WASDE-331 - October 10, 1997 WHEAT: Projected U.S. 1997/98 ending stocks of wheat are down slightly from last month as larger domestic use more than offsets a bigger crop and reduced exports. The crop estimate of 2,527 million bushels (published in the September 30 Small Grains report) is up 20 million bushels from the September 12 forecast. Projected feed and residual use is up 50 million bushels from last month because of larger-than-expected use during the June-August quarter. However, projected exports are down 25 million bushels because of increased competition. The projected price range is up 10 cents on the bottom end to $3.30 to $3.70 per bushel. Projected 1997/98 global production is up from last month as larger crops in the United States, Australia, Canada, Russia, and India more than offset reductions for the EU and Kazakstan. Russia and India account for most of the expected rise in global ending stocks. Global imports are little changed as reductions for Russia and China match increases for Pakistan, Iran, and South Korea. Projected exports are up from last month for Australia, Canada, and Russia, but lower for Kazakstan, Argentina, and the United States. COARSE GRAINS: The outlook for U.S. 1997/98 feed grains is for larger production and use but lower stocks than last month. The U.S. corn crop, at 9,312 million bushels, is up 44 million bushels from last month and 18 million above last year. Larger sorghum production is also forecast, but the barley and oats crops (published in the September 30 Small Grains report) are down from the September 12 forecast. The larger feed grain crop is more than offset by smaller-than-expected carryin stocks. Domestic feed grain use is up, led by gains in feed and residual use for corn and sorghum. Also, forecast barley exports are up because of the strong pace of shipments and sales to date. The projected price range for corn is up 10 cents on each end to $2.55 to $2.95 per bushel. Global 1997/98 coarse grain production and stocks are down from last month, but trade is up. Foreign production is down around 4 million tons, as reductions in corn output in China, Brazil, and Canada and sorghum in India more than offset larger corn crops in the EU and Eastern Europe and larger barley crops in Russia and Australia. Much of the reduction in global stocks is due to the smaller corn crop for China. Projected corn exports by China are up 1 million tons from last month to 2.5 million tons (1996/97 exports are 4 million tons, up 0.5 million). Larger corn imports are forecast for Taiwan, Canada, Guatemala, Costa Rica, and Iran. RICE: The U.S. 1997/98 rice crop is projected at 179.3 million hundredweight, down 2.1 million hundredweight from last month. Yields are forecast at 5,907 pounds per acre, down 68 pounds from last month. Domestic and residual use is lowered 2 million hundredweight from last month. Projected 1997/98 global rice production, consumption, exports, and ending stocks are up from last month. Larger 1997/98 crops are projected for Brazil, China, India, and South Korea. Crops are projected lower for Colombia, Honduras, Ivory Coast, and Nicaragua. Despite the increase in production in 1997/98, global consumption is expected to exceed production and result in a year-to-year decline in global stocks. Global 1997/98 exports are increased because of larger exports forecast for China. OILSEEDS: U.S. oilseed production for 1997/98 is projected at a record 84.2 million tons, down 0.6 million tons from last month but up nearly 9 million tons from last year. Smaller soybean and peanut crops account for the drop as yields in the Southeast were curtailed by dry growing conditions. U.S. soybean production is forecast at a record high 2,722 million bushels with estimated yields of 39 bushels per acre, second only to the record 41.4 bushels in 1994/95. Soybean supplies of 2,859 million bushels are little changed from a month ago, reflecting larger beginning stocks of 132 million bushels. U.S. soybean crush prospects for 1997/98 are unchanged this month while soybean export prospects are increased slightly to 960 million bushels, based mostly on slightly larger imports by Argentina. At the same time, U.S. soybean meal export prospects are cut to 7.4 million short tons as additional soybean meal exports by both Argentina and India more than offset increased use and imports by China. China's soybean meal imports are increased for both 1996/97 and 1997/98, to 3.3 and 4.0 million metric tons, respectively. Domestic U.S. soybean meal use is increased this month for both old crop and new crop. In perhaps the most significant change this month, global vegetable oil stocks are projected at the lowest levels in recent history, with the United States holding much of the total stocks. Global demand for oils remains strong, particularly in the United States and China, and with supply growth for oils other than soybean oil projected to slow in 1997/98, prospects for soybean oil are considerably improved. China's soybean oil imports are increased for 1996/97 and 1997/98, to 1.75 and 1.85 million metric tons, respectively. Season-average farm prices for U.S. soybeans are forecast at $5.75 to $6.85 per bushel, up slightly from last month. Soybean meal prices are forecast at $195 to $225 per short ton while soybean oil prices are raised to 23.0 to 26.0 cents per pound. World oilseed production is forecast 0.9 million tons higher this month at 276.4 million tons, and with increased consumption prospects, oilseed and vegetable oil stocks are reduced. Foreign oilseed production, at 192.3 million tons, is up 1.6 million tons from last month. India's soybean crop is increased to a record 5.0 million tons, up 0.5 million, as timely rains helped yields. Better-than-expected yields also were a factor in higher rapeseed and sunflowerseed production estimates for the EU and Eastern Europe. SUGAR: U.S. sugar production in fiscal year 1997/98 is forecast at 7.635 million short tons, raw value, unchanged from last month, and 5 percent above the estimate for 1996/97. Total imports in 1997/98 are projected at 2.377 million tons. The 1997/98 tariff rate quota (TRQ), announced September 17, 1997, is 2.012 million tons, and no shortfall in meeting TRQ commitments has been assumed. Additional imports of 365,000 tons not under TRQ are projected for 1997/98. Total use of sugar in 1997/98 is projected at 10.1 million tons, unchanged from last month, and 1.25 percent above the estimate for 1996/97. Season-ending stocks for 1997/98 are projected at 1.471 million tons, resulting in a stocks-to-use ratio of 14.6 percent. For 1996/97, imported sugar not under TRQ is increased 5,000 tons, due to increased deliveries for polyhydric alcohol use. Transfers for reexport are increased 10,000 tons. Total deliveries in 1996/97 are unchanged, at 9.75 million tons; however, domestic food use is lowered by 15,000 tons. LIVESTOCK, POULTRY, AND DAIRY: Only small adjustments are made to the meat production estimates this month. Beef production is boosted slightly based on continued large movement of cattle into feedlots. The September 26 Hogs and Pigs report confirms the forecast for a large increase in pork output for 1998. Recent hog prices have been a little weaker than expected, and with record large pork and total meat output in 1998 combined with a less optimistic trade outlook, hog price forecasts are lowered. The pork export forecasts for 1997 and 1998 are reduced based on lower shipments to Japan than previously expected. A number of factors are holding exports to Japan below those expected following Japan's ban on imports from Taiwan. Stronger domestic hog prices in Japan following the ban are resulting in a little higher level of domestic pork output, competing with fresh pork imports. Production had been on a downward trend for several years. Stocks are being reduced and probably will not be maintained at the higher levels prevalent when there was strong competition to import pork before the Safeguard was triggered. It is less likely than in recent years that the Safeguard will be triggered this year. Sales of pork in Japan's retail and food service sectors have been weaker than anticipated. Total pork consumption in 1997 and 1998 is now expected to be a little below the 1996 level. Other suppliers are capturing more of the frozen market than the United States as they seem to be better able to supply the Japanese market with desired pork cuts at competitive prices. Still, U.S. total pork exports to Japan are forecast to increase in 1998. Only small revisions are made in the milk supply, use, and price forecasts this month. COTTON: The U.S. outlook for 1997/98 features larger supplies and lower offtake this month, resulting in additional carryover stocks of 500,000 bales. Beginning stocks are 150,000 bales higher based on the Census Bureau's final data for 1996/97; forecast production is unchanged from the September estimate. Domestic mill use also is unchanged, but anticipated exports are reduced 300,000 bales due to higher production in competing countries and lower foreign import demand. Accordingly, projected ending stocks are revised up to 4.2 million bales. The world outlook for 1997/98 includes higher production, consumption, and ending stocks relative to last month. World production is increased 1.2 percent due to expected larger crops in India, Turkmenistan, Argentina, Brazil, and Syria. World consumption is up marginally, with increases in the estimates for China, India, and Turkey partially offset by a reduction in Taiwan. World trade is reduced 2 percent, mainly in response to China's new policies to encourage the use of domestic stocks and the projected larger supplies in the consuming countries of Brazil and India. These changes result in ending stocks of 35.8 million bales, nearly 2 percent above the September estimate. 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: RICHARD ROMINGER ACTING SECRETARY OF AGRICULTURE * * * * * * * * * * * The next issue of this report will be released 8:30 a.m. ET on November 10, 1997. Announcing USDA's Seventy Fourth Agricultural Outlook Forum February 23-24, 1998 in Washington, D.C. Agricultural Outlook Forum 98 will feature farm prospects for 1998 and beyond and expert views on the challenges confronting agriculture. Featured topics will include food safety, risk management, marketing bio-engineered commodities, small farm economics, conservation, trade issues, and successful export strategies. There will be plenty of time for networking at this two-day event. For details, visit www.usda.gov/oce/waob/agforum.htm, drop an e-mail to agforum@oce.usda.gov or call 202-720-3050. WASDE-331-4 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 : 1,708.49 2,012.15 242.00 1,760.92 251.23 1996/97 (Est.) : 1,864.70 2,115.93 239.03 1,834.70 281.23 1997/98 (Proj.) : September : 1,856.54 2,140.57 234.37 1,859.69 280.88 October : 1,860.39 2,141.62 235.92 1,861.18 280.44 Wheat : 1995/96 : 537.31 655.69 114.21 550.29 105.40 1996/97 (Est.) : 582.72 688.12 116.97 579.77 108.36 1997/98 (Proj.) : September : 596.11 704.00 111.56 581.58 122.42 October : 600.64 709.00 111.38 581.58 127.41 Coarse grains 4/ : 1995/96 : 799.58 935.80 107.60 840.10 95.70 1996/97 (Est.) : 901.94 997.65 103.15 878.69 118.95 1997/98 (Proj.) : September : 881.75 1,003.71 103.53 898.05 105.65 October : 878.86 997.81 104.76 898.13 99.69 Rice, milled : 1995/96 : 371.60 420.66 20.19 370.53 50.13 1996/97 (Est.) : 380.03 430.16 18.91 376.24 53.92 1997/98 (Proj.) : September : 378.68 432.86 19.28 380.05 52.81 October : 380.89 434.81 19.78 381.47 53.34 : : United States Total grains 3/ : 1995/96 : 274.47 339.52 99.47 214.56 25.49 1996/97 (Est.) : 335.34 366.58 81.13 245.46 39.99 1997/98 (Proj.) : September : 337.38 384.82 90.47 249.04 45.31 October : 338.96 384.82 90.12 251.53 43.17 Wheat : 1995/96 : 59.40 75.04 33.78 31.02 10.23 1996/97 (Est.) : 62.19 74.94 27.25 35.61 12.07 1997/98 (Proj.) : September : 68.23 82.91 29.94 34.70 18.27 October : 68.76 83.42 29.26 36.06 18.10 Coarse grains 4/ : 1995/96 : 209.44 257.56 63.00 180.12 14.44 1996/97 (Est.) : 267.56 284.92 51.38 206.51 27.03 1997/98 (Proj.) : September : 263.22 294.78 57.76 210.76 26.26 October : 264.34 294.34 58.09 211.96 24.29 Rice, milled : 1995/96 : 5.63 6.92 2.69 3.42 0.81 1996/97 (Est.) : 5.60 6.72 2.50 3.34 0.89 1997/98 (Proj.) : September : 5.93 7.13 2.78 3.58 0.77 October : 5.86 7.06 2.78 3.52 0.77 =============================================================================== 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-331-5 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 : 1,434.02 1,672.64 142.53 1,546.36 225.74 1996/97 (Est.) : 1,529.36 1,749.35 157.90 1,589.24 241.24 1997/98 (Proj.) : September : 1,519.16 1,755.74 143.90 1,610.64 235.57 October : 1,521.43 1,756.80 145.80 1,609.65 237.27 Wheat : 1995/96 : 477.91 580.66 80.43 519.27 95.17 1996/97 (Est.) : 520.53 613.19 89.72 544.16 96.28 1997/98 (Proj.) : September : 527.87 621.09 81.62 546.88 104.15 October : 531.88 625.58 82.12 545.52 109.31 Coarse grains 4/ : 1995/96 : 590.14 678.24 44.59 659.98 81.26 1996/97 (Est.) : 634.38 712.73 51.76 672.19 91.92 1997/98 (Proj.) : September : 618.53 708.92 45.77 687.29 79.39 October : 614.52 703.48 46.67 686.17 75.39 Rice, milled : 1995/96 : 365.97 413.74 17.51 367.11 49.32 1996/97 (Est.) : 374.44 423.44 16.42 372.90 53.03 1997/98 (Proj.) : September : 372.76 425.73 16.50 376.47 52.04 October : 375.03 427.75 17.00 377.96 52.57 =============================================================================== 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 : 92.98 121.28 27.52 86.88 34.11 1996/97 (Est.) : 89.01 123.12 26.56 88.10 36.40 1997/98 (Proj.) : September : 88.82 125.10 27.92 89.59 35.18 October : 89.87 126.27 27.32 90.14 35.83 : United States 1995/96 : 17.90 20.96 7.68 10.65 2.61 1996/97 (Est.) : 18.94 21.95 6.87 11.13 3.97 1997/98 (Proj.) : September : 18.42 22.26 7.20 11.30 3.70 October : 18.41 22.41 6.90 11.30 4.20 : Foreign 1995/96 : 75.08 100.33 19.85 76.23 31.51 1996/97 (Est.) : 70.07 101.17 19.70 76.98 32.43 1997/98 (Proj.) : September : 70.41 102.84 20.72 78.29 31.48 October : 71.46 103.86 20.42 78.84 31.63 =============================================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. See global cotton tables for treatment of export/import imbalances. WASDE-331-6 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 : 256.71 283.96 44.54 217.51 21.29 1996/97 (Est.) : 257.19 278.48 46.72 217.95 16.18 1997/98 (Proj.) : September : 275.51 291.33 50.15 223.25 22.07 October : 276.44 292.62 50.56 224.94 21.64 Oilmeals : 1995/96 : 147.39 154.23 49.74 145.52 7.07 1996/97 (Est.) : 149.22 156.29 50.08 149.00 6.52 1997/98 (Proj.) : September : 152.83 159.28 50.99 152.79 6.22 October : 153.77 160.29 51.23 153.74 6.30 Vegetable Oils : 1995/96 : 72.86 79.22 25.86 70.94 7.14 1996/97 (Est.) : 74.56 81.70 27.18 73.92 6.99 1997/98 (Proj.) : September : 75.79 82.88 27.76 75.99 6.78 October : 76.32 83.31 28.06 76.47 6.59 : : United States Oilseeds : 1995/96 : 69.10 79.83 23.93 42.57 6.05 1996/97 (Est.) : 74.83 81.48 24.64 44.13 4.65 1997/98 (Proj.) : September : 84.82 89.46 26.55 45.79 8.78 October : 84.18 89.24 26.83 45.78 8.33 Oilmeals : 1995/96 : 32.29 33.60 5.69 27.66 0.25 1996/97 (Est.) : 33.75 35.02 6.65 28.08 0.30 1997/98 (Proj.) : September : 34.90 36.26 7.10 28.88 0.29 October : 34.85 36.26 6.92 29.06 0.29 Vegetable Oils : 1995/96 : 8.28 10.33 1.06 8.05 1.22 1996/97 (Est.) : 8.44 11.12 1.60 8.51 1.01 1997/98 (Proj.) : September : 8.82 11.39 1.60 8.65 1.14 October : 8.84 11.35 1.68 8.66 1.01 : : Foreign Oilseeds : 1995/96 : 187.61 248.26 20.61 174.94 15.23 1996/97 (Est.) : 182.37 244.18 22.09 173.82 11.53 1997/98 (Proj.) : September : 190.69 251.98 23.59 177.46 13.29 October : 192.26 253.80 23.74 179.16 13.30 Oilmeals : 1995/96 : 115.10 168.73 44.05 117.86 6.82 1996/97 (Est.) : 115.47 170.58 43.43 120.92 6.22 1997/98 (Proj.) : September : 117.93 173.73 43.89 123.92 5.93 October : 118.92 175.00 44.31 124.68 6.01 Vegetable Oils : 1995/96 : 64.58 93.61 24.79 62.90 5.92 1996/97 (Est.) : 66.13 96.98 25.59 65.41 5.98 1997/98 (Proj.) : September : 66.98 99.15 26.17 67.35 5.64 October : 67.48 99.77 26.38 67.81 5.58 =============================================================================== 1/ Aggregate of local marketing years with Brazil and Argentina on an Oct.-Sept. year. 2/ Crush only for oilseeds. WASDE-331-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : September October =============================================================================== Area : Million acres Planted : 69.1 75.6 70.8 71.0 Harvested : 60.9 62.9 63.5 63.6 Yield per harvested : Bushels acre : 35.8 36.3 39.5 39.7 : Million bushels Beginning stocks : 507 376 444 444 Production : 2,183 2,285 2,507 2,527 Imports : 68 92 95 95 Supply, total : 2,757 2,753 3,046 3,065 Food : 883 892 900 900 Seed : 104 103 100 100 Feed and residual : 153 314 275 325 Domestic, total : 1,140 1,308 1,275 1,325 Exports : 1,241 1,001 1,100 1,075 Use, total : 2,381 2,310 2,375 2,400 Ending stocks : 376 444 671 665 Farmer-owned reserve : 0 0 0 0 CCC inventory : 118 93 93 93 Free stocks : 258 351 578 572 Outstanding loans : 13 72 100 100 Avg. farm price ($/bu) 2/ : 4.55 4.30 3.20- 3.70 3.30- 3.70 =============================================================================== 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 : 761 631 422 355 116 2,285 Supply, total 3/ : 915 790 457 425 166 2,753 Domestic use : 486 324 272 129 97 1,308 Exports : 286 300 140 237 38 1,001 Use, total : 772 624 412 366 135 2,310 Ending stocks, total : 143 166 45 59 31 444 : 1997/98 (projected) : Beginning stocks : 143 166 45 59 31 444 Production : 1,121 501 484 335 86 2,527 Supply, total 3/ : 1,265 721 529 404 147 3,065 Domestic use : 574 287 270 112 82 1,325 Exports : 385 230 195 225 40 1,075 Use, total : 959 517 465 337 122 2,400 Ending stocks, total : October : 306 204 64 67 25 665 September : 321 191 70 64 26 671 =============================================================================== 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-331-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : September October =============================================================================== FEED GRAINS : Area : Million acres Planted : 93.7 104.5 102.5 102.6 Harvested : 82.5 94.5 93.2 92.9 Yield per harvested : Metric tons acre : 2.54 2.83 2.82 2.84 : Million metric tons Beginning stocks : 45.3 14.4 28.6 27.0 Production : 209.2 267.3 263.0 264.1 Imports : 2.7 2.8 2.8 2.8 Supply, total : 257.2 284.6 294.4 294.0 Feed and residual : 133.4 157.1 159.2 160.5 Food, seed & industrial : 46.3 49.1 51.2 51.1 Domestic, total : 179.8 206.2 210.4 211.6 Exports : 63.0 51.4 57.8 58.1 Use, total : 242.8 257.5 268.2 269.7 Ending stocks, total : 14.4 27.0 26.2 24.3 Farmer-owned reserve : 0.0 0.0 0.0 0.0 CCC inventory : 0.9 0.1 0.0 0.0 Free stocks : 13.5 27.0 26.2 24.3 Outstanding loans : 0.9 5.0 4.9 4.9 : 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 : 113.5 127.1 125.2 125.8 : Million bushels Beginning stocks : 1,558 426 941 884 Production : 7,374 9,293 9,268 9,312 Imports : 16 13 10 10 Supply, total : 8,948 9,732 10,219 10,206 Feed and residual : 4,682 5,368 5,550 5,625 Food, seed & industrial : 1,612 1,690 1,780 1,775 Domestic, total : 6,294 7,058 7,330 7,400 Exports : 2,228 1,790 2,025 2,025 Use, total : 8,522 8,848 9,355 9,425 Ending stocks, total : 426 884 864 781 Farmer-owned reserve : 0 0 0 0 CCC inventory : 30 2 0 0 Free stocks : 396 882 864 781 Outstanding loans : 33 179 175 175 Avg. farm price ($/bu) 2/ : 3.24 2.70 2.45- 2.85 2.55- 2.95 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. WASDE-331-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : September October =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 9.5 13.2 10.3 10.3 Area harv. (mil. acres) : 8.3 11.9 9.5 9.5 Yield (bushels/acre) : 55.6 67.5 68.7 69.9 Beginning stocks : 72 18 51 47 Production : 460 803 653 664 Imports : 0 0 0 0 Supply, total : 532 821 705 712 Feed : 305 529 400 425 Food, seed & industrial : 11 40 35 35 Total domestic : 316 569 435 460 Exports : 198 205 200 200 Use, total : 514 774 635 660 Ending stocks, total : 18 47 70 52 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 18 47 70 52 Outstanding loans : 0 3 3 3 Avg. farm price ($/bu) 2/ : 3.19 2.34 2.20- 2.60 2.30- 2.70 BARLEY : Area planted (mil. acres) : 6.7 7.1 6.8 6.9 Area harv. (mil. acres) : 6.3 6.8 6.4 6.4 Yield (bushels/acre) : 57.3 58.5 59.3 58.3 Beginning stocks : 113 100 110 110 Production : 360 396 379 374 Imports : 41 37 40 40 Supply, total : 513 532 529 524 Feed : 179 219 230 185 Food, seed & industrial : 172 172 172 172 Total domestic : 351 391 402 357 Exports : 62 31 55 70 Use, total : 413 422 457 427 Ending stocks, total : 100 110 72 97 Farmer-owned reserve : 0 0 0 0 CCC inventory : 5 0 0 0 Free stocks : 95 110 72 97 Outstanding loans : 3 15 15 15 Avg. farm price ($/bu) 2/ : 2.89 2.74 2.25- 2.65 2.25- 2.65 OATS : Area planted (mil. acres) : 6.3 4.7 5.3 5.2 Area harv. (mil. acres) : 3.0 2.7 3.2 2.9 Yield (bushels/acre) : 54.7 57.8 58.1 60.5 Beginning stocks : 101 66 67 67 Production : 162 155 187 176 Imports : 81 97 100 100 Supply, total : 343 319 354 343 Feed : 183 155 190 175 Food, seed & industrial : 92 95 95 95 Total domestic : 275 250 285 270 Exports : 2 3 3 3 Use, total : 277 252 288 273 Ending stocks, total : 66 67 66 70 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 66 67 66 70 Outstanding loans : 0 1 1 1 Avg. farm price ($/bu) 2/ : 1.67 1.96 1.45- 1.85 1.55- 1.75 =============================================================================== 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-331-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : September October =============================================================================== 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 5,975 5,907 : Million hundredweight Beginning stocks 2/ : 31.3 25.0 27.1 27.1 Production : 173.9 171.3 181.5 179.4 Imports : 7.4 10.0 10.0 10.0 Supply, total : 212.6 206.3 218.6 216.5 Domestic & residual 3/ : 104.6 102.8 109.9 107.9 Exports, total 4/ : 83.0 76.4 85.0 85.0 Rough : 10.6 12.6 15.0 15.0 Milled (rough equiv.) : 72.4 63.8 70.0 70.0 Use, total : 187.6 179.2 194.9 192.9 Ending stocks : 25.0 27.1 23.7 23.6 CCC inventory : 0.0 0.0 0.0 0.0 Free stocks : 25.0 27.1 23.7 23.6 Avg. farm price ($/cwt) 5/ : 9.15 9.90 9.00-10.00 9.00-10.00 : LONG GRAIN : Harvested acres (mil.) : 2.31 1.96 Yield (pounds/acre) : 5,265 5,777 Beginning stocks : 14.4 10.1 14.1 14.1 Production : 121.7 113.5 126.9 125.4 Supply, total 6/ : 142.4 132.3 149.9 148.5 Domestic & Residual 3/ : 67.4 63.3 68.8 68.8 Exports 7/ : 64.9 55.0 67.0 66.0 Use, total : 132.3 118.3 135.8 134.8 Ending stocks : 10.1 14.1 14.1 13.7 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.78 0.84 Yield (pounds/acre) : 6,676 6,929 Beginning stocks : 15.8 14.3 12.1 12.1 Production : 52.1 57.9 54.6 54.0 Supply, total 6/ : 69.5 73.1 67.7 67.1 Domestic & Residual 3/ : 37.2 39.6 41.1 39.1 Exports 7/ : 18.1 21.4 18.0 19.0 Use, total : 55.3 61.0 59.1 58.1 Ending stocks : 14.3 12.1 8.6 9.0 =============================================================================== 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): 1995/96-1.1; 1996/97-0.6; 1997/98-1.0. 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-331-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :=============================== : : Est. : September October =============================================================================== 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 39.3 39.0 : : Million bushels : Beginning stocks : 335 183 115 132 Production : 2,177 2,382 2,746 2,722 Imports : 4 10 5 5 Supply, total : 2,516 2,576 2,866 2,859 Crushings : 1,370 1,436 1,495 1,495 Exports : 851 882 950 960 Seed : 72 79 74 75 Residual : 40 47 61 58 Use, total : 2,333 2,444 2,580 2,589 Ending stocks : 183 132 285 270 Avg. farm price ($/bu) 2/ : 6.72 7.38 5.60- 6.70 5.75- 6.85 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 1,137 2,015 1,600 1,550 Production : 15,240 15,745 _3/ 16,670 16,670 Imports : 95 55 60 60 Supply, total : 16,472 17,815 18,330 18,280 Domestic : 13,465 14,215 14,300 14,325 Exports : 992 2,050 2,250 2,400 Use, total : 14,457 16,265 16,550 16,725 Ending stocks : 2,015 1,550 1,780 1,555 Average price (c/lb) 2/ : 24.75 22.50 21.75- 23.00- : 24.75 26.00 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 223 212 200 250 Production : 32,527 34,200 _3/ 35,525 35,475 Imports : 75 103 125 125 Supply, total : 32,826 34,515 35,850 35,850 Domestic : 26,611 27,165 28,000 28,200 Exports : 6,002 7,100 7,600 7,400 Use, total : 32,613 34,265 35,600 35,600 Ending stocks : 212 250 250 250 Average price ($/s.t.) 2/ : 236.00 270.90 195.00- 195.00- : 220.00 225.00 =============================================================================== 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 1,444 million bushels. WASDE-331-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :====================== : : Estimate : September October ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,241 1,492 1,554 1,559 Production 2/3/ : 7,370 7,253 7,635 7,635 Beet sugar : 3,916 4,050 4,300 4,300 Cane sugar 4/ : 3,454 3,203 3,335 3,335 Imports 2/ : 2,772 2,789 NA 2,377 TRQ 5/ : 2,231 2,289 NA 2,012 Other 6/ : 541 500 360 365 Total supply : 11,383 11,534 NA 11,571 : Exports 2/7/ : 385 225 200 200 Domestic deliveries 2/ : 9,554 9,750 9,900 9,900 Domestic food use : 9,441 9,579 9,790 9,790 Other 8/ : 113 171 110 110 Miscellaneous 9/ : (48) 0 0 0 Use, total : 9,891 9,975 10,100 10,100 Ending stocks 2/ : 1,492 1,559 NA 1,471 : Stocks to use ratio : 15.1 15.6 NA 14.6 ====================================================================== 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 October 10 Crop Production report and Interagency Sugar Estimates Committee projections. 4/ Estimates by state for 1996/97 (1997/98): FL 1,679 (1,730); HI 360 (340); LA 1,046 (1,150); TX 91 (90); 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 includes no shortfall. 6/ Quota exempt imports (for reexport, for polyhydric alcohol, sugar syrup under USHTS 1702904000, 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-331-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :================================== : : : September October ============================================================================= Area : Million acres Planted : 16.93 14.63 13.91 13.91 Harvested : 16.01 12.87 13.44 13.44 : Pounds : Yield per harv. acre : 536 707 658 658 : : Million 480 pound bales : Beginning stocks 2/ : 2.65 2.61 3.82 3.97 Production : 17.90 18.94 18.42 18.41 Imports : 0.41 0.40 0.03 0.03 Supply, total : 20.96 21.95 22.26 22.41 Domestic use : 10.65 11.13 11.30 11.30 Exports : 7.68 6.87 7.20 6.90 Use, total : 18.32 17.99 18.50 18.20 Unaccounted 3/ : 0.03 -0.01 0.06 0.01 Ending stocks : 2.61 3.97 3.70 4.20 : Avg. farm price 4/ : 75.4 69.3 67.1 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 for upland cotton. 5/ Weighted average price for August 1997. WASDE-331-14 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/ : 118.38 537.31 113.38 92.06 550.29 114.21 105.40 United States : 13.79 59.40 1.85 4.16 31.02 33.78 10.23 Total foreign : 104.60 477.91 111.53 87.90 519.27 80.43 95.17 Major exporters 4/ : 19.94 136.30 21.69 40.32 92.26 66.10 19.57 Argentina : 0.15 8.60 0.03 0.15 4.18 4.46 0.15 Australia : 2.41 16.50 0.02 1.78 3.65 13.30 1.98 Canada : 5.68 25.04 0.13 3.90 7.78 16.34 6.73 EU-15 : 11.71 86.16 21.51 34.49 76.65 32.00 10.72 Major importers 5/ : 35.05 147.90 39.29 15.83 182.34 5.65 34.24 China : 21.74 102.22 12.52 3.20 112.00 0.19 24.30 East. Europe : 6.68 34.97 1.56 11.15 31.22 4.90 7.10 N. Africa : 4.04 8.73 13.63 0.26 24.96 0.01 1.43 Selected other : Baltics 6/ : 0.43 0.96 0.17 0.56 1.25 0.00 0.32 FSU-12 6/7/ : 19.51 59.32 9.28 26.32 71.40 5.76 10.94 Russia : 7.69 30.10 4.99 17.92 39.42 0.18 3.19 Kazakstan : 3.53 6.49 0.04 1.35 4.99 4.36 0.72 : : 1996/97 (Estimated) : World 3/ : 105.40 582.72 110.69 97.54 579.77 116.97 108.36 United States : 10.23 62.19 2.51 8.54 35.61 27.25 12.07 Total foreign : 95.17 520.53 108.18 89.00 544.16 89.72 96.28 Major exporters 4/ : 19.57 168.49 18.57 42.97 98.72 81.35 26.56 Argentina : 0.15 16.10 0.03 0.35 4.88 10.50 0.90 Australia : 1.98 23.59 0.02 1.18 4.50 19.00 2.08 Canada : 6.73 29.80 0.28 4.19 8.22 19.50 9.09 EU-15 : 10.72 99.00 18.24 37.25 81.12 32.35 14.49 Major importers 5/ : 34.24 156.51 31.45 15.65 184.92 1.25 36.04 China : 24.30 110.57 2.80 3.50 113.00 0.20 24.47 East. Europe : 7.10 26.30 3.77 10.50 30.79 0.65 5.72 N. Africa : 1.43 15.97 13.43 0.36 26.69 0.00 4.13 Selected other : Baltics 6/ : 0.32 1.37 0.21 0.55 1.36 0.00 0.53 FSU-12 6/7/ : 10.94 62.94 6.09 22.91 70.58 3.45 5.94 Russia : 3.19 34.90 2.00 14.65 37.81 0.60 1.67 Kazakstan : 0.72 7.70 0.00 1.20 5.10 2.25 1.07 =============================================================================== 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-331-15 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/ : September : 107.90 596.11 111.97 97.23 581.58 111.56 122.42 October : 108.36 600.64 112.12 98.05 581.58 111.38 127.41 United States : September : 12.09 68.23 2.59 7.48 34.70 29.94 18.27 October : 12.07 68.76 2.59 8.85 36.06 29.26 18.10 Total foreign : September : 95.81 527.87 109.39 89.75 546.88 81.62 104.15 October : 96.28 531.88 109.54 89.20 545.52 82.12 109.31 Major exporters 4/ : September : 26.36 148.75 20.01 46.07 100.84 71.38 22.91 October : 26.56 148.95 20.01 45.07 99.84 72.38 23.31 Argentina Sep : 0.70 12.70 0.02 0.15 4.50 8.70 0.22 Oct : 0.90 12.70 0.02 0.15 4.50 8.70 0.42 Australia Sep : 2.08 16.00 0.03 2.10 4.40 12.00 1.71 Oct : 2.08 17.00 0.03 2.10 4.40 12.50 2.21 Canada Sep : 9.09 23.00 0.20 4.20 8.20 17.50 6.59 Oct : 9.09 23.50 0.20 4.20 8.20 18.00 6.59 EU-15 Sep : 14.49 97.05 19.76 39.62 83.74 33.18 14.39 Oct : 14.49 95.75 19.76 38.62 82.74 33.18 14.09 Major importers 5/ : September : 35.71 168.76 31.65 16.65 188.53 3.50 44.09 October : 36.04 168.76 31.25 16.65 188.64 3.50 43.91 China Sep : 24.14 121.00 2.50 3.70 114.00 0.20 33.44 Oct : 24.47 121.00 2.00 3.70 114.00 0.20 33.27 East. Europe Sep : 5.72 34.75 1.40 11.40 33.13 2.90 5.85 Oct : 5.72 34.75 1.40 11.40 33.13 2.90 5.85 N. Africa Sep : 4.13 9.71 16.25 0.31 27.01 0.00 3.08 Oct : 4.13 9.71 16.25 0.31 27.01 0.00 3.08 Selected other : Baltics 6/ Sep : 0.53 1.22 0.27 0.55 1.39 0.00 0.63 Oct : 0.53 1.22 0.27 0.55 1.39 0.00 0.63 FSU-12 6/7/ Sep : 5.94 75.72 5.38 22.06 72.36 4.85 9.82 Oct : 5.94 77.72 4.88 22.06 71.78 4.35 12.40 Russia Sep : 1.67 39.00 1.50 14.25 38.00 0.60 3.57 Oct : 1.67 42.00 1.00 14.25 37.41 1.00 6.26 Kazakstan Sep : 1.07 10.00 0.00 1.65 6.40 3.00 1.67 Oct : 1.07 9.00 0.00 1.65 6.40 2.10 1.57 =============================================================================== 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-331-16 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/ : 136.23 799.58 100.35 548.46 840.10 107.60 95.70 United States : 45.34 209.44 2.79 133.59 180.12 63.00 14.44 Total foreign : 90.89 590.14 97.56 414.87 659.98 44.59 81.26 Major exporters 4/ : 6.50 62.72 1.18 36.19 46.21 18.41 5.77 Argentina : 1.43 14.09 0.01 5.20 7.05 7.76 0.71 Australia : 0.49 9.63 0.03 3.96 5.26 4.22 0.66 Canada : 3.30 24.12 0.87 18.65 21.22 4.16 2.90 Major importers 5/ : 23.57 167.14 66.28 155.08 211.75 22.31 22.93 EU-15 : 12.40 88.49 19.94 68.48 91.57 19.50 9.76 East. Europe : 3.39 52.04 0.73 38.04 48.96 2.76 4.43 Japan : 2.20 0.22 20.28 16.55 20.62 0.00 2.09 Selected other : China : 28.76 124.50 2.96 86.03 122.28 0.25 33.70 Baltics 6/ : 0.53 2.05 0.26 1.73 2.47 0.02 0.34 FSU-12 6/7/ : 11.92 57.36 1.80 44.08 63.54 1.51 6.03 Russia : 6.24 30.70 0.86 23.21 35.80 0.46 1.53 Ukraine : 3.00 15.61 0.00 12.13 15.66 0.20 2.74 : : 1996/97 (Estimated) : World 3/ : 95.70 901.94 99.37 581.17 878.69 103.15 118.95 United States : 14.44 267.56 2.92 157.23 206.51 51.38 27.03 Total foreign : 81.26 634.38 96.44 423.94 672.19 51.76 91.92 Major exporters 4/ : 5.77 69.43 1.39 36.32 46.41 22.88 7.32 Argentina : 0.71 17.99 0.07 4.76 6.55 11.49 0.73 Australia : 0.66 9.83 0.00 4.36 5.59 4.36 0.54 Canada : 2.90 27.99 0.91 18.68 21.33 5.53 4.95 Major importers 5/ : 22.93 182.85 57.14 159.18 216.60 21.62 24.69 EU-15 : 9.76 103.73 14.68 72.29 95.85 20.07 12.26 East. Europe : 4.43 49.77 1.51 38.72 49.61 1.48 4.62 Japan : 2.09 0.24 20.22 16.43 20.54 0.00 2.00 Selected other : China : 33.70 141.37 2.13 93.11 130.93 4.05 42.21 Baltics 6/ : 0.34 2.63 0.38 2.22 2.97 0.00 0.39 FSU-12 6/7/ : 6.03 52.52 1.48 35.51 55.01 1.30 3.71 Russia : 1.53 31.80 0.60 19.34 32.20 0.70 1.03 Ukraine : 2.74 9.54 0.03 7.68 11.04 0.23 1.04 =============================================================================== 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-331-17 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/ : September : 121.96 881.75 100.09 597.74 898.05 103.53 105.65 October : 118.95 878.86 102.12 601.71 898.13 104.76 99.69 United States : September : 28.60 263.22 2.96 159.32 210.76 57.76 26.26 October : 27.03 264.34 2.96 160.64 211.96 58.09 24.29 Total foreign : September : 93.36 618.53 97.13 438.42 687.29 45.77 79.39 October : 91.92 614.52 99.16 441.07 686.17 46.67 75.39 Major exporters 4/ : September : 7.32 60.95 1.85 37.41 47.30 16.79 6.04 October : 7.32 60.89 2.15 37.34 47.24 17.19 5.94 Argentina Sep : 0.73 15.91 0.01 5.83 7.42 8.50 0.73 Oct : 0.73 15.91 0.01 5.83 7.42 8.50 0.73 Australia Sep : 0.54 7.06 0.00 3.91 5.11 1.96 0.53 Oct : 0.54 7.56 0.00 3.91 5.11 2.46 0.53 Canada Sep : 4.95 25.44 0.81 19.42 22.10 5.25 3.85 Oct : 4.95 24.84 1.01 19.22 21.90 5.15 3.75 Major importers 5/ : September : 25.98 188.52 56.83 163.49 220.96 23.91 26.46 October : 24.69 190.98 57.36 165.47 223.06 23.21 26.76 EU-15 Sep : 13.66 106.86 14.63 74.50 97.91 21.43 15.81 Oct : 12.26 107.03 14.66 75.75 99.21 20.48 14.26 East. Europe Sep : 4.62 52.84 0.89 40.98 51.92 2.45 3.98 Oct : 4.62 55.14 0.89 41.28 52.22 2.70 5.73 Japan Sep : 2.00 0.20 20.47 16.66 20.77 0.00 1.90 Oct : 2.00 0.20 20.47 16.66 20.77 0.00 1.90 Selected other : China Sep : 42.21 123.15 2.55 100.04 138.38 1.53 28.01 Oct : 42.21 118.15 2.55 100.04 137.88 2.53 22.51 Baltics 6/ Sep : 0.39 2.39 0.36 1.99 2.76 0.00 0.38 Oct : 0.39 2.39 0.36 1.99 2.76 0.00 0.38 FSU-12 6/7/ Sep : 3.71 62.83 1.39 37.96 58.23 2.13 7.58 Oct : 3.71 64.33 1.39 38.56 58.23 2.13 9.08 Russia Sep : 1.03 36.90 0.45 20.66 34.05 1.05 3.28 Oct : 1.03 38.40 0.45 21.26 34.05 1.05 4.78 Ukraine Sep : 1.04 14.20 0.00 8.51 12.10 0.53 2.62 Oct : 1.04 14.20 0.00 8.51 12.10 0.53 2.62 =============================================================================== 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-331-18 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/ : 94.12 516.15 70.45 367.47 544.07 77.56 66.20 United States : 39.57 187.30 0.42 118.93 159.89 56.59 10.82 Total foreign : 54.55 328.84 70.03 248.54 384.18 20.97 55.38 Major exporters 4/ : 2.38 25.00 0.26 11.20 16.75 9.00 1.90 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 : 0.38 3.70 0.26 3.90 3.95 0.10 0.30 Major importers 5/ : 10.27 72.95 48.09 77.82 110.65 9.81 10.85 EU-15 : 2.93 29.22 10.42 24.54 32.77 7.48 2.33 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 0.08 0.08 0.08 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/ : 66.20 589.82 69.24 397.55 571.83 71.83 84.18 United States : 10.82 236.06 0.33 136.36 179.29 45.47 22.46 Total foreign : 55.38 353.75 68.91 261.19 392.54 26.36 61.73 Major exporters 4/ : 1.90 27.61 0.33 10.68 16.34 12.00 1.50 Argentina : 0.40 14.70 0.00 2.70 4.20 10.50 0.40 South Africa : 1.20 9.01 0.03 3.98 7.99 1.40 0.85 Thailand : 0.30 3.90 0.30 4.00 4.15 0.10 0.25 Major importers 5/ : 10.85 80.33 42.55 80.18 113.50 9.03 11.19 EU-15 : 2.33 34.63 9.30 26.78 35.24 7.58 3.43 Japan : 1.09 0.00 15.50 11.85 15.65 0.00 0.94 Selected other : China : 32.70 127.47 0.08 88.50 115.24 4.00 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 3.59 5.73 0.25 0.97 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-331-19 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/ : September : 86.28 573.68 70.30 413.55 589.12 71.91 70.85 October : 84.18 570.40 71.45 416.21 590.88 73.06 63.70 United States : September : 23.91 235.41 0.25 140.98 186.19 51.44 21.95 October : 22.46 236.53 0.25 142.88 187.97 51.44 19.83 Total foreign : September : 62.37 338.27 70.05 272.58 402.93 20.47 48.90 October : 61.73 333.87 71.20 273.33 402.91 21.62 43.87 Major exporters 4/ : September : 1.50 24.70 1.00 11.60 17.05 8.78 1.37 October : 1.50 24.70 1.10 11.70 17.15 8.78 1.37 Argentina Sep : 0.40 13.00 0.00 3.95 5.25 7.70 0.45 Oct : 0.40 13.00 0.00 3.95 5.25 7.70 0.45 South Africa Sep : 0.85 8.50 0.25 3.80 7.80 1.00 0.80 Oct : 0.85 8.50 0.35 3.90 7.90 1.00 0.80 Thailand Sep : 0.25 3.20 0.75 3.85 4.00 0.08 0.12 Oct : 0.25 3.20 0.75 3.85 4.00 0.08 0.12 Major importers 5/ : September : 11.69 82.34 42.37 81.85 115.23 9.00 12.17 October : 11.19 84.94 42.87 83.50 116.98 9.25 12.78 EU-15 Sep : 4.03 36.13 8.90 27.98 36.43 7.03 5.60 Oct : 3.43 36.43 8.90 28.93 37.38 7.03 4.35 Japan Sep : 0.94 0.00 15.50 11.70 15.50 0.00 0.94 Oct : 0.94 0.00 15.50 11.70 15.50 0.00 0.94 Selected other : China Sep : 41.00 110.00 0.25 95.00 122.75 1.50 27.00 Oct : 41.00 105.00 0.25 95.00 122.25 2.50 21.50 Baltics 6/ Sep : 0.02 0.00 0.15 0.15 0.15 0.00 0.02 Oct : 0.02 0.00 0.15 0.15 0.15 0.00 0.02 FSU-12 6/7/ Sep : 0.97 7.74 0.34 4.34 6.39 0.45 2.20 Oct : 0.97 7.74 0.34 4.34 6.39 0.45 2.20 Russia Sep : 0.16 2.20 0.10 1.26 2.10 0.00 0.36 Oct : 0.16 2.20 0.10 1.26 2.10 0.00 0.36 =============================================================================== 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-331-20 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/ : 49.06 371.60 19.58 370.53 20.19 50.13 United States : 1.05 5.63 0.24 3.42 2.69 0.81 Total foreign : 48.01 365.97 19.34 367.11 17.51 49.32 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/ : 3.14 38.86 6.40 43.31 0.93 4.16 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/ : 50.13 380.03 16.99 376.24 18.91 53.92 United States : 0.81 5.60 0.32 3.34 2.50 0.89 Total foreign : 49.32 374.44 16.67 372.90 16.42 53.03 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/ : 4.16 38.70 5.84 44.14 1.30 3.26 Indonesia : 2.62 32.90 0.75 34.30 0.00 1.97 Selected other : China : 21.46 136.57 0.60 132.07 0.75 25.81 Japan : 2.62 9.41 0.60 9.25 0.30 3.08 : : 1997/98 (Projected) World 3/ : September : 54.17 378.68 18.38 380.05 19.28 52.81 October : 53.92 380.89 18.54 381.47 19.78 53.34 United States : September : 0.89 5.93 0.32 3.58 2.78 0.77 October : 0.89 5.86 0.32 3.52 2.78 0.77 Total foreign : September : 53.29 372.76 18.06 376.47 16.50 52.04 October : 53.03 375.03 18.22 377.96 17.00 52.57 Major exporters 4/ : September : 1.93 45.90 0.00 35.10 10.63 2.10 October : 1.93 45.90 0.00 35.10 10.63 2.10 Thailand Sep : 0.81 14.00 0.00 8.60 5.25 0.96 Oct : 0.81 14.00 0.00 8.60 5.25 0.96 Vietnam Sep : 0.00 18.00 0.00 14.50 3.50 0.00 Oct : 0.00 18.00 0.00 14.50 3.50 0.00 Major importers 5/ : September : 3.26 38.97 6.51 45.22 1.17 2.34 October : 3.26 38.92 6.51 45.17 1.17 2.34 Indonesia Sep : 1.97 33.30 1.00 35.20 0.00 1.07 Oct : 1.97 33.30 1.00 35.20 0.00 1.07 Selected other : China Sep : 25.81 134.00 1.00 134.00 0.50 26.31 Oct : 25.81 136.00 1.00 135.00 1.00 26.81 Japan Sep : 3.08 9.00 0.60 9.20 0.20 3.28 Oct : 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-331-21 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 32.08 112.12 131.55 31.95 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 74.85 91.23 8.78 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/ : 16.72 131.36 36.25 115.92 135.58 35.98 12.77 United States : 4.99 64.84 0.27 39.08 42.52 24.00 3.58 Total foreign : 11.73 66.52 35.98 76.84 93.07 11.98 9.19 Major exporters 3/ : 9.29 40.60 1.10 31.90 33.87 10.40 6.72 Argentina : 4.22 11.50 0.30 10.95 11.45 0.75 3.82 Brazil : 5.07 26.50 0.80 20.10 21.47 8.00 2.90 Major importers 4/ : 1.41 14.49 22.32 27.03 36.36 0.48 1.38 EU-15 : 0.86 1.15 15.12 14.70 16.06 0.28 0.79 Japan : 0.55 0.12 5.00 3.81 5.08 0.00 0.59 China : 0.00 13.22 2.20 8.52 15.22 0.20 0.00 : : 1997/98 (Projected) World 2/ : September : 12.39 147.40 38.29 120.60 141.08 38.30 18.69 October : 12.77 147.24 38.59 121.41 141.86 38.57 18.16 United States : September : 3.13 74.73 0.14 40.69 44.37 25.86 7.77 October : 3.58 74.08 0.14 40.69 44.32 26.13 7.35 Total foreign : September : 9.26 72.67 38.15 79.92 96.71 12.44 10.92 October : 9.19 73.17 38.45 80.73 97.54 12.44 10.82 Major exporters 3/ : September : 6.92 44.90 2.20 32.78 35.03 10.53 8.47 October : 6.72 44.90 2.40 32.98 35.23 10.53 8.27 Argentina Sep : 4.02 14.20 0.20 11.65 12.20 1.50 4.72 Oct : 3.82 14.20 0.40 11.85 12.40 1.50 4.52 Brazil Sep : 2.90 28.00 2.00 20.20 21.80 7.35 3.75 Oct : 2.90 28.00 2.00 20.20 21.80 7.35 3.75 Major importers 4/ : September : 1.26 15.03 22.83 28.04 37.43 0.49 1.20 October : 1.38 15.06 22.93 28.15 37.56 0.49 1.33 EU-15 Sep : 0.79 1.41 15.08 14.74 16.15 0.29 0.84 Oct : 0.79 1.44 15.08 14.77 16.18 0.29 0.84 Japan Sep : 0.47 0.12 4.75 3.70 4.98 0.00 0.36 Oct : 0.59 0.12 4.85 3.80 5.08 0.00 0.49 China Sep : 0.00 13.50 3.00 9.60 16.30 0.20 0.00 Oct : 0.00 13.50 3.00 9.58 16.30 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-331-22 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 89.15 32.71 88.14 33.77 4.34 United States : 0.20 29.51 0.07 24.14 5.45 0.19 Total foreign : 4.19 59.64 32.64 63.99 28.33 4.15 Major exporters 3/ : 1.50 28.62 0.10 6.08 22.76 1.39 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 0.49 2.60 0.11 Major importers 4/ : 1.19 17.54 19.61 32.87 4.24 1.23 EU-15 : 1.12 10.91 15.79 22.60 4.07 1.15 China : 0.00 6.04 1.55 7.49 0.10 0.00 : : 1996/97 (Estimated) World 2/ : 4.34 92.31 33.73 92.35 33.90 4.14 United States : 0.19 31.03 0.09 24.64 6.44 0.23 Total foreign : 4.15 61.29 33.64 67.71 27.46 3.91 Major exporters 3/ : 1.39 27.73 0.20 6.31 21.76 1.24 Argentina : 0.30 8.92 0.00 0.38 8.60 0.25 Brazil : 0.97 15.88 0.20 5.40 10.66 0.99 India : 0.11 2.92 0.00 0.53 2.50 0.00 Major importers 4/ : 1.23 19.20 20.30 35.44 4.21 1.08 EU-15 : 1.15 11.71 14.98 22.68 4.15 1.00 China : 0.00 6.90 3.30 10.18 0.03 0.00 : : 1997/98 (Projected) World 2/ : September : 4.07 96.09 35.01 96.19 34.99 3.99 October : 4.14 96.70 35.26 96.83 35.21 4.05 United States : September : 0.18 32.23 0.11 25.40 6.90 0.23 October : 0.23 32.18 0.11 25.58 6.71 0.23 Total foreign : September : 3.88 63.87 34.90 70.79 28.10 3.76 October : 3.91 64.51 35.15 71.25 28.50 3.82 Major exporters 3/ : September : 1.22 28.65 0.10 6.34 22.40 1.23 October : 1.24 29.22 0.10 6.49 22.80 1.27 Argentina Sep : 0.23 9.50 0.00 0.39 9.00 0.33 Oct : 0.25 9.66 0.00 0.39 9.15 0.37 Brazil Sep : 0.99 15.96 0.10 5.50 10.65 0.90 Oct : 0.99 15.96 0.10 5.50 10.65 0.90 India Sep : 0.00 3.20 0.00 0.45 2.75 0.00 Oct : 0.00 3.60 0.00 0.60 3.00 0.00 Major importers 4/ : September : 1.08 20.13 21.39 37.37 4.11 1.12 October : 1.08 20.14 21.64 37.62 4.11 1.12 EU-15 Sep : 1.00 11.75 15.50 23.15 4.05 1.05 Oct : 1.00 11.77 15.50 23.17 4.05 1.05 China Sep : 0.00 7.78 3.75 11.50 0.03 0.00 Oct : 0.00 7.76 4.00 11.74 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-331-23 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 19.64 5.29 2.51 United States : 0.52 6.91 0.04 6.11 0.45 0.91 Total foreign : 1.63 13.26 5.09 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 20.72 5.84 20.87 5.91 2.30 United States : 0.91 7.14 0.03 6.45 0.93 0.70 Total foreign : 1.60 13.58 5.82 14.42 4.98 1.60 Major exporters 3/ : 0.84 8.31 0.69 4.68 4.30 0.86 Argentina : 0.28 1.89 0.00 0.10 1.78 0.30 Brazil : 0.38 3.76 0.18 2.60 1.33 0.38 EU-15 : 0.19 2.66 0.52 1.98 1.20 0.18 Major importers 4/ : 0.27 1.98 1.91 3.78 0.15 0.23 China : 0.27 1.31 1.65 2.85 0.15 0.23 Pakistan : 0.01 0.01 0.15 0.16 0.00 0.01 : : 1997/98 (Projected) World 2/ : September : 2.36 21.67 6.13 21.76 6.02 2.39 October : 2.30 21.82 6.28 21.99 6.19 2.22 United States : September : 0.73 7.56 0.03 6.49 1.02 0.81 October : 0.70 7.56 0.03 6.50 1.09 0.71 Total foreign : September : 1.64 14.11 6.10 15.27 5.00 1.58 October : 1.60 14.26 6.25 15.50 5.10 1.51 Major exporters 3/ : September : 0.86 8.45 0.72 4.84 4.40 0.79 October : 0.86 8.49 0.72 4.84 4.50 0.73 Argentina Sep : 0.29 2.02 0.00 0.10 1.90 0.31 Oct : 0.30 2.05 0.00 0.10 2.00 0.25 Brazil Sep : 0.38 3.78 0.17 2.70 1.33 0.30 Oct : 0.38 3.78 0.17 2.70 1.33 0.31 EU-15 Sep : 0.18 2.66 0.55 2.04 1.17 0.18 Oct : 0.18 2.66 0.55 2.04 1.17 0.18 Major importers 4/ : September : 0.28 2.20 1.89 4.07 0.02 0.28 October : 0.23 2.29 2.04 4.29 0.02 0.26 China Sep : 0.27 1.47 1.60 3.05 0.02 0.27 Oct : 0.23 1.48 1.75 3.23 0.02 0.20 Pakistan Sep : 0.01 0.01 0.15 0.16 0.00 0.01 Oct : 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-331-24 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 92.98 27.57 86.88 27.52 0.34 34.11 United States : 2.65 17.90 0.41 10.65 7.68 0.03 2.61 Total Foreign : 25.65 75.08 27.16 76.23 19.85 0.31 31.51 Major exporters 5/: 9.02 42.19 0.88 26.96 14.85 0.07 10.21 Pakistan : 1.69 8.20 0.12 7.20 1.43 0.02 1.36 India : 2.73 13.25 0.04 11.95 0.62 0.00 3.46 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 : 34.11 89.01 28.24 88.10 26.56 0.30 36.40 United States : 2.61 18.94 0.40 11.13 6.87 -0.01 3.97 Total Foreign : 31.51 70.07 27.84 76.98 19.70 0.30 32.43 Major exporters 5/: 10.21 40.91 1.53 27.66 14.99 0.07 9.92 Pakistan : 1.36 7.30 0.26 7.00 0.12 0.03 1.77 India : 3.46 13.78 0.04 12.90 1.30 0.00 3.08 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 5.20 0.03 0.94 4.48 0.02 2.20 Australia : 0.75 2.80 4/ 0.21 2.45 0.00 0.89 Argentina : 1.35 1.49 0.01 0.47 1.33 0.01 1.04 Major importers : 18.89 22.48 20.97 40.43 1.56 0.19 20.16 Brazil : 1.15 1.30 2.30 3.90 0.00 0.00 0.85 China : 13.20 19.30 3.61 21.00 0.02 0.00 15.10 Europe : 2.28 1.84 6.17 6.63 1.40 0.16 2.09 Selected Asia 8/: 1.95 0.05 7.99 7.96 0.15 0.03 1.85 Indonesia : 0.12 0.02 2.15 2.15 0.00 0.03 0.11 South Korea : 0.55 4/ 1.35 1.40 0.01 0.00 0.49 Russia : 0.32 0.00 0.90 0.95 0.00 0.00 0.27 =============================================================================== 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 1.52 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-331-25 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 : September : 36.28 88.82 27.98 89.59 27.92 0.39 35.18 October : 36.40 89.87 27.35 90.14 27.32 0.34 35.83 United States : September : 3.82 18.42 0.03 11.30 7.20 0.06 3.70 October : 3.97 18.41 0.03 11.30 6.90 0.01 4.20 Total Foreign : September : 32.46 70.41 27.95 78.29 20.72 0.33 31.48 October : 32.43 71.46 27.33 78.84 20.42 0.33 31.63 Major exporters 5/: September : 9.82 42.58 1.72 28.05 16.10 0.08 9.90 October : 9.92 43.46 1.65 28.46 15.97 0.08 10.51 Pakistan Sep : 1.77 8.00 0.10 7.20 0.90 0.03 1.75 Oct : 1.77 8.00 0.10 7.20 0.85 0.03 1.80 India Sep : 2.98 12.80 0.20 12.90 0.30 0.00 2.78 Oct : 3.08 13.10 0.10 13.20 0.30 0.00 2.78 Uzbekistan Sep : 0.71 5.80 0.01 0.85 4.90 0.00 0.76 Oct : 0.71 5.80 0.01 0.85 4.80 0.00 0.86 TurkmenistanSep : 0.43 0.70 0.00 0.19 0.70 0.00 0.24 Oct : 0.43 1.00 0.00 0.19 0.90 0.00 0.34 Afr.Fr.Zn.6/Sep : 0.42 3.78 0.02 0.29 3.45 0.00 0.47 Oct : 0.42 3.78 0.02 0.29 3.30 0.00 0.63 S. Hem. 7/ Sep : 2.11 5.90 0.10 0.96 4.75 0.03 2.37 Oct : 2.20 6.18 0.08 0.98 4.78 0.03 2.68 Australia Sep : 0.83 2.80 0.00 0.22 2.50 0.00 0.91 Oct : 0.89 2.80 0.00 0.22 2.40 0.00 1.07 Argentina Sep : 1.00 1.85 0.05 0.47 1.30 0.01 1.12 Oct : 1.04 2.10 0.05 0.49 1.40 0.01 1.30 Maj. imp. Sep : 20.12 21.28 20.35 40.90 1.53 0.20 19.11 Oct : 20.16 21.43 19.80 41.05 1.53 0.20 18.60 Brazil Sep : 0.85 1.60 2.30 3.80 0.00 0.00 0.95 Oct : 0.85 1.75 2.20 3.85 0.00 0.00 0.95 China Sep : 14.99 17.50 2.70 21.20 0.05 0.00 13.94 Oct : 15.10 17.50 2.40 21.50 0.05 0.00 13.45 Europe Sep : 2.09 2.13 6.15 6.73 1.37 0.15 2.13 Oct : 2.09 2.13 6.15 6.73 1.37 0.15 2.13 Sel. Asia 8/Sep : 1.93 0.05 8.15 8.12 0.11 0.05 1.84 Oct : 1.85 0.05 8.00 7.92 0.11 0.05 1.82 Indonesia Sep : 0.14 0.02 2.35 2.35 0.00 0.05 0.10 Oct : 0.11 0.02 2.35 2.30 0.00 0.05 0.13 S. Korea Sep : 0.54 4/ 1.35 1.35 0.01 0.00 0.53 Oct : 0.49 4/ 1.35 1.35 0.01 0.00 0.48 Russia Sep : 0.27 0.00 1.05 1.05 0.00 0.00 0.27 Oct : 0.27 0.00 1.05 1.05 0.00 0.00 0.27 =============================================================================== 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-331-26 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 : 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 10458 6628 1235 7986 18444 1587 38.9 II : 6419 4091 10655 6948 1404 8491 19146 1591 40.6 III : 6620 4200 10958 6925 1400 8450 19408 1605 38.8 IV *: 6150 4550 10835 6900 1425 8450 19285 1655 38.2 Annual : Sep Proj : 25261 17060 42888 27425 5462 33404 76292 6443 156.4 Oct Proj : 25301 17035 42906 27401 5465 33377 76283 6438 156.6 : 1998 : I *: 6050 4500 10677 7100 1300 8530 19207 1605 39.2 II *: 6200 4500 10820 7350 1450 8940 19760 1615 40.8 III *: 6525 4600 11242 7500 1500 9135 20377 1670 38.7 Annual : Sep Proj : 24800 18475 43762 29200 5725 35460 79222 6580 156.9 Oct Proj : 24825 18500 43812 29200 5725 35460 79272 6580 157.1 =============================================================================== * 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 : 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 : 65.65 54.45 62.0 68.2 79.7 12.63 IV *: 67-69 47-49 57-59 72-74 81-85 13.90-14.30 Annual : Sep Proj : 66-67 53-54 60-61 67-68 79-81 13.10-13.30 Oct Proj : 66.67 52.48 59.8 66.6 79.9 13.25-13.35 : 1998 : I *: 69-75 45-49 56-60 58-62 72-78 13.10-13.80 II *: 71-77 46-50 58-62 60-64 67-73 12.00-13.00 III *: 70-76 47-51 60-64 62-68 72-78 12.20-13.20 Annual : Sep Proj : 70-76 51-55 57-62 62-67 72-78 12.65-13.65 Oct Proj : 70-76 45-49 57-62 62-67 72-78 12.75-13.65 =============================================================================== *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-331-27 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. Sep : 377 25367 2467 28211 1918 375 25918 67.2 Oct : 377 25407 2467 28251 1918 400 25933 67.2 1998 Proj. Sep : 375 24906 2680 27961 2095 350 25516 65.6 Oct : 400 24931 2680 28011 2095 350 25566 65.7 : PORK : 1996 : 396 17117 618 18131 951 366 16814 49.1 1997 Proj. Sep : 366 17092 590 18048 1100 400 16548 47.9 Oct : 366 17067 620 18053 1064 400 16589 48.0 1998 Proj. Sep : 400 18507 605 19512 1210 380 17922 51.4 Oct : 400 18532 615 19547 1150 380 18017 51.7 : TOTAL RED MEAT 4/ : 1996 : 930 43288 2764 46982 2834 759 43389 119.1 1997 Proj. Sep : 759 43041 3146 46946 3025 792 43129 117.3 Oct : 759 43059 3176 46994 2989 819 43186 117.4 1998 Proj. Sep : 792 43915 3370 48077 3313 747 44017 118.9 Oct : 819 43965 3387 48171 3253 747 44171 119.3 : BROILERS : 1996 : 560 26124 4 26688 4420 641 21626 70.8 1997 Proj. Sep : 641 27199 4 27844 4630 675 22539 73.1 Oct : 641 27174 4 27820 4630 650 22540 73.1 1998 Proj. Sep : 675 28953 3 29631 4750 750 24131 77.5 Oct : 650 28953 3 29606 4750 750 24106 77.5 : TURKEYS : 1996 : 271 5401 1 5673 438 328 4906 18.5 1997 Proj. Sep : 328 5397 1 5726 547 325 4853 18.1 Oct : 328 5399 1 5728 547 325 4856 18.1 1998 Proj. Sep : 325 5656 1 5982 575 325 5081 18.8 Oct : 325 5656 1 5982 575 325 5081 18.8 : TOTAL POULTRY 5/ : 1996 : 839 32015 5 32859 5123 975 26760 90.1 1997 Proj. Sep : 975 33116 5 34096 5554 1010 27532 91.7 Oct : 975 33089 5 34069 5554 985 27530 91.7 1998 Proj. Sep : 1010 35148 4 36162 5713 1080 29368 96.9 Oct : 985 35148 4 36137 5713 1080 29343 96.8 : RED MEAT & POULTRY: 1996 : 1769 75303 2769 79841 7957 1734 70149 209.2 1997 Proj. Sep : 1734 76157 3151 81042 8579 1802 70661 209.0 Oct : 1734 76148 3181 81063 8543 1804 70716 209.1 1998 Proj. Sep : 1802 79063 3374 84239 9026 1827 73385 215.8 Oct : 1804 79113 3391 84308 8966 1827 73514 216.1 ============================================================================ 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-331-28 U.S. Egg Supply and Use =============================================================================== : : : 1997 Projected : 1998 Projected : : :-----------------:----------------- Commodity : 1995 : 1996 : Sep : Oct : Sep : Oct =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 14.9 11.2 8.5 8.5 10.0 10.0 Production : 6215.6 6358.3 6442.9 6437.9 6580.0 6580.0 Imports : 4.1 5.4 5.4 5.4 4.0 4.0 Total supply : 6234.6 6374.9 6456.8 6451.8 6594.0 6594.0 : Use : Exports : 208.9 253.1 235.0 220.0 255.0 255.0 Hatching use : 847.2 864.7 896.2 896.2 940.0 940.0 Ending stocks : 11.2 8.5 10.0 10.0 10.0 10.0 Consumption : Total : 5167.3 5248.5 5315.7 5325.7 5389.0 5389.0 Per capita (number) : 235.7 237.2 238.0 238.5 239.1 239.1 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1996/97 Proj 1/: 1997/98 Proj 1/ Commodity :1994/95:1995/96:-----------------:----------------- : 1/ : 1/ : Sep : Oct : Sep : Oct =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 4.6 4.6 4.9 4.9 6.1 6.2 Production : 155.6 154.1 156.2 156.3 156.7 156.9 Farm use : 1.6 1.5 1.4 1.4 1.3 1.3 Marketings : 154.0 152.6 154.8 154.9 155.4 155.6 Imports 2/ : 2.8 2.8 3.0 3.0 3.3 3.3 Total cml. supply 2/ : 161.5 160.0 162.7 162.9 164.8 165.1 Use : Commercial use 2/ 3/ : 154.0 154.9 155.9 155.9 157.9 158.0 Ending commercial stks. 2/: 4.6 4.9 6.1 6.2 5.7 5.7 CCC net removals: : Milkfat basis 4/ : 2.9 0.1 0.8 0.8 1.2 1.4 Skim-solids basis 4/ : 4.9 1.1 2.8 2.7 2.6 3.1 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) 5/ : 11.59 13.50 11.80- 11.90 11.50- 11.60- : 11.90 12.30 12.40 All milk 6/ : 12.54 14.49 13.50- 13.60 12.70- 12.80- : 13.60 13.50 13.60 : : Million pounds CCC product net removals 4/: Butter : 110 1 27 27 45 55 Cheese : 8 5 11 10 7 7 Nonfat dry milk : 384 84 230 220 210 250 Dry whole milk : 44 7 6 7 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-331-29 Note: Tables on pages 29-31 present a 16-year record of the differences between the October projection and the final estimate. Using world wheat production as an example, changes between the October projection and the final estimate have averaged 8.3 million tons (1.6%) ranging from -26.7 to 9.5 million tons. The October projection has been below the estimate 9 times and above 7 times. Reliability of October 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 : 1.6 8.3 -26.7 9.5 9 7 U.S. : 0.4 0.2 -1.2 0.5 8 6 Foreign : 1.8 8.3 -26.8 9.6 9 7 Exports : World : 3.4 3.8 -12.5 3.0 10 5 U.S. : 8.5 3.0 -10.0 5.2 7 9 Foreign : 4.4 3.4 -10.5 3.9 12 4 Domestic use : World : 1.3 6.6 -22.7 7.0 9 7 U.S. : 6.5 2.0 -3.3 3.6 7 9 Foreign : 1.3 6.3 -20.3 9.2 10 6 Ending stocks : World : 6.1 7.3 -23.8 13.5 9 7 U.S. : 10.8 2.7 -4.9 6.8 7 9 Foreign : 6.1 5.6 -22.8 7.9 10 6 : COARSE GRAINS 3/ : Production : World : 1.4 11.5 -33.7 9.6 11 5 U.S. : 2.7 6.0 -14.5 17.9 11 5 Foreign : 1.5 8.8 -22.2 7.5 12 4 Exports : World : 6.0 6.2 -12.0 13.7 10 6 U.S. : 14.0 7.5 -14.9 15.5 8 8 Foreign : 11.3 5.5 -10.8 8.9 8 8 Domestic use : World : 1.2 9.5 -22.6 19.2 9 7 U.S. : 3.7 6.5 -13.4 17.0 8 8 Foreign : 1.3 8.2 -19.1 17.2 10 6 Ending stocks : World : 8.9 12.1 -39.0 14.9 11 5 U.S. : 18.1 10.2 -29.1 16.3 8 8 Foreign : 11.5 7.7 -16.0 7.2 13 3 : RICE, milled : Production : World : 2.4 7.7 -20.9 3.0 14 1 U.S. : 3.3 0.2 -0.4 0.3 9 7 Foreign : 2.4 7.7 -21.0 3.1 14 2 Exports : World : 7.7 1.2 -4.4 1.1 11 5 U.S. : 8.0 0.2 -0.8 0.6 8 7 Foreign : 9.4 1.2 -3.6 1.2 11 5 Domestic use : World : 1.9 5.9 -20.3 2.5 13 3 U.S. : 5.6 0.1 -0.3 0.4 9 7 Foreign : 1.9 5.9 -20.7 2.7 13 3 Ending stocks : World : 10.8 3.8 -8.6 3.2 12 4 U.S. : 13.2 0.2 -0.7 0.3 8 7 Foreign : 11.6 3.9 -8.6 3.0 12 4 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-331-30 Reliability of October 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 : 2.4 2.5 -6.1 4.5 7 9 U.S. : 3.0 1.6 -3.2 3.1 7 9 Foreign : 4.4 2.2 -5.1 4.0 7 9 Exports : World : 5.2 1.5 -3.7 2.5 11 5 U.S. : 9.1 1.8 -2.9 5.8 10 6 Foreign : 16.3 1.2 -3.4 2.5 7 9 Domestic use : World : 2.7 2.9 -7.0 2.9 9 7 U.S. : 3.0 1.1 -3.1 1.3 12 4 Foreign : 3.6 2.6 -4.7 3.6 10 6 Ending stocks : World : 14.6 2.4 -5.2 5.4 7 9 U.S. : 29.4 2.1 -4.2 4.5 5 11 Foreign : 14.5 1.5 -3.6 3.2 8 8 : COTTON : Million 480-pound bales Production : World : 3.7 3.1 -10.1 9.9 8 7 U.S. : 3.7 0.5 -1.4 1.2 10 6 Foreign : 4.4 3.0 -10.4 10.2 7 8 Exports : World : 4.2 1.0 -3.1 1.3 7 9 U.S. : 14.8 0.8 -2.4 1.5 8 8 Foreign : 6.1 1.1 -3.2 1.8 7 9 Mill use : World : 2.3 1.8 -6.1 3.4 7 9 U.S. : 5.3 0.4 -0.9 0.9 10 5 Foreign : 2.3 1.7 -5.6 4.0 7 9 Ending stocks : World : 13.1 4.5 -11.0 12.4 7 9 U.S. : 25.5 1.0 -2.0 2.3 5 11 Foreign : 14.1 4.3 -11.5 11.7 10 6 ------------------------------------------------------------------------------- 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-331-31 Reliability of United States October 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 : 2.9 216 -541 618 10 6 Exports : 14.2 261 -575 533 7 9 Domestic use : 4.2 245 -558 530 9 7 Ending stocks : 20.9 362 -1187 629 8 8 : SORGHUM : Production : 3.8 26 -59 71 10 6 Exports : 19.8 47 -115 97 8 8 Domestic use : 9.3 46 -114 78 8 8 Ending stocks : 38.6 53 -142 110 6 10 : BARLEY : Production : 1.4 7 -12 24 7 6 Exports : 32.0 19 -37 38 8 7 Domestic use : 5.5 22 -47 70 9 6 Ending stocks : 10.0 17 -38 56 9 7 : OATS : Production : 0.9 4 -18 16 6 5 Exports : 83.9 2 -4 8 4 7 Domestic use : 3.7 15 -39 36 8 7 Ending stocks : 16.2 22 -46 47 11 5 : : Thousand short tons SOYBEAN MEAL : Production : 2.8 803 -2388 1050 11 5 Exports : 8.9 555 -1400 741 6 9 Domestic use : 2.9 616 -1250 1075 10 6 Ending stocks : 30.7 71 -179 198 5 11 : : Million pounds SOYBEAN OIL : Production : 3.1 403 -942 791 11 5 Exports : 23.2 334 -1125 910 9 7 Domestic use : 2.4 281 -985 450 12 4 Ending stocks : 26.8 382 -791 750 6 10 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 3.7 836 -333 2413 9 5 Pork : 2.9 500 -1240 1592 6 8 Broilers : 2.0 305 -489 596 12 2 Turkeys : 2.3 81 -123 233 11 3 : : Million dozen Eggs : 1.8 97 -111 188 10 4 : : Billion pounds Milk : 1.3 1.8 -6.2 4.6 6 8 ------------------------------------------------------------------------------- 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 ----