WASDE-329 - August 12, 1997 WHEAT: Projected U.S. 1997/98 ending stocks are up 45 million bushels from last month as a 100-million-bushel rise in the crop more than offsets larger exports. Winter wheat production is forecast 75 million bushels above last month and spring wheat (including durum), 25 million. While a 50-million-bushel rise in projected exports partially offsets the larger crop, 1997/98 U.S. ending stocks of wheat are expected to be largest since 1990/91. The projected price range is down 5 cents on each end to $3.05 to $3.65 per bushel. Projected 1997/98 global supply, use, and ending stocks are up substantially from last month. China's wheat crop is up 7 million tons from last month and more than 10 million above last year. In addition, forecast production in Russia, Ukraine, and Kazakstan is up a combined 5 million tons from last month. Unfavorable weather conditions, however, have reduced production and export prospects for Australia, Canada, and Argentina. While projected global imports are down from last month, U.S. exports are projected up because of reduced competition. Most of the rise in prospective global ending stocks is in China, the United States, Russia, and Ukraine. Prospective ending stocks for the major foreign exporters are down 4 million tons from last month. COARSE GRAINS: The first survey-based forecast of the U.S. corn crop, at 9,276 million bushels, is down 424 million from last month and slightly below last year. Partially offsetting the lower crop is a 50-million-bushel reduction in the projected feed and residual use and larger beginning stocks. Even with the reduction in projected use, 1997/98 ending stocks are down 349 million bushels from last month. Thus, projected corn prices are up 20 cents on each end to $2.50 to $2.90 per bushel. Forecast 1996/97 ending stocks are up 25 million bushels from last month because of reduced exports. Global 1997/98 production, use, and stocks are down sharply from last month, largely because of reductions for China and the United States. Forecast corn production in China is down 12 million tons from last month because of widespread hot, dry conditions. Unfavorable weather conditions also have reduced coarse grain yield prospects in Australia and Canada. On the other hand, projected coarse grain crops are up in Russia and Ukraine. While most of the adjustment to the sharply smaller corn crop in China is reflected in reduced stocks, projected corn exports also are reduced. Most of the substantial reduction in global ending stocks is in China and the United States. RICE: The first survey-based forecast of the 1997/98 U.S. rice crop is 182 million hundredweight, up 6 million hundredweight from last month and an increase of nearly 11 million from last year. At 5,994 pounds per acre, yields are up 199 pounds per acre from last month, but down 127 pounds per acre from last year's record. With larger supplies in 1997/98, imports are down 1 million hundredweight from last month, matching the revised 1996/97 estimate. Rice use in 1997/98 is raised 4.5 million hundredweight (all long grain), with domestic and residual use up 1.5 million hundredweight and exports up 3 million hundredweight. Ending stocks are increased slightly. The season-average price is raised $0.25 per hundredweight on each end to $9.25 to $10.25 per hundredweight compared to an estimated $9.90 per hundredweight for 1996/97. U.S. prices are expected to stay firm for the entire marketing year on strong mill and export demand and strong international prices. World rice production, consumption, exports, and ending stocks in 1997/98 are projected slightly lower. A decrease in Thailand's rice crop accounts for most of the adjustments in foreign supply and use. Dry conditions in parts of Thailand, particularly the central region, are expected to result in a smaller dry-season harvest. Exports and ending stocks are projected smaller for Thailand. OILSEEDS: U.S. oilseed production for 1997/98 is projected at a record 84.6 million tons, up 1.4 million tons from last month and up about 10 million tons (13 percent) from last year. Larger soybean and peanut crops account for the gain, while cottonseed production is off slightly from last month. Soybean production is forecast at a record 2,744 million bushels, up 54 million bushels from last month. Soybean yield, at 39.3 bushels per acre, is the second highest ever, exceeded only by the 41.4 bushels in 1994/95. U.S. soybean crush and export prospects for 1997/98 are increased this month based on stronger import demand in China for soybeans and products. Also, Mexico's soybean import prospects are increased for both 1996/97 and 1997/98 as more soybean crush capacity comes on stream. Domestic use and exports of U.S. soybean oil are raised for both 1996/97 and 1997/98, reducing 1997/98 oil ending stocks by nearly 200 million pounds to 1.8 billion pounds, only slightly above this year's 1.63 billion pounds. U.S. soybean imports and exports for 1996/97 each are reduced 10 million bushels this month. Normally 3 to 5 million bushels are imported from Canada, but an additional 5 to 10 million bushels are anticipated from South American origins in 1996/97. Season-average soybean prices are unchanged this month at $5.40 to $6.60 per bushel, compared to $7.38 per bushel in 1996/97. Soybean meal prices are projected to range between $185 to $215 per short ton, off slightly from last month, while soybean oil prices are increased to 21.8 to 24.8 cents per pound compared to 22.6 cents in 1996/97. Global oilseed production in 1997/98 is projected at a record 275 million metric tons, off slightly from last month but still up 17 million tons over last year. Reductions in China's peanut and soybean crops are largely offset by gains in U.S. oilseed production. Dry weather in the North China Plain hurt peanut yields, while soybeans yields will be mainly determined by August weather. Soybean area in China is reduced based on a smaller shift in grain area to soybeans than previously anticipated. China is forecast to increase its imports of soybeans and products along with palm oil to meet rapidly growing demand for protein meal and vegetable oil. SUGAR: U.S. sugar production in fiscal year 1997/98 is projected at 7.7 million short tons, raw value, a 5.7-percent increase over 1996/97. Beet sugar production, at 4.3 million short tons, is unchanged from last month. Projected 1997/98 cane sugar production is up 5.1 percent compared to last season and 2.7 percent above last month. Projected 1997/98 Louisiana sugar production is up 10 percent, based on an increased forecast of sugarcane yields. Projected 1997/98 deliveries are up 1.5 percent from last year and 150,000 tons higher than last month. Projected exports were reduced 100,000 tons and deliveries for export of sugar-containing products were reduced 40,000 tons. Projected imports under the reexport program are adjusted commensurately with the export changes. The tariff-rate quota for 1997/98 has not yet been announced. Estimated 1996/97 deliveries of sugar are up 2.1 percent from last year and 100,000 tons from last month. The estimated ending stocks-to-use ratio for 1996/97 was revised down to 14.8 percent, from 16.0 percent last month. LIVESTOCK, POULTRY, AND DAIRY: Only minor adjustments are made in the supply, use and price estimates for red meats and poultry. Total meat output for 1997 is expected to increase a little over 1 percent and for 1998 an increase of nearly 4 percent is projected. Milk production during the spring quarter was a little larger than expected. Both output per cow and the number of cows slightly exceeded expectations. From this stronger production base, the milk production forecasts for the remainder of 1996/97 and for 1997/98 are boosted slightly. Stocks of dairy products, particularly nonfat dry milk, have risen to higher levels than expected. Weak spring movement of cheese was the most important contributor to the stock buildup. Sluggish sales increased cheese inventories directly and also eliminated the need for normal growth in cheese production. More milk went into the manufacture of butter and nonfat dry milk and use of powder in cheese production plummeted, generating soaring stocks of nonfat dry milk. The sharp increase in cheese prices during the last month suggests that a recovery in cheese sales may be occurring. The stronger cheese prices are expected to result in higher milk prices than forecast last month, and the milk price forecasts for both 1996/97 and 1997/98 are boosted slightly. COTTON: Prospects for supply and demand of U.S. cotton for 1997/98 are little changed this month. The first USDA crop survey indicates production of 17.8 million bales, down about 200,000 bales from the July estimate and nearly 1.2 million bales from last year. Estimated mill use and exports are unchanged from last month. Projected ending stocks of 3.8 million bales are 150,000 bales lower than last month's estimate. This month's world outlook for 1997/98 features higher production, consumption, and stocks relative to last month. Larger beginning stocks, primarily in India and Mexico, combined with improved crop prospects in India, Uzbekistan, and Egypt, raise estimated world supplies by about 850,000 bales. The larger available supply is partially absorbed by increased consumption, mainly in India and Mexico, resulting in ending stocks of 35.9 million bales, up 650,000 bales from last month's estimate, but down more than 1.0 million bales from the beginning level. 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: KEITH J. COLLINS ACTING SECRETARY OF AGRICULTURE * * * * * * * * * * * The next issue of this report will be released 8:30 a.m. ET on September 12, 1997. WASDE-329-4 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/ : 1995/96 : 1,708.56 2,012.11 236.60 1,761.85 250.26 1996/97 (Est.) : 1,866.58 2,116.84 231.13 1,831.50 285.35 1997/98 (Proj.) : July : 1,864.38 2,149.04 231.56 1,855.39 293.65 August : 1,851.18 2,136.53 229.04 1,853.83 282.70 Wheat : 1995/96 : 537.93 656.67 110.09 551.95 104.72 1996/97 (Est.) : 582.96 687.68 113.92 578.57 109.11 1997/98 (Proj.) : July : 586.83 696.49 109.45 576.42 120.06 August : 596.39 705.50 109.01 581.02 124.48 Coarse grains 4/ : 1995/96 : 798.65 934.19 106.33 839.14 95.04 1996/97 (Est.) : 902.97 998.01 98.48 876.32 121.69 1997/98 (Proj.) : July : 898.17 1,018.17 102.78 898.28 119.89 August : 875.52 997.21 100.84 892.36 104.85 Rice, milled : 1995/96 : 371.97 421.26 20.18 370.76 50.50 1996/97 (Est.) : 380.65 431.15 18.74 376.60 54.55 1997/98 (Proj.) : July : 379.38 434.39 19.34 380.69 53.70 August : 379.27 433.82 19.18 380.46 53.37 : : United States Total grains 3/ : 1995/96 : 274.47 339.52 99.47 214.56 25.49 1996/97 (Est.) : 335.28 366.49 81.37 243.65 41.47 1997/98 (Proj.) : July : 345.62 392.36 89.11 249.88 53.36 August : 337.65 384.99 90.67 249.00 45.32 Wheat : 1995/96 : 59.40 75.04 33.78 31.02 10.23 1996/97 (Est.) : 62.10 74.85 27.25 35.50 12.09 1997/98 (Proj.) : July : 66.15 80.97 28.58 34.70 17.69 August : 68.87 83.55 29.94 34.70 18.91 Coarse grains 4/ : 1995/96 : 209.44 257.56 63.00 180.12 14.44 1996/97 (Est.) : 267.58 284.92 51.64 204.69 28.60 1997/98 (Proj.) : July : 273.72 304.51 57.96 211.65 34.90 August : 262.84 294.40 58.05 210.73 25.62 Rice, milled : 1995/96 : 5.63 6.92 2.69 3.42 0.81 1996/97 (Est.) : 5.60 6.72 2.48 3.46 0.78 1997/98 (Proj.) : July : 5.75 6.88 2.58 3.53 0.77 August : 5.95 7.04 2.68 3.58 0.78 =============================================================================== 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-329-5 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/ : 1995/96 : 1,434.09 1,672.59 137.13 1,547.29 224.78 1996/97 (Est.) : 1,531.30 1,750.35 149.76 1,587.85 243.88 1997/98 (Proj.) : July : 1,518.77 1,756.69 142.45 1,605.51 240.29 August : 1,513.53 1,751.55 138.37 1,604.83 237.39 Wheat : 1995/96 : 478.53 581.63 76.32 520.92 94.49 1996/97 (Est.) : 520.86 612.84 86.66 543.07 97.02 1997/98 (Proj.) : July : 520.67 615.52 80.88 541.72 102.37 August : 527.52 621.96 79.08 546.32 105.57 Coarse grains 4/ : 1995/96 : 589.22 676.62 43.33 659.02 80.60 1996/97 (Est.) : 635.39 713.09 46.84 671.64 93.09 1997/98 (Proj.) : July : 624.46 713.65 44.82 686.63 84.98 August : 612.68 702.81 42.79 681.63 79.23 Rice, milled : 1995/96 : 366.34 414.34 17.49 367.34 49.69 1996/97 (Est.) : 375.05 424.43 16.26 373.14 53.77 1997/98 (Proj.) : July : 373.64 427.51 16.76 377.16 52.93 August : 373.33 426.78 16.51 376.88 52.58 =============================================================================== 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 1995/96 : 92.41 120.71 27.52 86.89 33.57 1996/97 (Est.) : 88.49 122.07 26.60 86.58 36.96 1997/98 (Proj.) : July : 86.91 123.46 27.53 88.11 35.24 August : 87.34 124.30 27.76 88.49 35.90 : United States 1995/96 : 17.90 20.96 7.68 10.65 2.61 1996/97 (Est.) : 18.94 21.96 7.00 10.85 4.10 1997/98 (Proj.) : July : 18.00 22.08 7.10 11.00 3.95 August : 17.78 21.91 7.10 11.00 3.80 : Foreign 1995/96 : 74.51 99.75 19.85 76.24 30.96 1996/97 (Est.) : 69.55 100.11 19.60 75.73 32.86 1997/98 (Proj.) : July : 68.91 101.39 20.43 77.11 31.29 August : 69.56 102.40 20.66 77.49 32.10 =============================================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. See global cotton tables for treatment of export/import imbalances. WASDE-329-6 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 : 1995/96 : 256.56 283.82 44.41 217.46 21.22 1996/97 (Est.) : 257.29 278.51 46.52 216.80 16.46 1997/98 (Proj.) : July : 275.26 291.84 49.11 222.91 22.39 August : 275.03 291.50 49.76 222.32 22.71 Oilmeals : 1995/96 : 147.56 154.39 50.07 144.83 6.92 1996/97 (Est.) : 147.87 154.79 49.10 147.87 6.52 1997/98 (Proj.) : July : 152.36 158.74 50.93 151.80 6.31 August : 152.21 158.73 51.19 152.03 6.31 Vegetable Oils : 1995/96 : 72.35 78.70 25.74 70.56 7.14 1996/97 (Est.) : 73.63 80.77 26.95 72.95 6.95 1997/98 (Proj.) : July : 75.41 82.45 27.29 75.14 7.00 August : 75.29 82.24 27.40 75.42 6.84 : : United States Oilseeds : 1995/96 : 69.10 79.83 23.93 42.57 6.05 1996/97 (Est.) : 74.86 81.52 24.58 43.76 4.58 1997/98 (Proj.) : July : 83.18 88.23 26.01 45.07 8.78 August : 84.61 89.61 26.46 45.45 9.30 Oilmeals : 1995/96 : 32.30 33.61 5.69 27.67 0.25 1996/97 (Est.) : 33.20 34.47 6.28 27.93 0.25 1997/98 (Proj.) : July : 34.32 35.70 6.47 28.94 0.29 August : 34.69 36.05 6.83 28.94 0.28 Vegetable Oils : 1995/96 : 8.24 10.27 1.05 8.02 1.20 1996/97 (Est.) : 8.24 10.88 1.39 8.40 1.09 1997/98 (Proj.) : July : 8.67 11.32 1.48 8.60 1.25 August : 8.74 11.33 1.54 8.63 1.16 : : Foreign Oilseeds : 1995/96 : 187.47 248.11 20.48 174.89 15.16 1996/97 (Est.) : 182.43 243.77 21.94 173.04 11.89 1997/98 (Proj.) : July : 192.08 252.62 23.10 177.83 13.61 August : 190.42 251.38 23.29 176.87 13.41 Oilmeals : 1995/96 : 115.26 168.22 44.39 117.17 6.67 1996/97 (Est.) : 114.67 169.02 42.82 119.93 6.27 1997/98 (Proj.) : July : 118.05 173.34 44.46 122.86 6.02 August : 117.52 173.47 44.36 123.09 6.02 Vegetable Oils : 1995/96 : 64.11 93.17 24.70 62.54 5.94 1996/97 (Est.) : 65.40 95.96 25.56 64.54 5.86 1997/98 (Proj.) : July : 66.74 98.11 25.82 66.55 5.75 August : 66.55 98.33 25.87 66.79 5.68 =============================================================================== 1/ Aggregate of local marketing years with Brazil and Argentina on an Oct.-Sept. year. 2/ Crush only for oilseeds. WASDE-329-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : July August =============================================================================== Area : Million acres Planted : 69.1 75.6 70.8 70.8 Harvested : 60.9 62.9 63.5 63.5 Yield per harvested : Bushels acre : 35.8 36.3 38.3 39.9 : Million bushels Beginning stocks : 507 376 444 444 Production : 2,183 2,282 2,431 2,531 Imports : 68 92 100 95 Supply, total : 2,757 2,750 2,975 3,070 Food : 883 892 900 900 Seed : 104 103 100 100 Feed and residual : 153 310 275 275 Domestic, total : 1,140 1,304 1,275 1,275 Exports : 1,241 1,001 1,050 1,100 Use, total : 2,381 2,306 2,325 2,375 Ending stocks : 376 444 650 695 Farmer-owned reserve : 0 0 CCC inventory : 118 93 Free stocks : 258 351 Outstanding loans : 13 72 Avg. farm price ($/bu) 2/ : 4.55 4.35 3.10- 3.70 3.05- 3.65 =============================================================================== U.S. Wheat by Class: Supply and Use =============================================================================== Year beginning : Hard : Hard : Soft : : : June 1 : Winter : Spring : Red : White : Durum : Total =============================================================================== 1996/97 (estimated) : Million bushels Beginning stocks : 154 106 35 55 26 376 Production : 762 627 422 355 116 2,282 Supply, total 3/ : 916 786 457 425 165 2,750 Domestic use : 487 320 272 129 96 1,304 Exports : 286 300 140 237 38 1,001 Use, total : 774 620 412 366 134 2,306 Ending stocks, total : 143 166 45 59 32 444 : 1997/98 (projected) : Beginning stocks : 143 166 45 59 32 444 Production : 1,112 528 470 331 90 2,531 Supply, total 3/ : 1,256 753 515 400 147 3,070 Domestic use : 550 292 250 97 86 1,275 Exports : 370 260 195 240 35 1,100 Use, total : 920 552 445 337 121 2,375 Ending stocks, total : August : 336 201 70 63 26 695 July : 306 196 65 58 27 650 =============================================================================== Note: Totals mya not add due to rounding. 1/ Marketing year beginning June 1. 2/ Marketing-year weighted average price receive by farmers. 3/ Includes imports. WASDE-329-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : July August =============================================================================== FEED GRAINS : Area : Million acres Planted : 93.7 104.5 102.5 * 102.5 Harvested : 82.5 94.5 93.2 * 93.2 Yield per harvested : Metric tons acre : 2.54 2.83 2.94 2.82 : Million metric tons Beginning stocks : 45.3 14.4 27.8 28.6 Production : 209.2 267.4 273.5 262.6 Imports : 2.7 2.8 2.8 2.8 Supply, total : 257.2 284.6 304.1 294.0 Feed and residual : 133.4 155.3 160.1 159.1 Food, seed & industrial : 46.3 49.1 51.2 51.2 Domestic, total : 179.8 204.3 211.3 210.4 Exports : 63.0 51.6 58.0 58.0 Use, total : 242.8 256.0 269.2 268.4 Ending stocks, total : 14.4 28.6 34.9 25.6 Farmer-owned reserve : 0.0 0.0 CCC inventory : 0.9 0.1 Free stocks : 13.5 28.5 Outstanding loans : 0.9 4.2 : CORN : Area : Million acres Planted : 71.2 79.5 80.2 * 80.2 Harvested : 65.0 73.1 74.0 * 74.0 Yield per harvested : Bushels acre : 113.5 127.1 131.0 * 125.3 : Million bushels Beginning stocks : 1,558 426 916 941 Production : 7,374 9,293 9,700 9,276 Imports : 16 12 10 10 Supply, total : 8,948 9,731 10,626 10,227 Feed and residual : 4,682 5,300 5,600 5,550 Food, seed & industrial : 1,612 1,690 1,780 1,780 Domestic, total : 6,294 6,990 7,380 7,330 Exports : 2,228 1,800 2,050 2,050 Use, total : 8,522 8,790 9,430 9,380 Ending stocks, total : 426 941 1,196 847 Farmer-owned reserve : 0 0 CCC inventory : 30 2 Free stocks : 396 939 Outstanding loans : 33 150 Avg. farm price ($/bu) 2/ : 3.24 2.70 2.30- 2.70 2.50- 2.90 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. * For July: Area planted and harvested of corn as reported in June Acreage report. Corn projected yield is derived from trend over 1960-96 period, adjusted for planting progress. WASDE-329-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : July August =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 9.5 13.2 10.3 * 10.3 Area harv. (mil. acres) : 8.3 11.9 9.5 * 9.5 Yield (bushels/acre) : 55.6 67.5 67.6 * 66.2 Beginning stocks : 72 18 46 51 Production : 460 803 643 629 Imports : 0 0 0 0 Supply, total : 532 821 689 681 Feed : 305 525 375 390 Food, seed & industrial : 11 40 35 35 Total domestic : 316 565 410 425 Exports : 198 205 200 195 Use, total : 514 770 610 620 Ending stocks, total : 18 51 79 61 Farmer-owned reserve : 0 0 CCC inventory : 0 0 Free stocks : 18 51 Outstanding loans : 0 3 Avg. farm price ($/bu) 2/ : 3.19 2.33 2.05- 2.45 2.25- 2.65 BARLEY : Area planted (mil. acres) : 6.7 7.2 6.8 * 6.8 Area harv. (mil. acres) : 6.3 6.8 6.4 * 6.4 Yield (bushels/acre) : 57.3 58.5 58.1 * 59.4 Beginning stocks : 113 100 110 110 Production : 360 397 372 380 Imports : 41 37 40 40 Supply, total : 513 533 522 530 Feed : 179 220 245 240 Food, seed & industrial : 172 172 172 172 Total domestic : 351 392 417 412 Exports : 62 31 35 45 Use, total : 413 423 452 457 Ending stocks, total : 100 110 70 73 Farmer-owned reserve : 0 0 CCC inventory : 5 0 Free stocks : 95 110 Outstanding loans : 3 15 Avg. farm price ($/bu) 2/ : 2.89 2.75 2.15- 2.55 2.30- 2.70 OATS : Area planted (mil. acres) : 6.3 4.7 5.3 * 5.3 Area harv. (mil. acres) : 3.0 2.7 3.2 * 3.2 Yield (bushels/acre) : 54.7 57.8 56.7 * 58.1 Beginning stocks : 101 66 67 67 Production : 162 155 183 187 Imports : 81 97 100 100 Supply, total : 343 319 349 354 Feed : 183 155 185 190 Food, seed & industrial : 92 95 95 95 Total domestic : 275 250 280 285 Exports : 2 3 3 3 Use, total : 277 252 283 288 Ending stocks, total : 66 67 66 66 Farmer-owned reserve : 0 0 CCC inventory : 0 0 Free stocks : 66 67 Outstanding loans : 0 1 Avg. farm price ($/bu) 2/ : 1.68 1.95 1.40- 1.80 1.50- 1.90 =============================================================================== 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. * For July-- Sorghum: Area planted and area harvested as reported in the June Acreage report. Projected yield derived from simple linear trend fit over 1960-96 period. Barley and oats: Area, yield and production as reported in Crop Production. WASDE-329-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : July August =============================================================================== TOTAL : Area : Million acres Planted : 3.12 2.82 3.07 * 3.07 Harvested : 3.09 2.80 3.04 * 3.04 Yield per harvested : Pounds acre : 5,621 6,121 5,795 * 5,994 : Million hundredweight Beginning stocks 2/ : 31.3 25.0 23.9 23.9 Production : 173.9 171.3 176.0 182.0 Imports : 7.4 10.0 11.0 10.0 Supply, total : 212.6 206.4 210.9 215.9 Domestic & residual 3/ : 104.5 106.5 108.4 109.9 Exports, total 4/ : 83.0 76.0 79.0 82.0 Rough : 10.8 12.5 14.0 14.0 Milled (rough equiv.) : 72.2 63.5 65.0 68.0 Use, total : 187.6 182.5 187.4 191.9 Ending stocks : 25.0 23.9 23.5 24.0 CCC inventory : 0.0 0.0 Free stocks : 25.0 23.9 Avg. farm price ($/cwt) 5/ : 9.15 9.90 9.00-10.00 9.25-10.25 : LONG GRAIN : Harvested acres (mil.) : 2.31 1.96 Yield (pounds/acre) : 5,265 5,777 Beginning stocks : 14.4 10.1 9.1 9.1 Production : 121.7 113.5 120.5 127.3 Supply, total 6/ : 142.4 132.6 139.6 145.4 Domestic & Residual 3/ : 66.7 65.5 67.8 68.8 Exports 7/ : 65.6 58.0 61.0 64.0 Use, total : 132.3 123.5 128.8 132.8 Ending stocks : 10.1 9.1 10.8 12.6 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.78 0.84 Yield (pounds/acre) : 6,676 6,929 Beginning stocks : 15.8 14.3 14.2 14.2 Production : 52.1 57.9 55.5 54.8 Supply, total 6/ : 69.5 73.2 70.7 69.9 Domestic & Residual 3/ : 37.8 41.0 40.6 41.1 Exports 7/ : 17.4 18.0 18.0 18.0 Use, total : 55.3 59.0 58.6 59.1 Ending stocks : 14.3 14.2 12.1 10.8 =============================================================================== 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. * For July: Area planted and area harvested as reported in June Acreage report. Projected yield is calculated using the olympic average (high and low years excluded) for 1992-96 weighted by State and type of rice. The calculated yield was adjusted downward to reflect the effect of late plantings in Texas and the expectation that Texas yields will be below average. WASDE-329-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :=============================== : : Est. : July August =============================================================================== SOYBEANS: : Million acres Area : Planted : 62.6 64.2 70.9 70.9 Harvested : 61.6 63.4 69.8 69.8 : : Bushels Yield per harvested : acre : 35.3 37.6 38.5 39.3 : : Million bushels : Beginning stocks : 335 183 125 125 Production : 2,177 2,382 2,690 2,744 Imports : 4 10 5 5 Supply, total : 2,516 2,576 2,820 2,874 Crushings : 1,370 1,425 1,470 1,485 Exports : 851 880 930 945 Seed : 72 79 74 74 Residual : 40 67 61 65 Use, total : 2,333 2,451 2,535 2,569 Ending stocks : 183 125 285 305 Avg. farm price ($/bu) 2/ : 6.72 7.38 5.40- 6.60 5.40- 6.60 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 1,137 2,015 1,775 1,625 Production : 15,240 15,460 _3/ 16,390 16,560 Imports : 95 50 60 60 Supply, total : 16,472 17,525 18,225 18,245 Domestic : 13,465 14,050 14,200 14,300 Exports : 992 1,850 2,050 2,150 Use, total : 14,457 15,900 16,250 16,450 Ending stocks : 2,015 1,625 1,975 1,795 Average price (c/lb) 2/ : 24.75 22.60 21.00- 21.75- : 24.50 24.75 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 223 212 200 200 Production : 32,527 33,688 _3/ 34,900 35,325 Imports : 75 100 150 125 Supply, total : 32,826 34,000 35,250 35,650 Domestic : 26,611 27,100 28,100 28,100 Exports : 6,002 6,700 6,900 7,300 Use, total : 32,613 33,800 35,000 35,400 Ending stocks : 212 200 250 250 Average price ($/s.t.) 2/ : 236.00 265.00 190.00- 185.00- : 215.00 215.00 =============================================================================== 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 1,420 million bushels. WASDE-329-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :====================== : : Estimate : July August ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,241 1,492 1,579 1,479 Production 2/3/ : 7,370 7,253 7,575 7,665 Beet sugar : 3,916 4,050 4,300 4,300 Cane sugar 4/ : 3,454 3,203 3,275 3,365 Imports 2/ : 2,772 2,709 NA NA TRQ 5/ : 2,231 2,269 NA NA Other 6/ : 541 440 450 310 Total supply : 11,383 11,454 NA NA : Exports 2/7/ : 385 225 300 200 Domestic deliveries 2/ : 9,554 9,750 9,750 9,900 Domestic food use : 9,441 9,610 9,600 9,790 Other 8/ : 113 140 150 110 Miscellaneous 9/ : (48) 0 0 0 Use, total : 9,891 9,975 10,050 10,100 Ending stocks 2/ : 1,492 1,479 NA NA : Stocks to use ratio : 15.1 14.8 NA NA ====================================================================== 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/ Forecast for 1997/98 is based on sugar beet and sugarcane production forecast in the August 12 Crop Production report and Interagency Sugar Estimates Committee projections. 4/ Estimates by state for 1996/97 (1997/98): FL 1,679 (1,750); HI 360 (340); LA 1,046 (1,150); TX 91 (100); PR 27 (25). 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. The 1997/98 TRQ has not been announced. 6/ Quota exempt imports (for reexport, for polyhydric alcohol, 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-329-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :================================== : : : July August =============================================================================== Area : Million acres Planted : 16.93 14.63 14.00 * 13.91 Harvested : 16.01 12.87 12.90 * 13.41 : Pounds : Yield per harv. acre : 536 707 670 * 637 : : Million 480 pound bales : Beginning stocks 2/ : 2.65 2.61 4.05 4.10 Production : 17.90 18.94 18.00 17.78 Imports : 0.41 0.41 0.03 0.03 Supply, total : 20.96 21.96 22.08 21.91 Domestic use : 10.65 10.85 11.00 11.00 Exports : 7.68 7.00 7.10 7.10 Use, total : 18.32 17.85 18.10 18.10 Unaccounted 3/ : 0.03 0.01 0.03 0.01 Ending stocks : 2.61 4.10 3.95 3.80 : Avg. farm price 4/ : 75.4 69.3 5/ : =============================================================================== 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 the previous season's supply less total use and ending stocks based on Bureau of Census data. 4/ Cents per pound. The 1996/97 price is a weighted average price for upland cotton for August-June. 5/ USDA is prohibited, by law, from projecting cotton prices. *Planted area reported in June 30 Acreage. Projected harvested area based on 1992-96 average acreage abandonment by state. Projected yield based on 1967-96 state trends, weighted by area. WASDE-329-14 World Wheat Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: =============================================================================== : : 1995/96 : World 3/ : 118.73 537.93 108.94 94.23 551.95 110.09 104.72 United States : 13.79 59.40 1.85 4.16 31.02 33.78 10.23 Total foreign : 104.95 478.53 107.09 90.06 520.92 76.32 94.49 Major exporters 4/ : 20.40 136.90 18.71 42.27 93.25 63.41 19.35 Argentina : 0.15 9.20 0.03 0.15 4.28 4.95 0.15 Australia : 2.37 16.50 0.02 1.78 3.62 13.30 1.98 Canada : 5.68 25.04 0.08 4.36 8.16 16.00 6.63 EU-15 : 12.21 86.16 18.58 35.99 77.19 29.16 10.60 Major importers 5/ : 35.04 147.90 38.11 15.68 181.47 5.72 33.86 China : 21.72 102.22 12.10 3.20 112.00 0.30 23.73 East. Europe : 6.71 34.97 1.41 11.00 30.93 5.02 7.13 N. Africa : 4.04 8.73 12.90 0.26 24.30 0.00 1.38 Selected other : Baltics 6/ : 0.43 0.96 0.15 0.56 1.25 0.00 0.29 FSU-12 6/7/ : 19.40 59.32 8.75 26.65 72.20 4.32 10.95 Russia : 7.69 30.10 4.20 17.92 39.42 0.10 2.47 Kazakstan : 3.53 6.49 0.00 1.65 5.60 3.00 1.42 : : 1996/97 (Estimated) : World 3/ : 104.72 582.96 107.05 98.79 578.57 113.92 109.11 United States : 10.23 62.10 2.51 8.44 35.50 27.25 12.09 Total foreign : 94.49 520.86 104.54 90.35 543.07 86.66 97.02 Major exporters 4/ : 19.35 169.19 17.14 45.24 100.82 78.50 26.36 Argentina : 0.15 16.10 0.03 0.35 4.58 11.00 0.70 Australia : 1.98 23.59 0.02 1.18 4.50 19.00 2.08 Canada : 6.63 30.50 0.15 5.70 9.68 19.00 8.61 EU-15 : 10.60 99.00 16.94 38.02 82.07 29.50 14.97 Major importers 5/ : 33.86 156.24 30.93 15.30 184.12 1.25 35.66 China : 23.73 110.30 3.00 3.50 113.00 0.20 23.83 East. Europe : 7.13 26.30 3.53 10.20 30.50 0.65 5.81 N. Africa : 1.38 15.97 13.20 0.36 26.42 0.00 4.13 Selected other : Baltics 6/ : 0.29 1.37 0.21 0.55 1.36 0.00 0.51 FSU-12 6/7/ : 10.95 62.94 5.84 22.34 69.03 3.45 7.25 Russia : 2.47 34.90 1.75 14.65 36.85 0.60 1.67 Kazakstan : 1.42 7.70 0.00 1.20 5.10 2.25 1.77 =============================================================================== 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-329-15 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: =============================================================================== : : 1997/98 (Projected) World 3/ : July : 109.66 586.83 111.27 95.40 576.42 109.45 120.06 August : 109.11 596.39 109.84 98.05 581.02 109.01 124.48 United States : July : 12.09 66.15 2.72 7.48 34.70 28.58 17.69 August : 12.09 68.87 2.59 7.48 34.70 29.94 18.91 Total foreign : July : 97.57 520.67 108.55 87.92 541.72 80.88 102.37 August : 97.02 527.52 107.25 90.57 546.32 79.08 105.57 Major exporters 4/ : July : 26.91 156.05 17.76 46.47 101.26 71.73 27.73 August : 26.36 150.75 17.76 46.97 101.76 69.43 23.68 Argentina Jul : 0.20 13.50 0.02 0.15 4.50 9.00 0.22 Aug : 0.70 12.70 0.02 0.15 4.50 8.70 0.22 Australia Jul : 2.08 18.50 0.03 2.10 4.40 13.50 2.71 Aug : 2.08 16.00 0.03 2.10 4.40 12.00 1.71 Canada Jul : 9.66 25.50 0.20 4.70 8.70 18.50 8.16 Aug : 8.61 23.50 0.20 4.20 8.20 18.00 6.11 EU-15 Jul : 14.97 98.55 17.51 39.52 83.66 30.73 16.64 Aug : 14.97 98.55 17.51 40.52 84.66 30.73 15.64 Major importers 5/ : July : 35.66 160.26 32.80 16.60 187.49 3.10 38.13 August : 35.66 167.41 31.80 16.60 188.39 3.10 43.38 China Jul : 23.83 114.00 3.50 3.70 114.00 0.20 27.13 Aug : 23.83 121.00 2.50 3.70 114.00 0.20 33.13 East. Europe Jul : 5.81 33.40 1.45 11.35 32.08 2.50 6.08 Aug : 5.81 33.70 1.45 11.35 33.13 2.50 5.33 N. Africa Jul : 4.13 9.86 16.05 0.31 27.01 0.00 3.03 Aug : 4.13 9.71 16.05 0.31 26.86 0.00 3.03 Selected other : Baltics 6/ Jul : 0.51 1.22 0.27 0.55 1.39 0.00 0.61 Aug : 0.51 1.22 0.27 0.55 1.39 0.00 0.61 FSU-12 6/7/ Jul : 7.25 69.72 5.38 19.84 69.36 4.35 8.63 Aug : 7.25 74.72 5.38 21.84 71.86 4.85 10.63 Russia Jul : 1.67 36.00 1.50 13.00 36.50 0.60 2.07 Aug : 1.67 38.00 1.50 14.00 37.50 0.60 3.07 Kazakstan Jul : 1.77 8.50 0.00 1.15 5.40 2.50 2.37 Aug : 1.77 10.00 0.00 1.65 6.40 3.00 2.37 =============================================================================== 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-329-16 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: =============================================================================== : : 1995/96 : World 3/ : 135.53 798.65 98.36 546.59 839.14 106.33 95.04 United States : 45.34 209.44 2.79 133.59 180.12 63.00 14.44 Total foreign : 90.20 589.22 95.57 413.00 659.02 43.33 80.60 Major exporters 4/ : 6.44 62.72 1.20 36.15 46.16 18.43 5.76 Argentina : 1.39 14.09 0.01 5.18 7.02 7.80 0.66 Australia : 0.49 9.63 0.05 3.98 5.28 4.22 0.66 Canada : 3.30 24.12 0.87 18.58 21.15 4.16 2.97 Major importers 5/ : 23.11 167.14 63.40 154.01 210.15 20.75 22.74 EU-15 : 11.88 88.49 17.04 67.41 89.91 17.89 9.61 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 86.03 122.28 0.26 33.70 Baltics 6/ : 0.54 2.05 0.33 1.82 2.56 0.00 0.36 FSU-12 6/7/ : 11.92 57.36 2.05 44.37 63.88 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 : : 1996/97 (Estimated) : World 3/ : 95.04 902.97 96.01 579.62 876.32 98.48 121.69 United States : 14.44 267.58 2.90 155.40 204.69 51.64 28.60 Total foreign : 80.60 635.39 93.11 424.21 671.64 46.84 93.09 Major exporters 4/ : 5.76 69.51 1.44 38.28 48.40 20.89 7.41 Argentina : 0.66 17.99 0.01 6.01 7.81 9.90 0.95 Australia : 0.66 9.83 0.01 4.37 5.60 4.36 0.54 Canada : 2.97 28.36 0.91 19.27 21.86 5.53 4.86 Major importers 5/ : 22.74 182.85 55.25 157.99 215.21 19.95 25.68 EU-15 : 9.61 103.73 13.38 71.65 94.91 18.42 13.40 East. Europe : 4.39 49.77 1.18 38.49 49.30 1.45 4.59 Japan : 2.09 0.24 20.27 16.49 20.59 0.00 2.00 Selected other : China : 33.70 141.09 2.13 93.64 131.91 2.80 42.21 Baltics 6/ : 0.36 2.63 0.36 2.25 2.96 0.00 0.39 FSU-12 6/7/ : 6.02 52.52 1.48 35.21 54.71 1.20 4.11 Russia : 1.54 31.80 0.60 19.34 32.20 0.70 1.04 Ukraine : 2.73 9.54 0.03 7.28 10.64 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-329-17 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: =============================================================================== : : 1997/98 (Projected) World 3/ : July : 120.00 898.17 99.22 597.63 898.28 102.78 119.89 August : 121.69 875.52 98.59 592.84 892.36 100.84 104.85 United States : July : 27.83 273.72 2.96 160.21 211.65 57.96 34.90 August : 28.60 262.84 2.96 159.28 210.73 58.05 25.62 Total foreign : July : 92.16 624.46 96.26 437.43 686.63 44.82 84.98 August : 93.09 612.68 95.62 433.56 681.63 42.79 79.23 Major exporters 4/ : July : 7.41 63.96 1.56 38.55 48.65 18.29 6.00 August : 7.41 61.49 1.61 37.62 47.92 16.89 5.70 Argentina Jul : 0.95 15.84 0.01 5.90 7.70 8.20 0.90 Aug : 0.95 15.91 0.01 5.88 7.47 8.50 0.90 Australia Jul : 0.54 8.56 0.01 4.06 5.26 3.31 0.54 Aug : 0.54 7.06 0.01 3.86 5.06 2.01 0.54 Canada Jul : 4.86 26.23 0.76 19.99 22.58 5.70 3.57 Aug : 4.86 25.48 0.81 19.59 22.58 5.30 3.27 Major importers 5/ : July : 25.18 184.34 56.74 162.75 220.01 21.70 24.55 August : 25.68 184.54 55.64 160.58 217.94 21.33 26.59 EU-15 Jul : 13.40 104.54 13.69 73.05 96.38 20.40 14.83 Aug : 13.40 104.94 13.69 72.61 95.94 19.70 16.37 East. Europe Jul : 4.59 50.98 0.84 40.83 51.59 1.28 3.54 Aug : 4.59 50.78 0.84 40.21 51.07 1.60 3.54 Japan Jul : 2.00 0.20 20.52 16.72 20.82 0.00 1.90 Aug : 2.00 0.20 20.52 16.72 20.82 0.00 1.90 Selected other : China Jul : 42.21 135.15 2.35 101.09 139.68 2.03 38.01 Aug : 42.21 123.15 2.55 100.04 138.38 1.03 28.51 Baltics 6/ Jul : 0.39 2.39 0.34 1.99 2.74 0.00 0.38 Aug : 0.39 2.39 0.34 1.99 2.74 0.00 0.38 FSU-12 6/7/ Jul : 4.11 56.93 1.40 35.31 55.13 1.38 5.93 Aug : 4.11 60.33 1.40 36.06 56.33 2.13 7.38 Russia Jul : 1.04 32.40 0.45 18.51 31.70 0.55 1.64 Aug : 1.04 34.40 0.45 18.76 32.15 1.05 2.69 Ukraine Jul : 1.43 13.30 0.01 8.11 11.45 0.53 2.77 Aug : 1.43 14.20 0.01 8.51 12.10 0.53 3.02 =============================================================================== 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World 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-329-18 World Corn Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: =============================================================================== : : 1995/96 : World 3/ : 93.99 515.94 70.01 367.44 543.76 76.66 66.17 United States : 39.57 187.30 0.42 118.93 159.89 56.59 10.82 Total foreign : 54.41 328.64 69.59 248.51 383.87 20.07 55.35 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 72.95 47.12 77.58 110.57 8.95 10.89 EU-15 : 2.93 29.22 9.45 24.32 32.69 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 81.00 108.05 0.23 32.70 Baltics 6/ : 0.03 0.00 0.13 0.13 0.13 0.00 0.03 FSU-12 6/7/ : 1.07 7.01 0.36 4.50 6.50 0.26 1.69 Russia : 0.16 1.70 0.10 0.97 1.80 0.00 0.16 : : 1996/97 (Estimated) : World 3/ : 66.17 590.65 66.83 396.30 570.52 68.14 86.30 United States : 10.82 236.06 0.31 134.63 177.55 45.72 23.91 Total foreign : 55.35 354.59 66.53 261.67 392.97 22.42 62.39 Major exporters 4/ : 1.86 27.30 0.43 12.03 17.78 10.10 1.71 Argentina : 0.40 14.70 0.00 3.95 5.45 9.00 0.65 South Africa : 1.20 8.60 0.03 3.98 7.98 1.00 0.85 Thailand : 0.26 4.00 0.40 4.10 4.35 0.10 0.21 Major importers 5/ : 10.89 80.33 41.24 78.88 112.60 8.25 11.61 EU-15 : 2.30 34.63 8.57 26.01 34.78 6.83 3.89 Japan : 1.09 0.00 15.50 11.85 15.65 0.00 0.94 Selected other : China : 32.70 127.46 0.08 89.03 116.49 2.75 41.00 Baltics 6/ : 0.03 0.00 0.16 0.17 0.17 0.00 0.02 FSU-12 6/7/ : 1.69 4.82 0.44 3.39 5.53 0.25 1.17 Russia : 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-329-19 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: =============================================================================== : : 1997/98 (Projected) World 3/ : July : 84.73 595.26 70.24 415.23 592.19 72.04 87.81 August : 86.30 572.09 69.11 411.69 587.60 70.64 70.79 United States : July : 23.28 246.39 0.25 142.25 187.46 52.07 30.39 August : 23.91 235.62 0.25 140.98 186.19 52.07 21.52 Total foreign : July : 61.46 348.87 69.99 272.99 404.73 19.97 57.42 August : 62.39 336.47 68.86 270.71 401.40 18.57 49.27 Major exporters 4/ : July : 1.71 25.50 0.75 12.00 17.75 8.58 1.64 August : 1.71 25.20 0.75 11.70 17.25 8.78 1.64 Argentina Jul : 0.65 13.00 0.00 4.00 5.50 7.50 0.65 Aug : 0.65 13.00 0.00 4.00 5.30 7.70 0.65 South Africa Jul : 0.85 8.50 0.25 3.80 7.80 1.00 0.80 Aug : 0.85 8.50 0.25 3.80 7.80 1.00 0.80 Thailand Jul : 0.21 4.00 0.50 4.20 4.45 0.08 0.19 Aug : 0.21 3.70 0.50 3.90 4.15 0.08 0.19 Major importers 5/ : July : 11.11 80.04 42.42 80.72 114.44 8.20 10.93 August : 11.61 80.44 41.42 80.22 113.94 7.60 11.93 EU-15 Jul : 3.89 35.23 8.45 26.60 35.39 7.03 5.14 Aug : 3.89 35.63 8.45 27.10 35.89 6.43 5.64 Japan Jul : 0.94 0.00 15.50 11.70 15.50 0.00 0.94 Aug : 0.94 0.00 15.50 11.70 15.50 0.00 0.94 Selected other : China Jul : 41.00 122.00 0.05 96.05 124.05 2.00 37.00 Aug : 41.00 110.00 0.25 95.00 122.75 1.00 27.50 Baltics 6/ Jul : 0.02 0.00 0.15 0.15 0.15 0.00 0.02 Aug : 0.02 0.00 0.15 0.15 0.15 0.00 0.02 FSU-12 6/7/ Jul : 1.17 7.34 0.34 4.04 6.09 0.45 2.30 Aug : 1.17 7.34 0.34 4.04 6.09 0.45 2.30 Russia Jul : 0.16 1.80 0.10 0.96 1.80 0.00 0.26 Aug : 0.16 1.80 0.10 0.96 1.80 0.00 0.26 =============================================================================== 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-329-20 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 : =============================================================================== : : 1995/96 World 3/ : 49.29 371.97 19.30 370.76 20.18 50.50 United States : 1.05 5.63 0.24 3.42 2.69 0.81 Total foreign : 48.24 366.34 19.06 367.34 17.49 49.69 Major exporters 4/ : 1.54 45.87 0.00 35.28 10.28 1.84 Thailand : 0.20 14.39 0.00 8.60 5.28 0.71 Vietnam : 0.00 17.68 0.00 14.58 3.10 0.00 Major importers 5/ : 3.09 38.93 6.09 43.23 0.92 3.96 Indonesia : 1.86 33.22 1.23 33.69 0.00 2.62 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 2.62 : : 1996/97 (Estimated) World 3/ : 50.50 380.65 16.79 376.60 18.74 54.55 United States : 0.81 5.60 0.32 3.46 2.48 0.78 Total foreign : 49.69 375.05 16.47 373.14 16.26 53.77 Major exporters 4/ : 1.84 44.96 0.00 35.05 9.83 1.93 Thailand : 0.71 13.70 0.00 8.80 4.80 0.81 Vietnam : 0.00 18.00 0.00 14.75 3.25 0.00 Major importers 5/ : 3.96 39.00 5.66 44.21 1.14 3.28 Indonesia : 2.62 33.20 0.75 34.50 0.00 2.07 Selected other : China : 21.46 136.50 0.60 132.00 0.75 25.81 Japan : 2.62 9.41 0.60 9.25 0.30 3.08 : : 1997/98 (Projected) World 3/ : July : 55.01 379.38 17.92 380.69 19.34 53.70 August : 54.55 379.27 18.10 380.46 19.18 53.37 United States : July : 0.78 5.75 0.35 3.53 2.58 0.77 August : 0.78 5.95 0.32 3.58 2.68 0.78 Total foreign : July : 54.23 373.64 17.57 377.16 16.76 52.93 August : 53.77 373.33 17.78 376.88 16.51 52.58 Major exporters 4/ : July : 2.33 46.10 0.00 35.10 10.88 2.45 August : 1.93 45.90 0.00 35.10 10.63 2.10 Thailand Jul : 1.21 14.20 0.00 8.60 5.50 1.31 Aug : 0.81 14.00 0.00 8.60 5.25 0.96 Vietnam Jul : 0.00 18.00 0.00 14.50 3.50 0.00 Aug : 0.00 18.00 0.00 14.50 3.50 0.00 Major importers 5/ : July : 3.33 39.17 6.20 45.27 1.12 2.30 August : 3.28 39.17 6.42 45.44 1.12 2.30 Indonesia Jul : 2.12 33.50 1.00 35.50 0.00 1.12 Aug : 2.07 33.50 1.00 35.50 0.00 1.07 Selected other : China Jul : 25.81 134.00 1.00 134.00 0.50 26.31 Aug : 25.81 134.00 1.00 134.00 0.50 26.31 Japan Jul : 3.08 9.00 0.60 9.20 0.20 3.28 Aug : 3.08 9.00 0.60 9.20 0.20 3.28 =============================================================================== 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-329-21 World Soybean Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : : :stocks :Beginning:Produc-: : Domestic : : : stocks : tion :Imports: Crush : Total :Exports: =============================================================================== : : 1995/96 World 2/ : 23.70 124.44 32.08 112.13 131.59 31.90 16.72 United States : 9.11 59.24 0.12 37.27 40.32 23.17 4.99 Total foreign : 14.59 65.20 31.95 74.86 91.27 8.74 11.73 Major exporters 3/ : 11.87 38.53 0.81 32.61 34.78 7.14 9.29 Argentina : 4.67 12.43 0.01 10.29 10.81 2.09 4.22 Brazil : 7.20 23.70 0.80 21.57 23.17 3.45 5.07 Major importers 4/ : 1.59 14.56 19.81 24.80 34.05 0.49 1.41 EU-15 : 0.96 0.94 14.24 13.65 15.01 0.27 0.86 Japan : 0.62 0.12 4.78 3.70 4.97 0.00 0.55 China : 0.00 13.50 0.80 7.45 14.07 0.22 0.00 : : 1996/97 (Estimated) World 2/ : 16.72 131.65 35.87 114.93 135.46 35.82 12.95 United States : 4.99 64.84 0.27 38.78 42.76 23.95 3.39 Total foreign : 11.73 66.81 35.59 76.14 92.70 11.87 9.56 Major exporters 3/ : 9.29 40.60 1.10 31.15 33.42 10.35 7.22 Argentina : 4.22 11.50 0.30 10.80 11.30 0.60 4.12 Brazil : 5.07 26.50 0.80 19.50 21.17 8.10 3.10 Major importers 4/ : 1.41 14.77 22.09 27.21 36.54 0.48 1.26 EU-15 : 0.86 1.15 15.12 14.70 16.06 0.28 0.79 Japan : 0.55 0.12 4.88 3.81 5.08 0.00 0.47 China : 0.00 13.50 2.10 8.70 15.40 0.20 0.00 : : 1997/98 (Projected) World 2/ : July : 13.06 146.71 37.41 120.05 140.75 37.35 19.07 August : 12.95 147.11 38.01 120.03 140.63 38.01 19.43 United States : July : 3.39 73.21 0.14 40.01 43.68 25.31 7.75 August : 3.39 74.69 0.14 40.42 44.19 25.72 8.31 Total foreign : July : 9.66 73.49 37.27 80.04 97.07 12.04 11.32 August : 9.56 72.42 37.87 79.61 96.44 12.29 11.12 Major exporters 3/ : July : 7.32 44.60 2.45 33.18 35.43 10.18 8.77 August : 7.22 44.60 2.45 33.03 35.28 10.43 8.57 Argentina Jul : 4.12 13.90 0.20 11.50 12.05 1.50 4.67 Aug : 4.12 13.90 0.20 11.50 12.05 1.50 4.67 Brazil Jul : 3.20 28.00 2.25 20.75 22.35 7.00 4.10 Aug : 3.10 28.00 2.25 20.60 22.20 7.25 3.90 Major importers 4/ : July : 1.26 16.03 21.90 27.91 37.50 0.49 1.20 August : 1.26 15.03 22.40 27.61 37.00 0.49 1.20 EU-15 Jul : 0.79 1.41 14.95 14.61 16.03 0.29 0.84 Aug : 0.79 1.41 14.95 14.61 16.03 0.29 0.84 Japan Jul : 0.47 0.12 4.70 3.65 4.93 0.00 0.36 Aug : 0.47 0.12 4.75 3.70 4.98 0.00 0.36 China Jul : 0.00 14.50 2.25 9.65 16.55 0.20 0.00 Aug : 0.00 13.50 2.70 9.30 16.00 0.20 0.00 =============================================================================== 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, China, and EU. WASDE-329-22 World Soybean Meal Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total : : : stocks : tion :Imports: Domestic: Exports : =============================================================================== : : 1995/96 World 2/ : 4.39 89.14 32.04 87.57 33.77 4.23 United States : 0.20 29.51 0.07 24.14 5.45 0.19 Total foreign : 4.19 59.63 31.98 63.43 28.33 4.04 Major exporters 3/ : 1.50 28.62 0.10 6.19 22.76 1.28 Argentina : 0.52 8.38 0.00 0.38 8.22 0.30 Brazil : 0.98 17.04 0.10 5.21 11.94 0.97 India : 0.00 3.20 0.00 0.60 2.60 0.00 Major importers 4/ : 1.19 17.54 18.99 32.25 4.24 1.23 EU-15 : 1.12 10.91 15.79 22.60 4.07 1.15 China : 0.00 6.04 0.93 6.87 0.10 0.00 : : 1996/97 (Estimated) World 2/ : 4.23 91.29 33.28 91.65 33.20 3.95 United States : 0.19 30.56 0.09 24.59 6.08 0.18 Total foreign : 4.04 60.72 33.19 67.07 27.12 3.77 Major exporters 3/ : 1.28 27.13 0.20 6.08 21.43 1.10 Argentina : 0.30 8.80 0.00 0.38 8.50 0.23 Brazil : 0.97 15.41 0.20 5.28 10.43 0.87 India : 0.00 2.92 0.00 0.42 2.50 0.00 Major importers 4/ : 1.23 19.34 19.90 35.19 4.21 1.08 EU-15 : 1.15 11.71 14.98 22.68 4.15 1.00 China : 0.00 7.05 2.90 9.92 0.03 0.00 : : 1997/98 (Projected) World 2/ : July : 3.95 95.40 34.56 95.16 34.76 3.99 August : 3.95 95.50 34.95 95.51 35.02 3.87 United States : July : 0.18 31.66 0.14 25.49 6.26 0.23 August : 0.18 32.05 0.11 25.49 6.62 0.23 Total foreign : July : 3.77 63.73 34.43 69.67 28.50 3.76 August : 3.77 63.45 34.84 70.02 28.40 3.64 Major exporters 3/ : July : 1.10 28.97 0.10 6.29 22.75 1.13 August : 1.10 28.85 0.10 6.29 22.65 1.11 Argentina Jul : 0.23 9.37 0.00 0.39 8.90 0.31 Aug : 0.23 9.37 0.00 0.39 8.90 0.31 Brazil Jul : 0.87 16.40 0.10 5.45 11.10 0.82 Aug : 0.87 16.28 0.10 5.45 11.00 0.80 India Jul : 0.00 3.20 0.00 0.45 2.75 0.00 Aug : 0.00 3.20 0.00 0.45 2.75 0.00 Major importers 4/ : July : 1.08 20.05 20.93 36.78 4.16 1.12 August : 1.08 19.77 21.28 36.85 4.16 1.12 EU-15 Jul : 1.00 11.63 15.79 23.27 4.10 1.05 Aug : 1.00 11.63 15.79 23.27 4.10 1.05 China Jul : 0.00 7.82 3.00 10.79 0.03 0.00 Aug : 0.00 7.53 3.35 10.86 0.03 0.00 =============================================================================== 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 India. 4/ Eastern Europe, FSU-12, China, and EU. WASDE-329-23 World Soybean Oil Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total : : : stocks : tion :Imports: Domestic: Exports : =============================================================================== : : 1995/96 World 2/ : 2.14 20.17 5.13 19.63 5.29 2.51 United States : 0.52 6.91 0.04 6.11 0.45 0.91 Total foreign : 1.63 13.26 5.08 13.53 4.84 1.60 Major exporters 3/ : 0.76 8.28 0.64 4.58 4.27 0.84 Argentina : 0.15 1.78 0.00 0.10 1.56 0.28 Brazil : 0.37 4.03 0.10 2.53 1.60 0.38 EU-15 : 0.24 2.47 0.54 1.95 1.11 0.19 Major importers 4/ : 0.36 1.86 1.63 3.52 0.07 0.27 China : 0.35 1.15 1.45 2.61 0.07 0.27 Pakistan : 0.01 0.00 0.12 0.14 0.00 0.01 : : 1996/97 (Estimated) World 2/ : 2.51 20.46 5.63 20.54 5.74 2.32 United States : 0.91 7.01 0.02 6.37 0.84 0.74 Total foreign : 1.60 13.45 5.61 14.17 4.90 1.58 Major exporters 3/ : 0.84 8.17 0.69 4.68 4.22 0.80 Argentina : 0.28 1.87 0.00 0.10 1.75 0.29 Brazil : 0.38 3.65 0.18 2.60 1.28 0.32 EU-15 : 0.19 2.66 0.52 1.98 1.20 0.18 Major importers 4/ : 0.27 2.01 1.76 3.61 0.15 0.28 China : 0.27 1.34 1.50 2.69 0.15 0.27 Pakistan : 0.01 0.01 0.15 0.16 0.00 0.01 : : 1997/98 (Projected) World 2/ : July : 2.40 21.55 5.96 21.52 5.92 2.46 August : 2.32 21.57 6.05 21.61 5.97 2.36 United States : July : 0.81 7.43 0.03 6.44 0.93 0.90 August : 0.74 7.51 0.03 6.49 0.98 0.81 Total foreign : July : 1.59 14.12 5.93 15.08 4.99 1.57 August : 1.58 14.06 6.02 15.13 4.99 1.54 Major exporters 3/ : July : 0.80 8.50 0.68 4.79 4.40 0.78 August : 0.80 8.47 0.68 4.79 4.40 0.76 Argentina Jul : 0.29 1.99 0.00 0.10 1.90 0.28 Aug : 0.29 1.99 0.00 0.10 1.90 0.28 Brazil Jul : 0.33 3.88 0.17 2.70 1.35 0.33 Aug : 0.32 3.85 0.17 2.70 1.35 0.29 EU-15 Jul : 0.18 2.63 0.51 1.99 1.15 0.17 Aug : 0.18 2.63 0.51 1.99 1.15 0.18 Major importers 4/ : July : 0.29 2.21 1.84 4.05 0.02 0.28 August : 0.28 2.16 1.89 4.03 0.02 0.28 China Jul : 0.28 1.49 1.55 3.03 0.02 0.27 Aug : 0.27 1.43 1.60 3.01 0.02 0.27 Pakistan Jul : 0.01 0.01 0.15 0.16 0.00 0.01 Aug : 0.01 0.01 0.15 0.16 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-329-24 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/ : : =============================================================================== : : 1995/96 : World : 28.30 92.41 27.61 86.89 27.52 0.34 33.57 United States : 2.65 17.90 0.41 10.65 7.68 0.03 2.61 Total Foreign : 25.65 74.51 27.21 76.24 19.85 0.31 30.96 Major exporters 5/: 9.02 41.59 0.93 26.96 14.85 0.07 9.67 Pakistan : 1.69 8.20 0.12 7.20 1.43 0.02 1.36 India : 2.73 12.65 0.04 11.95 0.62 0.00 2.86 Uzbekistan : 0.96 5.74 0.01 0.87 4.52 0.00 1.30 Turkmenistan : 0.48 1.15 0.00 0.30 0.92 0.00 0.41 Afr. Fr. Zone 6/: 0.32 3.14 0.05 0.30 2.80 0.00 0.42 S. Hemisphere 7/: 1.85 5.22 0.05 0.91 3.78 0.02 2.41 Australia : 0.43 1.97 4/ 0.19 1.47 0.00 0.75 Argentina : 1.09 1.93 0.03 0.46 1.22 0.01 1.35 Major importers : 14.75 26.01 21.21 41.05 1.83 0.21 18.89 Brazil : 1.59 1.79 1.77 3.90 0.10 0.00 1.15 China : 8.88 21.90 3.05 20.60 0.02 0.00 13.20 Europe : 2.03 2.25 6.29 6.64 1.49 0.16 2.28 Selected Asia 8/: 1.89 0.06 9.01 8.76 0.21 0.05 1.95 Indonesia : 0.15 0.02 2.14 2.14 0.00 0.05 0.12 South Korea : 0.56 4/ 1.66 1.67 0.01 0.00 0.55 Russia : 0.37 0.00 1.10 1.15 0.00 0.00 0.32 : : 1996/97 (Estimated) : World : 33.57 88.49 28.38 86.58 26.60 0.31 36.96 United States : 2.61 18.94 0.41 10.85 7.00 0.01 4.10 Total Foreign : 30.96 69.55 27.98 75.73 19.60 0.30 32.86 Major exporters 5/: 9.67 40.16 1.51 26.94 14.74 0.07 9.59 Pakistan : 1.36 7.30 0.23 7.00 0.12 0.03 1.74 India : 2.86 13.12 0.05 12.20 1.10 0.00 2.72 Uzbekistan : 1.30 4.75 0.01 0.80 4.55 0.00 0.71 Turkmenistan : 0.41 0.60 0.00 0.18 0.40 0.00 0.43 Afr. Fr. Zone 6/: 0.42 3.66 0.02 0.30 3.38 0.00 0.42 S. Hemisphere 7/: 2.41 5.12 0.03 0.94 4.40 0.02 2.20 Australia : 0.75 2.79 4/ 0.21 2.40 0.00 0.93 Argentina : 1.35 1.43 0.01 0.47 1.30 0.01 1.00 Major importers : 18.89 22.48 21.03 39.88 1.59 0.19 20.73 Brazil : 1.15 1.30 2.30 3.90 0.00 0.00 0.85 China : 13.20 19.30 3.40 20.20 0.05 0.00 15.65 Europe : 2.28 1.84 6.17 6.63 1.40 0.16 2.09 Selected Asia 8/: 1.95 0.05 8.22 8.11 0.15 0.03 1.93 Indonesia : 0.12 0.02 2.23 2.20 0.00 0.03 0.14 South Korea : 0.55 4/ 1.40 1.40 0.01 0.00 0.54 Russia : 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 implicit stocks based on supply less total use and ending stocks based on Bureau of Census data. 3/ World trade includes estimated trade among the 12 countries of the former USSR and three Baltic states of 1.84 million bales in 1995/96 and 1.55 million in 1996/97. 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, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, Paraguay, Tanzania, and Zimbabwe. 8/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-329-25 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/ : : =============================================================================== : : 1997/98 (Projected) : World : July : 36.55 86.91 27.84 88.11 27.53 0.42 35.24 August : 36.96 87.34 28.18 88.49 27.76 0.34 35.90 United States : July : 4.05 18.00 0.03 11.00 7.10 0.03 3.95 August : 4.10 17.78 0.03 11.00 7.10 0.01 3.80 Total Foreign : July : 32.50 68.91 27.81 77.11 20.43 0.40 31.29 August : 32.86 69.56 28.15 77.49 20.66 0.33 32.10 Major exporters 5/: July : 9.35 41.17 1.67 27.46 15.52 0.14 9.07 August : 9.59 41.97 1.72 27.75 15.84 0.08 9.61 Pakistan Jul : 1.73 7.70 0.05 7.20 0.60 0.03 1.66 Aug : 1.74 7.70 0.10 7.20 0.70 0.03 1.62 India Jul : 2.51 12.00 0.20 12.40 0.30 0.00 2.01 Aug : 2.72 12.50 0.20 12.60 0.30 0.00 2.52 Uzbekistan Jul : 0.73 5.60 0.01 0.90 4.70 0.00 0.74 Aug : 0.71 5.80 0.01 0.85 4.90 0.00 0.76 TurkmenistanJul : 0.43 0.70 0.00 0.15 0.70 0.00 0.28 Aug : 0.43 0.70 0.00 0.19 0.70 0.00 0.24 Afr.Fr.Zn.6/Jul : 0.42 3.82 0.02 0.29 3.49 0.00 0.47 Aug : 0.42 3.77 0.02 0.29 3.44 0.00 0.47 S. Hem. 7/ Jul : 2.20 5.90 0.10 0.96 4.75 0.03 2.47 Aug : 2.20 5.90 0.10 0.96 4.75 0.03 2.47 Australia Jul : 0.93 2.80 0.00 0.22 2.50 0.00 1.01 Aug : 0.93 2.80 0.00 0.22 2.50 0.00 1.01 Argentina Jul : 1.00 1.85 0.05 0.47 1.30 0.01 1.12 Aug : 1.00 1.85 0.05 0.47 1.30 0.01 1.12 Maj. imp. Jul : 20.73 20.93 20.62 40.50 1.68 0.20 19.90 Aug : 20.73 20.93 20.60 40.45 1.68 0.20 19.93 Brazil Jul : 0.85 1.60 2.50 4.00 0.00 0.00 0.95 Aug : 0.85 1.60 2.50 4.00 0.00 0.00 0.95 China Jul : 15.65 17.00 2.70 20.50 0.05 0.00 14.80 Aug : 15.65 17.00 2.70 20.50 0.05 0.00 14.80 Europe Jul : 2.09 2.28 6.17 6.76 1.52 0.15 2.11 Aug : 2.09 2.28 6.15 6.73 1.52 0.15 2.13 Sel. Asia 8/Jul : 1.93 0.05 8.15 8.15 0.11 0.05 1.82 Aug : 1.93 0.05 8.15 8.12 0.11 0.05 1.84 Indonesia Jul : 0.14 0.02 2.35 2.35 0.00 0.05 0.10 Aug : 0.14 0.02 2.35 2.35 0.00 0.05 0.10 S. Korea Jul : 0.55 4/ 1.35 1.38 0.01 0.00 0.51 Aug : 0.54 4/ 1.35 1.35 0.01 0.00 0.53 Russia Jul : 0.22 0.00 1.10 1.10 0.00 0.00 0.22 Aug : 0.22 0.00 1.10 1.10 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 implicit stocks based on supply less total use and ending stocks based on Bureau of Census data. 3/ World trade includes estimated trade among the 12 countries of the former USSR and three Baltic states of 1.61 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, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 7/ Argentina, Australia, Paraguay, Tanzania, and Zimbabwe. 8/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-329-26 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 1996 : III : 6390 4143 10688 6628 1415 8162 18850 1594 37.7 IV : 6084 4449 10694 6527 1403 8043 18737 1632 38.0 Annual : 25419 17085 43135 26336 5466 32289 75424 6358 154.3 : 1997 : I : 6112 4194 10457 6628 1235 7986 18443 1587 38.9 II : 6419 4091 10655 6912 1402 8451 19106 1591 40.6 III *: 6575 4275 10980 7000 1400 8530 19510 1635 38.4 IV *: 6075 4550 10755 6950 1425 8500 19255 1680 38.1 Annual : Jul Proj : 25137 17119 42811 27528 5435 33476 76287 6512 155.5 Aug Proj : 25181 17110 42847 27490 5462 33467 76314 6493 156.0 : 1998 : I *: 6025 4500 10652 7100 1300 8530 19182 1630 39.1 II *: 6200 4500 10820 7350 1450 8940 19760 1640 40.7 Annual : Jul Proj : 24800 18475 43762 29200 5725 35460 79222 6680 156.3 Aug Proj : 24800 18475 43762 29200 5725 35460 79222 6680 156.6 =============================================================================== * Projection. 1/ Commercial production for red meats; federally inspected for poultry meats. 2/ Beef, pork, veal and lamb & mutton. 3/ Broilers, turkeys and mature chicken. U.S. Quarterly Prices for Animal Products =============================================================================== Year : Choice : Barrows : : : : : and : steers :and gilts : Broilers : Turkeys : Eggs : Milk : quarter : 1/ : 2/ : 3/ : 4/ : 5/ : 6/ : =============================================================================== : Dol./cwt Dol./cwt Cents/lb. Cents/lb. Cents/doz. Dol./cwt 1996 : III : 67.13 57.75 64.2 64.9 85.9 15.93 IV : 70.39 54.75 63.5 70.9 96.7 15.30 Annual : 65.21 53.39 61.2 66.5 88.2 14.87 : 1997 : I : 66.40 51.06 60.0 58.9 84.9 13.47 II : 66.63 56.41 59.1 66.1 72.1 12.93 III *: 65-67 56-58 61-63 69-71 79-81 12.35-12.65 IV *: 69-73 52-56 57-61 73-77 81-85 13.70-14.30 Annual : Jul Proj : 66-68 55-56 59-61 67-68 79-81 12.90-13.20 Aug Proj : 67-68 54-55 59-61 67-68 79-81 13.15-13.35 : 1998 : I *: 69-75 49-53 56-60 58-62 72-78 13.15-14.05 II *: 71-77 52-56 58-62 60-64 67-73 12.30-13.30 Annual : Jul Proj : 70-76 51-55 57-62 62-67 72-78 12.85-13.85 Aug Proj : 70-76 51-55 57-62 62-67 72-78 12.85-13.85 =============================================================================== *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-329-27 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 : 1996 : 519 25525 2073 28117 1877 377 25863 67.7 1997 Proj. Jul : 377 25243 2376 27996 1915 375 25706 66.7 Aug : 377 25287 2441 28105 1930 375 25800 66.9 1998 Proj. Jul : 375 24906 2440 27721 2140 350 25231 64.8 Aug : 375 24906 2440 27721 2140 350 25231 64.8 : PORK : 1996 : 396 17117 618 18131 951 366 16814 49.1 1997 Proj. Jul : 366 17151 593 18110 1250 400 16460 47.7 Aug : 366 17142 613 18121 1250 400 16471 47.7 1998 Proj. Jul : 400 18507 605 19512 1465 380 17667 50.7 Aug : 400 18507 605 19512 1465 380 17667 50.7 : TOTAL RED MEAT 4/ : 1996 : 930 43288 2764 46982 2834 759 43389 119.1 1997 Proj. Jul : 759 42964 3054 46777 3173 791 42813 116.4 Aug : 759 43000 3139 46898 3188 791 42919 116.7 1998 Proj. Jul : 791 43915 3130 47836 3613 747 43476 117.4 Aug : 791 43915 3130 47836 3613 747 43476 117.4 : BROILERS : 1996 : 560 26124 4 26688 4420 641 21626 70.8 1997 Proj. Jul : 641 27300 4 27945 4580 700 22666 73.5 Aug : 641 27262 4 27908 4630 700 22578 73.2 1998 Proj. Jul : 700 28953 3 29656 4750 750 24156 77.6 Aug : 700 28953 3 29656 4750 750 24156 77.6 : TURKEYS : 1996 : 271 5401 1 5673 438 328 4906 18.5 1997 Proj. Jul : 328 5370 1 5699 535 350 4814 18.0 Aug : 328 5397 1 5726 535 325 4865 18.2 1998 Proj. Jul : 350 5656 1 6007 565 325 5116 18.9 Aug : 325 5656 1 5982 565 325 5091 18.8 : TOTAL POULTRY 5/ : 1996 : 839 32015 5 32859 5123 975 26760 90.1 1997 Proj. Jul : 975 33188 5 34168 5498 1060 27610 91.9 Aug : 975 33179 5 34159 5548 1035 27576 91.9 1998 Proj. Jul : 1060 35148 4 36212 5703 1080 29428 97.1 Aug : 1035 35148 4 36187 5703 1080 29403 97.0 : RED MEAT & POULTRY: 1996 : 1769 75303 2769 79841 7957 1734 70149 209.2 1997 Proj. Jul : 1734 76152 3059 80945 8671 1851 70423 208.3 Aug : 1734 76179 3144 81057 8736 1826 70495 208.5 1998 Proj. Jul : 1851 79063 3134 84048 9316 1827 72904 214.5 Aug : 1826 79063 3134 84023 9316 1827 72879 214.4 ============================================================================ 1/ Total including farm production for red meats and, for poultry, federally inspected plus non-federally inspected, less condemnations. 2/ Pounds, retail-weight basis. 3/ Carcass weight for red meats and certified ready-to-cook weight for poultry. 4/ Beef, pork, veal, lamb and mutton. 5/ Broilers, turkeys and mature chicken. WASDE-329-28 U.S. Egg Supply and Use =============================================================================== : : : 1997 Projected : 1998 Projected : : :-----------------:----------------- Commodity : 1995 : 1996 : Jul : Aug : Jul : Aug =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 14.9 11.2 8.5 8.5 12.0 10.0 Production : 6215.6 6358.3 6511.8 6492.8 6680.0 6680.0 Imports : 4.1 5.4 4.9 4.9 4.0 4.0 Total supply : 6234.6 6374.9 6525.2 6506.2 6696.0 6694.0 : Use : Exports : 208.9 253.1 246.7 246.7 259.0 259.0 Hatching use : 847.2 864.7 900.3 896.1 940.0 940.0 Ending stocks : 11.2 8.5 12.0 10.0 10.0 10.0 Consumption : Total : 5167.3 5248.5 5366.2 5353.4 5487.0 5485.0 Per capita (number) : 235.7 237.2 240.3 239.7 243.5 243.4 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1996/97 Proj 1/: 1997/98 Proj 1/ Commodity :1994/95:1995/96:-----------------:----------------- : 1/ : 1/ : Jul : Aug : Jul : Aug =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 4.6 4.6 4.9 4.9 5.4 5.9 Production : 155.6 154.1 155.4 155.8 156.1 156.4 Farm use : 1.6 1.5 1.4 1.4 1.3 1.3 Marketings : 154.0 152.6 154.0 154.3 154.8 155.1 Imports 2/ : 2.8 2.8 3.1 3.0 3.3 3.3 Total cml. supply 2/ : 161.5 160.0 162.1 162.3 163.4 164.2 Use : Commercial use 2/ 3/ : 154.0 154.9 156.0 155.6 157.3 157.4 Ending commercial stks. 2/: 4.6 4.9 5.4 5.9 5.4 5.7 CCC net removals: : Milkfat basis 4/ : 2.9 0.1 0.7 0.8 0.7 1.1 Skim-solids basis 4/ : 4.9 1.1 2.4 2.7 1.8 2.4 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) 5/ : 11.59 13.50 11.60- 11.80- 11.60- 11.65- : 11.70 11.90 12.50 12.55 All milk 6/ : 12.54 14.49 13.45- 13.50- 12.75- 12.85- : 13.55 13.60 13.65 13.75 : : Million pounds CCC product net removals 4/: Butter : 110 1 25 25 23 40 Cheese : 8 5 12 12 7 7 Nonfat dry milk : 384 84 190 215 140 190 Dry whole milk : 44 7 5 8 15 15 =============================================================================== 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-329-29 Note: Tables on pages 29-31 present a 16-year record of the differences between the August projection and the final estimate. Using world wheat production as an example, changes between the August projection and the final estimate have averaged 13.1 million tons (2.5%) ranging from -32.1 to 19.5 million tons. The August projection has been below the estimate 8 times and above 8 times. Reliability of August Projections ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-96/97 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- WHEAT :Percent Million metric tons Number of years 2/ Production : World : 2.5 13.1 -32.1 19.5 8 8 U.S. : 2.1 1.4 -3.4 4.2 7 9 Foreign : 2.7 12.3 -31.1 17.8 8 8 Exports : World : 3.9 4.3 -9.0 10.2 9 7 U.S. : 9.7 3.3 -10.0 7.8 8 7 Foreign : 4.5 3.5 -7.8 7.6 9 7 Domestic use : World : 1.8 9.2 -23.4 14.6 8 8 U.S. : 7.2 2.2 -3.7 3.6 8 8 Foreign : 1.7 8.1 -21.1 13.1 10 6 Ending stocks : World : 8.3 10.2 -23.2 23.7 10 6 U.S. : 15.2 3.8 -11.1 12.6 8 8 Foreign : 9.0 8.1 -23.8 11.2 11 5 : COARSE GRAINS 3/ : Production : World : 2.0 16.3 -46.0 26.9 11 5 U.S. : 6.1 12.7 -21.8 31.4 11 5 Foreign : 1.8 10.6 -28.9 13.8 8 8 Exports : World : 6.0 6.1 -10.9 17.4 7 9 U.S. : 15.1 8.1 -19.7 14.9 7 9 Foreign : 13.0 6.3 -12.6 14.2 8 8 Domestic use : World : 1.5 12.2 -29.4 24.3 7 9 U.S. : 4.6 8.1 -14.1 16.7 10 6 Foreign : 1.6 9.7 -20.2 23.3 10 6 Ending stocks : World : 13.6 17.1 -53.5 22.3 11 5 U.S. : 28.3 14.2 -43.5 22.1 8 8 Foreign : 12.8 8.7 -19.6 9.6 12 4 : RICE, milled : Production : World : 2.3 7.6 -24.4 3.5 12 4 U.S. : 5.2 0.3 -0.6 0.4 10 6 Foreign : 2.4 7.7 -24.7 3.8 12 4 Exports : World : 7.8 1.2 -4.3 0.8 10 6 U.S. : 8.5 0.2 -0.7 0.9 7 7 Foreign : 9.1 1.2 -3.6 1.0 11 5 Domestic use : World : 1.8 5.6 -23.5 3.5 11 5 U.S. : 6.9 0.2 -0.4 0.5 9 7 Foreign : 1.8 5.6 -24.0 3.7 12 4 Ending stocks : World : 12.4 4.1 -7.7 6.5 13 3 U.S. : 15.2 0.2 -0.4 0.6 8 7 Foreign : 13.2 4.1 -7.8 6.8 13 3 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-329-30 Reliability of August Projections (Continued) ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-96/97 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- SOYBEANS :Percent Million metric tons Number of years 2/ Production : World : 2.9 3.1 -8.7 5.0 9 7 U.S. : 4.9 2.7 -6.4 5.7 8 8 Foreign : 5.5 2.7 -6.0 6.1 7 9 Exports : World : 5.7 1.6 -3.7 2.7 10 6 U.S. : 11.2 2.2 -4.9 5.5 9 7 Foreign : 19.0 1.3 -4.0 2.4 7 9 Domestic use : World : 3.1 3.4 -8.8 4.2 9 7 U.S. : 4.2 1.5 -3.8 3.5 11 5 Foreign : 3.8 2.7 -5.3 4.0 10 6 Ending stocks : World : 14.3 2.4 -6.5 5.5 8 8 U.S. : 32.6 2.3 -2.8 6.6 5 11 Foreign : 15.1 1.6 -4.3 2.8 9 7 : COTTON : Million 480-pound bales Production : World : 3.9 3.1 -11.1 10.5 8 8 U.S. : 5.9 0.9 -1.9 3.9 10 5 Foreign : 4.4 3.0 -10.7 10.2 6 9 Exports : World : 4.6 1.1 -3.6 1.4 7 9 U.S. : 17.8 0.9 -2.1 2.0 8 8 Foreign : 6.2 1.1 -3.3 1.7 7 9 Mill use : World : 2.6 2.1 -7.1 3.2 5 11 U.S. : 6.7 0.5 -1.2 0.9 10 4 Foreign : 2.5 1.8 -6.4 4.0 5 11 Ending stocks : World : 14.9 4.9 -12.5 14.2 10 6 U.S. : 36.4 1.5 -2.4 3.1 6 10 Foreign : 15.4 4.5 -13.0 12.3 11 5 ------------------------------------------------------------------------------- 1/ Final estimate for 1981/82-95/96 is defined as the first November estimate following the marketing year and for 1996/97 last month's estimate. 2/ May not total 16 if projections was the same as final estimate. 3/ Includes corn, sorghum, barley, oats, rye, millet and mixed grain. WASDE-329-31 Reliability of United States August Projections 1/ ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-96/97 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- CORN :Percent Million bushels Number of years 3/ Production : 6.6 453 -889 1079 10 6 Exports : 15.5 285 -750 483 6 10 Domestic use : 5.2 304 -508 510 10 6 Ending stocks : 33.4 496 -1674 740 8 8 : SORGHUM : Production : 6.8 46 -82 83 10 6 Exports : 19.5 47 -115 97 8 8 Domestic use : 10.4 50 -114 83 8 8 Ending stocks : 46.8 70 -201 133 6 10 : BARLEY : Production : 4.9 22 -63 67 7 9 Exports : 32.7 21 -82 38 8 7 Domestic use : 6.5 26 -47 70 9 6 Ending stocks : 15.0 30 -61 94 6 10 : OATS : Production : 6.6 20 -26 57 5 11 Exports : 93.3 2 -5 8 5 8 Domestic use : 4.3 17 -39 35 7 9 Ending stocks : 17.2 23 -40 37 8 8 : : Thousand short tons SOYBEAN MEAL : Production : 4.2 1143 -2858 3592 12 4 Exports : 11.2 696 -1600 1464 7 9 Domestic use : 3.7 786 -1550 1909 12 4 Ending stocks : 35.2 81 -204 428 4 10 : : Million pounds SOYBEAN OIL : Production : 4.0 512 -1162 1173 10 6 Exports : 24.0 335 -1350 1165 8 8 Domestic use : 2.9 331 -1085 708 12 4 Ending stocks : 34.3 475 -941 1078 6 10 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 3.6 843 -333 2513 9 5 Pork : 2.7 436 -1315 1242 6 8 Broilers : 1.8 349 -489 622 11 3 Turkeys : 2.3 88 -123 235 12 2 : : Million dozen Eggs : 1.7 100 -111 188 10 4 : : Billion pounds Milk : 1.4 2.1 -6.6 4.6 7 7 ------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-95/96 is defined as the first November estimate following the marketing year and for 1996/97 last month's estiimate. 3/ May not total 16 for crops and 14 for animal production if projection was the same as the final estimate. 4/ Calendar years 1983 thru 1996 for meats and eggs; October-September years 1982/83 thru 1995/96 for milk. Final for animal products is defined as latest annual production estimate published by NASS. ------ END OF FILE ------