70 24.90 0.00 5.68 19.30 0.62 Argentina Feb : 0.68 8.48 0.00 0.25 8.20 0.72 Mar : 0.30 8.71 0.00 0.28 8.50 0.23 Brazil Feb : 0.64 16.74 0.00 5.35 11.40 0.63 Mar : 0.40 16.19 0.00 5.40 10.80 0.39 Major importers 4/ : February : 1.15 11.68 18.35 26.51 3.51 1.16 March : 1.15 11.84 17.67 25.92 3.57 1.16 EU-15 Feb : 1.11 10.90 16.12 23.56 3.44 1.13 Mar : 1.11 11.06 15.44 22.98 3.50 1.13 =============================================================================== 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. WASDE-324-23 World Soybean Oil Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total : : : stocks : tion :Imports: Domestic: Exports : =============================================================================== : : 1994/95 World 2/ : 1.77 19.71 6.11 19.45 6.08 2.05 United States : 0.50 7.08 0.01 5.86 1.22 0.52 Total foreign : 1.27 12.62 6.10 13.59 4.87 1.54 Major exporters 3/ : 0.80 7.87 0.81 4.46 4.35 0.67 Argentina : 0.21 1.50 0.00 0.08 1.50 0.13 Brazil : 0.35 3.80 0.18 2.47 1.55 0.31 EU-15 : 0.24 2.58 0.63 1.92 1.29 0.24 Major importers 4/ : 0.06 1.72 1.93 3.25 0.09 0.36 China : 0.05 1.21 1.70 2.53 0.09 0.35 Pakistan : 0.01 0.01 0.17 0.17 0.00 0.01 : : 1995/96 (Estimated) World 2/ : 2.05 20.20 5.24 19.78 5.35 2.36 United States : 0.52 6.91 0.04 6.11 0.45 0.91 Total foreign : 1.54 13.28 5.20 13.67 4.90 1.45 Major exporters 3/ : 0.67 8.21 0.73 4.57 4.32 0.73 Argentina : 0.13 1.76 0.00 0.08 1.55 0.26 Brazil : 0.31 4.03 0.10 2.53 1.63 0.28 EU-15 : 0.24 2.42 0.63 1.96 1.14 0.20 Major importers 4/ : 0.36 1.86 1.66 3.53 0.07 0.28 China : 0.35 1.15 1.45 2.61 0.07 0.27 Pakistan : 0.01 0.01 0.15 0.16 0.00 0.01 : : 1996/97 (Projected) World 2/ : February : 2.28 20.39 5.69 20.38 5.72 2.27 March : 2.36 20.47 5.78 20.49 5.89 2.23 United States : February : 0.91 6.96 0.05 6.19 0.84 0.89 March : 0.91 7.01 0.03 6.26 0.84 0.86 Total foreign : February : 1.37 13.43 5.65 14.19 4.88 1.38 March : 1.45 13.46 5.75 14.23 5.05 1.37 Major exporters 3/ : February : 0.65 8.27 0.71 4.65 4.32 0.67 March : 0.73 8.19 0.79 4.68 4.38 0.66 Argentina Feb : 0.15 1.82 0.00 0.08 1.70 0.18 Mar : 0.26 1.86 0.00 0.09 1.80 0.23 Brazil Feb : 0.30 4.00 0.10 2.60 1.50 0.31 Mar : 0.28 3.85 0.18 2.60 1.45 0.25 EU-15 Feb : 0.20 2.45 0.61 1.96 1.12 0.18 Mar : 0.20 2.48 0.61 1.99 1.13 0.18 Major importers 4/ : February : 0.28 1.83 1.82 3.61 0.04 0.27 March : 0.28 1.92 1.82 3.59 0.15 0.27 China Feb : 0.27 1.19 1.55 2.70 0.04 0.26 Mar : 0.27 1.28 1.55 2.68 0.15 0.26 Pakistan Feb : 0.01 0.01 0.16 0.17 0.00 0.01 Mar : 0.01 0.01 0.16 0.17 0.00 0.01 =============================================================================== 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. WASDE-324-24 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 : World : 26.28 85.52 30.80 84.67 28.46 0.20 29.27 United States : 3.53 19.66 0.02 11.20 9.40 -0.04 2.65 Total Foreign : 22.75 65.86 30.78 73.47 19.06 0.24 26.62 Major exporters 5/: 8.23 35.38 2.53 24.37 12.90 0.08 8.78 Pakistan : 1.69 6.25 0.70 6.75 0.15 0.05 1.69 India : 2.09 10.81 0.46 10.54 0.08 0.00 2.73 Uzbekistan : 1.01 5.78 0.01 0.83 5.01 0.00 0.96 Turkmenistan : 0.46 1.61 0.00 0.13 1.47 0.00 0.48 Afr. Fr. Zone 6/: 0.62 2.66 0.04 0.31 2.68 0.00 0.32 S. Hemisphere 7/: 1.37 3.81 0.04 0.71 2.85 0.01 1.66 Australia : 0.42 1.54 0.00 0.18 1.35 0.00 0.43 Argentina : 0.81 1.61 0.04 0.46 0.91 0.01 1.09 Major importers : 12.20 24.47 23.22 41.23 2.68 0.09 15.90 Brazil : 1.60 2.53 1.61 4.00 0.15 0.00 1.59 China : 6.10 19.90 4.06 20.20 0.18 0.00 9.68 Europe : 2.13 2.00 6.38 6.89 1.44 0.06 2.12 Selected Asia 8/: 2.23 0.05 9.01 8.88 0.24 0.03 2.14 Japan : 0.42 0.00 1.75 1.75 0.00 0.00 0.42 South Korea : 0.74 4/ 1.75 1.66 0.01 0.00 0.81 Russia : 0.14 0.00 2.16 1.26 0.67 0.00 0.37 : : 1995/96 (Estimated) : World : 29.27 92.17 27.07 85.31 27.36 0.23 35.62 United States : 2.65 17.90 0.41 10.65 7.68 0.03 2.61 Total Foreign : 26.62 74.27 26.67 74.67 19.68 0.20 33.01 Major exporters 5/: 8.78 40.73 1.06 26.74 14.17 0.06 9.61 Pakistan : 1.69 8.20 0.12 7.00 1.43 0.02 1.56 India : 2.73 12.65 0.08 12.28 0.62 0.00 2.56 Uzbekistan : 0.96 5.74 0.01 0.88 4.50 0.00 1.33 Turkmenistan : 0.48 1.15 0.00 0.15 0.90 0.00 0.58 Afr. Fr. Zone 6/: 0.32 3.14 0.05 0.30 2.80 0.00 0.42 S. Hemisphere 7/: 1.66 4.36 0.07 0.70 3.14 0.01 2.24 Australia : 0.43 1.93 0.00 0.19 1.40 0.00 0.77 Argentina : 1.09 1.93 0.03 0.46 1.22 0.01 1.35 Major importers : 15.90 26.01 20.52 39.54 1.87 0.09 20.93 Brazil : 1.59 1.79 1.70 3.90 0.10 0.00 1.08 China : 9.68 21.90 3.05 19.50 0.02 0.00 15.10 Europe : 2.12 2.26 6.04 6.63 1.55 0.06 2.18 Selected Asia 8/: 2.14 0.06 8.63 8.35 0.21 0.03 2.24 Japan : 0.42 0.00 1.52 1.53 0.00 0.00 0.41 South Korea : 0.81 4/ 1.55 1.55 0.01 0.00 0.81 Russia : 0.37 0.00 1.10 1.15 0.00 0.00 0.32 =============================================================================== 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 2.98 million bales in 1994/95 and 1.84 million in 1995/96. 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, Cte d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Includes Paraguay in addition to the countries and regions listed. 8/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-324-25 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/ : : =============================================================================== : : 1996/97 (Projected) : World : February : 36.33 86.21 27.07 85.75 26.91 0.20 36.75 March : 35.62 86.34 27.57 86.22 27.11 0.20 36.00 United States : February : 2.61 18.95 0.40 11.00 6.50 0.01 4.45 March : 2.61 18.95 0.40 11.00 6.80 0.01 4.15 Total Foreign : February : 33.72 67.26 26.67 74.75 20.41 0.19 32.30 March : 33.01 67.39 27.17 75.22 20.31 0.19 31.85 Major exporters 5/: February : 10.34 38.71 1.56 26.62 14.73 0.06 9.19 March : 9.61 38.96 1.56 26.82 14.68 0.06 8.57 Pakistan Feb : 1.56 6.80 0.20 7.10 0.40 0.03 1.03 Mar : 1.56 7.00 0.20 7.10 0.40 0.03 1.23 India Feb : 3.28 12.30 0.08 11.80 1.20 0.00 2.66 Mar : 2.56 12.50 0.08 12.00 1.20 0.00 1.94 Uzbekistan Feb : 1.33 4.80 0.01 0.92 4.30 0.00 0.91 Mar : 1.33 4.80 0.01 0.92 4.30 0.00 0.91 TurkmenistanFeb : 0.58 0.60 0.00 0.15 0.60 0.00 0.43 Mar : 0.58 0.60 0.00 0.15 0.60 0.00 0.43 Afr.Fr.Zn.6/Feb : 0.42 3.64 0.03 0.29 3.28 0.00 0.51 Mar : 0.42 3.64 0.03 0.29 3.28 0.00 0.51 S. Hem. 7/ Feb : 2.24 4.87 0.12 0.73 4.00 0.01 2.49 Mar : 2.24 4.73 0.12 0.73 3.95 0.01 2.40 Australia Feb : 0.77 2.60 0.00 0.21 2.20 0.00 0.96 Mar : 0.77 2.50 0.00 0.21 2.20 0.00 0.86 Argentina Feb : 1.35 1.90 0.02 0.46 1.40 0.01 1.40 Mar : 1.35 1.90 0.02 0.46 1.40 0.01 1.40 Maj. imp. Feb : 20.91 20.92 19.69 39.20 1.66 0.08 20.58 Mar : 20.93 20.79 20.16 39.40 1.66 0.08 20.74 Brazil Feb : 1.08 1.40 2.40 4.00 0.00 0.00 0.88 Mar : 1.08 1.40 2.40 4.00 0.00 0.00 0.88 China Feb : 15.10 17.50 1.90 19.20 0.10 0.00 15.20 Mar : 15.10 17.50 2.50 19.50 0.10 0.00 15.50 Europe Feb : 2.18 1.97 6.09 6.65 1.39 0.05 2.15 Mar : 2.18 1.84 6.09 6.65 1.39 0.05 2.02 Sel. Asia 8/Feb : 2.23 0.05 8.35 8.30 0.17 0.03 2.12 Mar : 2.24 0.05 8.23 8.20 0.17 0.03 2.11 Japan Feb : 0.41 0.00 1.43 1.43 0.00 0.00 0.41 Mar : 0.41 0.00 1.43 1.43 0.00 0.00 0.41 S. Korea Feb : 0.81 4/ 1.45 1.45 0.01 0.00 0.80 Mar : 0.81 4/ 1.45 1.45 0.01 0.00 0.80 Russia Feb : 0.32 0.00 0.95 1.05 0.00 0.00 0.22 Mar : 0.32 0.00 0.95 1.05 0.00 0.00 0.22 =============================================================================== 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 1.60 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, Cte d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, and Paraguay. 8/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-324-26 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 1995 : Annual : 25115 17811 43517 25021 5129 30644 74161 6216 155.4 : 1996 : I : 6302 4388 10855 6609 1270 8008 18863 1571 39.0 II : 6642 4103 10896 6607 1382 8117 19013 1563 39.6 III : 6391 4141 10687 6592 1411 8120 18807 1594 37.7 IV : 6084 4448 10693 6513 1403 8028 18721 1632 37.9 Annual : Feb Est : 25419 17080 43131 26294 5464 32245 75376 6358 154.4 Mar Est : 25419 17080 43131 26321 5466 32274 75405 6358 154.3 : 1997 : I *: 6100 4175 10425 6750 1300 8175 18600 1620 38.5 II *: 6550 4100 10787 7050 1425 8610 19397 1630 40.2 III *: 6500 4350 10980 7050 1450 8630 19610 1660 38.0 IV *: 6075 4400 10605 7000 1450 8575 19180 1680 38.1 Annual : Feb Proj : 25375 17050 42978 28000 5625 34140 77118 6600 155.4 Mar Proj : 25225 17025 42797 27850 5625 33990 76787 6590 154.8 =============================================================================== * 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 1995 : Annual : 66.24 42.35 56.4 66.4 72.9 12.74 : 1996 : I : 63.06 46.23 56.2 64.8 89.6 13.83 II : 60.26 54.82 61.1 65.4 80.5 14.27 III : 67.13 57.75 64.2 64.9 85.9 15.80 IV : 70.39 54.75 63.5 70.9 96.7 15.07 Annual : Feb Est : 65.21 53.39 61.2 66.5 88.2 14.74 Mar Est : 65.21 53.39 61.2 66.5 88.2 14.74 : 1997 : I *: 66-67 51-52 59-60 58-59 85-86 13.10-13.30 II *: 63-67 55-57 59-62 61-65 80-84 13.15-13.65 III *: 64-70 54-58 60-64 65-71 79-85 13.25-14.05 IV *: 68-74 54-58 58-62 72-78 82-88 14.15-15.15 Annual : Feb Proj : 65-69 54-57 58-62 65-70 81-86 13.35-14.05 Mar Proj : 65-69 53-56 59-62 64-68 81-86 13.45-14.05 =============================================================================== *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. WASDE-324-27 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 : 1995 : 548 25222 2103 27873 1821 519 25533 67.5 1996 Est. Feb : 519 25526 2079 28124 1872 377 25875 67.7 Mar : 519 25526 2073 28118 1877 377 25864 67.7 1997 Proj. Feb : 377 25482 2125 27984 2045 400 25539 66.2 Mar : 377 25332 2280 27989 1895 400 25694 66.6 : PORK : 1995 : 438 17849 664 18951 771 396 17784 52.5 1996 Est. Feb : 396 17118 620 18134 924 364 16846 49.2 Mar : 396 17118 618 18132 951 366 16815 49.1 1997 Proj. Feb : 364 17088 605 18057 1110 380 16567 48.0 Mar : 366 17063 605 18034 1110 380 16544 47.9 : TOTAL RED MEAT 4/ : 1995 : 1004 43677 2831 47512 2598 930 43985 122.1 1996 Est. Feb : 930 43291 2772 46993 2802 757 43434 119.2 Mar : 930 43291 2764 46985 2834 759 43392 119.1 1997 Proj. Feb : 757 43138 2803 46698 3163 797 42738 116.2 Mar : 759 42957 2958 46674 3013 797 42864 116.5 : BROILERS : 1995 : 458 24827 0 25286 3894 560 20831 68.8 1996 Est. Feb : 560 26085 0 26645 4523 637 21485 70.3 Mar : 560 26112 0 26672 4420 641 21611 70.7 1997 Proj. Feb : 637 27772 0 28409 5075 675 22659 73.5 Mar : 641 27623 0 28265 4785 675 22805 73.9 : TURKEYS : 1995 : 254 5069 0 5324 348 271 4705 17.9 1996 Est. Feb : 271 5400 0 5671 437 328 4906 18.5 Mar : 271 5402 0 5673 438 328 4907 18.5 1997 Proj. Feb : 328 5559 0 5887 495 300 5092 19.0 Mar : 328 5559 0 5887 472 350 5065 18.9 : TOTAL POULTRY 5/ : 1995 : 727 30393 0 31119 4342 839 25939 88.2 1996 Est. Feb : 839 31974 0 32812 5228 971 26613 89.6 Mar : 839 32003 0 32841 5123 975 26743 90.0 1997 Proj. Feb : 971 33848 0 34819 5865 985 27969 93.3 Mar : 975 33699 0 34674 5552 1035 28087 93.7 : RED MEAT & POULTRY: 1995 : 1731 74070 2831 78631 6939 1769 69924 210.3 1996 Est. Feb : 1769 75265 2772 79805 8030 1728 70047 208.9 Mar : 1769 75294 2764 79826 7957 1734 70135 209.2 1997 Proj. Feb : 1728 76986 2803 81517 9028 1782 70707 209.5 Mar : 1734 76656 2958 81348 8565 1832 70951 210.2 ============================================================================ 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. WASDE-324-28 U.S. Egg Supply and Use =============================================================================== : : : 1996 Estimated : 1997 Projected : : :-----------------:----------------- Commodity : 1994 : 1995 : Feb : Mar : Feb : Mar =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 10.7 14.9 11.2 11.2 8.6 8.5 Production : 6177.6 6215.6 6358.3 6358.3 6600.0 6590.0 Imports : 3.7 4.1 5.4 5.4 4.0 4.0 Total supply : 6192.0 6234.6 6374.9 6374.9 6612.6 6602.5 : Use : Exports : 187.6 208.9 257.9 253.1 280.0 280.0 Hatching use : 805.4 846.8 861.9 861.9 910.0 900.0 Ending stocks : 14.9 11.2 8.6 8.5 12.0 12.0 Consumption : Total : 5184.1 5167.6 5246.5 5251.4 5410.6 5410.5 Per capita (number) : 238.7 235.7 237.1 237.3 242.3 242.3 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1995/96 Est 1/: 1996/97 Proj 1/ Commodity :1993/94:1994/95:-----------------:----------------- : 1/ : 1/ : Feb : Mar : Feb : Mar =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 5.0 4.6 4.6 4.6 4.8 4.9 Production : 152.2 155.6 154.4 154.1 155.0 154.6 Farm use : 1.8 1.6 1.5 1.5 1.3 1.3 Marketings : 150.5 154.0 153.0 152.6 153.7 153.3 Imports 2/ : 3.0 2.8 2.9 2.8 3.3 3.3 Total cml. supply 2/ : 158.5 161.5 160.4 160.0 161.8 161.5 Use : Commercial use 2/ 3/ : 149.6 154.0 155.5 154.9 155.9 155.7 Ending commercial stks. 2/: 4.6 4.6 4.8 4.9 5.3 5.3 CCC net removals: : Milkfat basis 4/ : 4.2 2.9 0.1 0.1 0.5 0.5 Skim-solids basis 4/ : 3.6 4.9 1.1 1.1 1.4 1.5 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) 5/ : 11.98 11.59 13.50 13.50 12.15- 12.30- : 12.75 12.70 All milk 6/ : 13.08 12.54 14.42 14.42 13.50- 13.65- : 14.10 14.05 : : Million pounds CCC product net removals 4/: Butter : 180 110 1 1 15 15 Cheese : 4 8 5 5 8 8 Nonfat dry milk : 286 384 84 84 105 115 Dry whole milk : 26 44 7 7 15 10 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning October 1. 2/ Milk equivalent, milkfat basis. 3/ Includes commercial exports. 4/ Includes products exported under the Dairy Export Incentive Program. 5/ Minnesota-Wisconsin (M-W) 3.5 % butterfat prior to May 1995. 6/ Milk of average fat test. Does not reflect any deductions from producers as authorized by legislation. WASDE-324-29 Note: Tables on pages 29-31 present a 15-year record of the differences between the March projection and the final estimate. Using world wheat production as an example, changes between the March projection and the final estimate have averaged 3.2 million tons (0.6%) ranging from -8.0 to 6.9 million tons. The March projection has been below the estimate 9 times and above 6 times. Reliability of March Projections ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-95/96 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- WHEAT :Percent Million metric tons Number of years 2/ Production : World : 0.6 3.2 -8.0 6.9 9 6 U.S. : 0.1 0.0 0.1 0.1 7 3 Foreign : 0.7 3.2 -8.0 6.9 9 6 Exports : World : 1.7 1.9 -5.4 3.4 11 4 U.S. : 2.5 0.9 -1.1 2.4 7 8 Foreign : 2.6 1.9 -4.9 2.5 9 6 Domestic use : World : 0.9 4.5 -9.4 8.1 7 8 U.S. : 4.2 1.3 -2.4 2.4 6 9 Foreign : 0.8 4.0 -7.9 7.6 8 7 Ending stocks : World : 2.9 3.6 -7.7 5.4 9 6 U.S. : 6.7 1.3 -4.4 2.5 8 7 Foreign : 2.9 2.8 -7.3 4.9 8 6 : COARSE GRAINS 3/ : Production : World : 0.8 6.2 -17.3 4.1 11 4 U.S. : 0.1 0.1 -0.2 1.3 9 2 Foreign : 1.1 6.3 -17.3 4.2 11 4 Exports : World : 3.1 3.2 -7.5 9.9 6 9 U.S. : 6.7 3.4 -5.5 9.1 8 7 Foreign : 4.1 2.1 -5.0 6.7 5 10 Domestic use : World : 0.8 6.8 -12.8 9.7 8 7 U.S. : 2.9 5.0 -17.3 11.5 5 10 Foreign : 0.9 5.5 -11.5 7.5 10 5 Ending stocks : World : 6.2 8.2 -19.2 13.9 13 2 U.S. : 8.1 5.4 -13.8 15.3 9 6 Foreign : 7.7 4.6 -8.9 10.5 13 2 : RICE, milled : Production : World : 1.1 3.6 -10.0 2.3 12 3 U.S. : 0.9 0.0 -0.2 0.1 5 1 Foreign : 1.1 3.6 -9.9 2.3 12 3 Exports : World : 7.0 1.1 -4.1 1.2 13 2 U.S. : 5.7 0.1 -0.4 0.3 6 6 Foreign : 8.3 1.0 -3.7 1.1 13 2 Domestic use : World : 1.0 3.1 -9.8 2.9 10 5 U.S. : 5.5 0.1 -0.3 0.4 7 7 Foreign : 1.0 3.1 -10.0 3.1 10 5 Ending stocks : World : 6.3 2.2 -6.4 4.0 10 5 U.S. : 15.2 0.2 -0.3 0.4 8 7 Foreign : 6.7 2.2 -6.2 3.9 10 5 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-324-30 Reliability of March Projections (Continued) ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-95/96 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- SOYBEANS :Percent Million metric tons Number of years 2/ Production : World : 1.4 1.4 -3.0 1.5 8 7 U.S. : 1.2 0.6 -1.6 1.8 7 6 Foreign : 2.1 1.0 -2.2 1.6 9 6 Exports : World : 2.8 0.8 -2.1 1.4 8 6 U.S. : 5.4 1.1 -2.2 3.0 10 5 Foreign : 13.2 0.9 -2.3 2.4 5 10 Domestic use : World : 1.7 1.7 -4.4 2.4 8 7 U.S. : 2.1 0.7 -2.0 1.0 9 5 Foreign : 1.9 1.3 -2.6 2.2 8 7 Ending stocks : World : 10.9 2.0 -3.7 5.7 9 6 U.S. : 21.3 1.7 -2.7 5.4 5 10 Foreign : 10.7 1.2 -2.7 1.0 9 6 : COTTON : Million 480-pound bales Production : World : 1.2 1.0 -2.9 3.0 7 7 U.S. : 0.6 0.1 0.1 0.3 3 11 Foreign : 1.4 1.0 -3.2 2.9 7 7 Exports : World : 3.9 0.9 -2.7 1.4 8 7 U.S. : 5.4 0.3 -0.7 0.9 3 12 Foreign : 5.3 1.0 -3.6 1.3 9 6 Mill use : World : 1.8 1.4 -6.0 1.3 7 8 U.S. : 3.3 0.3 -0.7 0.2 11 3 Foreign : 1.8 1.3 -5.5 1.4 7 8 Ending stocks : World : 8.3 2.7 -3.9 8.4 7 8 U.S. : 10.0 0.4 -0.6 1.6 6 9 Foreign : 8.9 2.5 -4.2 7.9 7 8 ------------------------------------------------------------------------------- 1/ Final estimate for 1981/82-95/96 is defined as the first November estimate following the marketing year. 2/ May not total 15 if projections was the same as final estimate. 3/ Includes corn, sorghum, barley, oats, rye, millet and mixed grain. WASDE-324-31 Reliability of United States March Projections 1/ ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-95/96 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- CORN :Percent Million bushels Number of years 3/ Production : 0.1 3 -8 38 1 1 Exports : 6.7 112 -254 284 8 7 Domestic use : 3.0 168 -474 345 6 9 Ending stocks : 10.2 217 -535 713 10 5 : SORGHUM : Production : 0.1 0 0 4 0 2 Exports : 14.2 34 -90 72 9 5 Domestic use : 9.8 48 -178 100 8 7 Ending stocks : 34.9 45 -69 148 7 8 : BARLEY : Production : 0.4 2 -3 11 8 1 Exports : 10.0 8 -20 13 5 9 Domestic use : 5.6 23 -30 70 9 5 Ending stocks : 10.8 20 -53 24 8 7 : OATS : Production : 0.1 0 -2 1 3 1 Exports : 28.4 1 -1 3 3 4 Domestic use : 3.2 14 -26 36 6 9 Ending stocks : 10.8 16 -47 21 10 5 : : Thousand short tons SOYBEAN MEAL : Production : 2.2 616 -1555 717 11 4 Exports : 7.0 432 -950 941 11 4 Domestic use : 2.0 440 -1100 525 12 3 Ending stocks : 38.5 92 -214 208 5 9 : : Million pounds SOYBEAN OIL : Production : 2.1 272 -734 365 11 4 Exports : 17.4 243 -700 664 5 10 Domestic use : 1.6 180 -685 200 11 4 Ending stocks : 17.1 244 -692 328 10 5 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 2.6 624 -666 1613 9 4 Pork : 2.8 440 -720 1667 8 5 Broilers : 1.6 281 -379 496 9 4 Turkeys : 2.3 92 -177 161 8 5 : : Million dozen Eggs : 1.5 89 -120 169 9 4 : : Billion pounds Milk : 1.0 1.4 -3.2 3.1 7 6 ------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-95/96 is defined as the first November estimate following the marketing year. 3/ May not total 15 for crops and 13 for animal production if projection was the same as the final estimate. 4/ Calendar years 1983 thru 1995 for meats and eggs; October-September years 1982/83 thru 1994/95 for milk. Final for animal products is defined as latest annual production estimate published by NASS. END OF FILE