WASDE-334 - January 13, 1998 WHEAT: Projected U.S. 1997/98 ending stocks are up 29 million bushels from last month because of reduced domestic use. Feed and residual use is down 25 million bushels because the reported December 1 stocks implied smaller-than-expected use for the September-November quarter. Seed use is down 4 million bushels due to the lower-than-expected winter wheat seedings. The projected price range is down 20 cents on the high end to $3.40 to $3.50 per bushel. Projected 1997/98 global production and ending stocks are up from last month, largely because of a bigger crop in China. Australia's production and exports are also up from last month, but the higher Australian exports are offset by reduced export prospects for Argentina and the EU. Smaller prospective imports for Iraq and Iran are partially offset by larger Russian imports. COARSE GRAINS: Projected U.S. 1997/98 ending stocks of corn are down 109 million bushels from last month, as larger domestic use more than offsets slightly larger production and a reduction in exports. Feed and residual use is up 200 million bushels, as the reported December 1 stocks implied larger use in the September-November quarter than expected. Also, industrial use is up 40 million bushels because of larger-than-expected ethanol and HFCS production. However, exports are reduced 125 million bushels due to weaker global imports and increased competition. The price range for corn is narrowed 5 cents on each end to $2.45 to $2.75 per bushel. Projected 1997/98 global coarse grain production is up from last month as larger crops in Eastern Europe and Ukraine and the prospective lager corn and sorghum crops in Argentina more than offset a reduction in the forecast corn output in South Africa, Zimbabwe, Kenya, and Tanzania. Forecast 1997/98 Argentine corn exports are up sharply, while South Africa's exports are down slightly. Projected imports are down for Southeast Asia because of the continuing financial problems, but up for Kenya and Tanzania. RICE: The U.S. 1997/98 rice crop is forecast at 178.9 million hundredweight, down slightly from last month. Yield is forecast at 5,896 pounds per acre, down from a month ago and down 225 pounds per acre from the 1996/97 record. Estimates of area planted and harvested are down slightly. Imports for 1997/98 are projected slightly lower because of slower-than-expected imports in the first quarter, particularly from Vietnam. U.S. exports are lowered 4 million hundredweight to 79 million hundredweight. While brown and rough rice exports are larger than a year ago, exports of milled rice are lagging last year's pace. Ending stocks are raised 1.9 million hundredweight from last month. World rice production, exports, and ending stocks for 1997/98 are projected higher than last month while global consumption is projected lower. Rice crops for 1997/98 are projected larger for China, Peru, Argentina and Spain, while rice crops in Indonesia, Ecuador, and Tanzania are projected lower. China's rice crop is estimated at a record 138.5 million metric tons (milled basis), up 1.5 million tons from last month. Indonesia's 1997/98 rice crop is projected at 32 million metric tons, down 1.3 million metric tons. Larger exports are projected for Thailand and China while U.S. exports are projected lower. Indonesia's imports for 1997/98 are projected at 2.25 million metric tons, up 750,000 metric tons from last month. OILSEEDS: U.S. oilseed production in 1997/98 is reported at a record 84.6 million tons, down only slightly from last month but up 10 million tons from last year. Small gains for sunflowerseed, peanut, and cottonseed production are more than offset by a 0.3-million-ton drop in estimated soybean production to 74.2 million tons or 2,727 million bushels. The most significant change in prospective U.S. domestic and trade use this month is reduced U.S. soybean meal exports. This reflects a combination of larger Brazilian soybean production and export supplies and some further reduction in Asian soybean meal demand. With a smaller U.S. soybean crop, ending stocks are cut 5 million bushels to 250 million. Projected U.S. season-average soybean prices for 1997/98 are cut 10 cents per bushel to $6.10 to $6.90 per bushel, mainly reflecting larger projected global oilseed ending stocks. Soybean meal prices are cut $5 per ton to $195 to $220 per short ton, while soybean oil prices are unchanged. Global oilseed production is projected at a record 281 million tons, up 1.5 million tons from last month and nearly 22 million tons from last year. Most of the increase is in soybeans, with Brazil's projected crop raised 1 million tons to a record 30.0 million tons. China's soybean crop is up 0.3 million tons to 13.8 million tons based on reports of better-than-expected yields. Other changes include an upward revision for Argentina's peanut crop. Global oilseed and product trade mostly reflects changes for soybeans and soybean meal, mainly for Brazil, Argentina, China, and other Asian countries. Brazil's soybean and soybean meal exports are increased by 0.3 and 0.1 million tons, respectively, in response to larger supplies. For Argentina, soybean imports are increased 0.4 million tons to a record 0.9 million tons, with most re-exported as products. China's larger crop is allocated mostly to food and other uses; soybean crush and meal use are lowered to reflect reduced crush estimates for prior years. Soybean meal use and imports in Southeast Asia are projected off 3 percent in 1997/98, well below the 4 to 6 percent growth previously expected and the 15-percent annual growth of the prior 3 years. The severity of the impact of the financial crisis on soybean meal use and imports varies. In Thailand, poultry exports are expected to lead to a 1 to 3 percent rise in soybean meal use. Soybean use in Southeast Asia, in contrast, is expected to rise reflecting growing demand for food soybeans. SUGAR: U.S. sugar production in fiscal year 1997/98 is projected at 7.9 million short tons (raw value), up slightly from last month and 9 percent above 1996/97. Projected sugar production is increased 85,000 tons for Florida and 25,000 tons for Louisiana, while total beet sugar is decreased 100,000 tons. Louisiana's cane harvest is complete and Florida's is about half done. Increased sugarcane per acre in Florida and excellent recovery rates in Louisiana offset lower expected recovery from stored beets in northern States. Earlier expectations of above-average beet recovery rates are reduced, based on progress in the first third of the campaign. Projected 1997/98 imports of sugar under U.S. Harmonized Schedule 1702904000 are increased 75,000 tons, based on first-quarter U.S. border crossings. Projected imports under the reexport program are lowered 25,000 tons, due to depressed premiums for white sugar on the world market and incentives to rollover reexport commitments to the next fiscal year. Lower projected exports and increased supply from production and imports result in an ending stocks-to-use ratio of 15.7 percent, up from 15 percent last month. LIVESTOCK, POULTRY, AND DAIRY: Supplies of meat in the domestic market in 1998 are projected to be record large. Per capita domestic disappearance of meats in 1998 is projected to exceed 215 pounds retail weight basis, up more than 7 pounds from the previous year. The sharp increase is the result of high levels of meat output and relatively weak export prospects. Export prospects for meat and poultry continue to dim. Poor economic conditions in Japan and Korea and the dollar's strength against their currencies are hurting U.S. beef, pork, and poultry meat exports. China, including Hong Kong, is an important market for U.S. poultry meats and the "bird flu" in Hong Kong is expected to reduce U.S. poultry meat exports. The current export forecasts for 1998 show a 5-percent year-over-year decline in red meat exports and about 1-percent growth in poultry meat exports. The weakness in the Asian beef markets also means that major beef exporters probably will ship more beef to the United States as this market becomes the most attractive alternative. Thus, the beef import forecast is raised slightly. In general, livestock and poultry prices have recently been weaker than anticipated. This, combined with the boost in the red meat production forecasts, the weaker export prospects, and a little larger beef imports, suggests that prices in 1998 will be weaker than previously forecast. Milk prices in December exceeded expectations and current prospects suggest that prices in early 1998 will be higher than previously anticipated. The price forecasts for 1997/98 are increased, with most of the increase for the early months of 1998. The supply and use estimates for 1997/98 are little changed from last month. COTTON: Increased production and trade highlight this month's U.S. 1997/98 outlook. Estimated production is raised more than 150,000 bales. The domestic mill use forecast is unchanged at 11.4 million bales, but exports are raised 200,000 bales to 7.3 million bales. Competitive pricing of U.S. cotton, availability of GSM credit for South Korea, and increased consumption and imports by Mexico, a major U.S. market, are boosting the U.S. share of world trade. Forecast ending stocks are unchanged at 4.3 million bales. The January world cotton estimates for 1997/98 show higher production and lower consumption, raising the ending stocks forecast by about 3.5 percent. World cotton production is expected to reach 90.9 million bales, up nearly 800,000 bales from last month, as larger crops in China, the United States, and Syria are partially offset by a reduction in Pakistan. Projected world consumption is reduced 450,000 bales, reflecting weaker prospects for textile activity in Brazil, Pakistan, and Indonesia. Prospective world trade is cut nearly 300,000 bales, due mainly to decreases in Pakistan and Uzbekistan, partially offset by the increase in U.S. exports. Ending stocks are raised about 1.3 million bales, with China accounting for most of the difference. Approved by the Secretary of Agriculture and the World Agricultural Outlook Board, Gerald A. Bange, Chairperson, (202) 720-6030. This report was prepared by the Interagency Commodity Estimates Committees. Committee members are listed on page 30. APPROVED: DAN GLICKMAN SECRETARY OF AGRICULTURE * * * * * * * * * * * The next issue of this report will be released 8:30 a.m. ET on February 11, 1998 WASDE-334-4 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 : 1,710.57 2,014.12 242.51 1,763.07 251.05 1996/97 (Est.) : 1,868.66 2,119.71 239.78 1,837.66 282.05 1997/98 (Proj.) : December : 1,873.70 2,155.05 237.62 1,865.07 289.98 January : 1,880.96 2,163.01 237.66 1,869.79 293.22 Wheat : 1995/96 : 537.53 655.92 114.21 550.49 105.43 1996/97 (Est.) : 582.52 687.95 116.68 578.18 109.77 1997/98 (Proj.) : December : 604.65 713.34 113.53 584.08 129.25 January : 608.18 717.95 113.33 583.46 134.49 Coarse grains 4/ : 1995/96 : 801.84 938.07 108.20 842.63 95.44 1996/97 (Est.) : 907.57 1,003.02 103.06 883.62 119.40 1997/98 (Proj.) : December : 886.35 1,005.85 104.12 900.01 105.84 January : 889.99 1,009.39 103.74 906.24 103.15 Rice, milled : 1995/96 : 371.19 420.13 20.10 369.95 50.18 1996/97 (Est.) : 378.56 428.74 20.05 375.87 52.88 1997/98 (Proj.) : December : 382.70 435.86 19.97 380.97 54.89 January : 382.79 435.67 20.58 380.08 55.58 : : United States Total grains 3/ : 1995/96 : 274.47 339.52 99.47 214.56 25.49 1996/97 (Est.) : 335.34 366.59 81.27 245.35 39.97 1997/98 (Proj.) : December : 340.04 385.65 86.67 251.90 47.09 January : 340.03 385.58 83.36 257.20 45.02 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.) : December : 68.76 83.28 29.26 36.33 17.69 January : 68.76 83.28 29.26 35.54 18.48 Coarse grains 4/ : 1995/96 : 209.44 257.56 63.00 180.12 14.44 1996/97 (Est.) : 267.56 284.93 51.52 206.40 27.01 1997/98 (Proj.) : December : 265.40 295.29 54.70 212.05 28.54 January : 265.42 295.28 51.52 218.15 25.62 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.) : December : 5.88 7.08 2.71 3.52 0.86 January : 5.84 7.01 2.58 3.52 0.92 =============================================================================== 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-334-5 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 : 1,436.10 1,674.60 143.04 1,548.50 225.56 1996/97 (Est.) : 1,533.31 1,753.12 158.51 1,592.31 242.08 1997/98 (Proj.) : December : 1,533.66 1,769.39 150.95 1,613.17 242.89 January : 1,540.93 1,777.42 154.30 1,612.58 248.20 Wheat : 1995/96 : 478.13 580.88 80.43 519.47 95.19 1996/97 (Est.) : 520.33 613.01 89.43 542.57 97.70 1997/98 (Proj.) : December : 535.89 630.05 84.28 547.75 111.56 January : 539.42 634.67 84.08 547.92 116.01 Coarse grains 4/ : 1995/96 : 592.41 680.51 45.19 662.51 81.00 1996/97 (Est.) : 640.01 718.09 51.53 677.22 92.39 1997/98 (Proj.) : December : 620.94 710.56 49.42 687.96 77.29 January : 624.57 714.10 52.22 688.10 77.53 Rice, milled : 1995/96 : 365.56 413.21 17.42 366.53 49.37 1996/97 (Est.) : 372.97 422.02 17.55 372.52 51.99 1997/98 (Proj.) : December : 376.82 428.78 17.25 377.46 54.04 January : 376.95 428.65 18.00 376.57 54.67 =============================================================================== 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 : 93.03 121.33 27.86 86.95 33.81 1996/97 (Est.) : 89.25 123.06 26.53 88.48 36.40 1997/98 (Proj.) : December : 90.11 126.52 26.72 89.62 37.00 January : 90.88 127.28 26.43 89.18 38.29 : 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.) : December : 18.82 22.81 7.10 11.40 4.30 January : 18.98 22.96 7.30 11.40 4.30 : Foreign 1995/96 : 75.13 100.37 20.18 76.31 31.20 1996/97 (Est.) : 70.31 101.11 19.67 77.36 32.43 1997/98 (Proj.) : December : 71.29 103.72 19.62 78.23 32.70 January : 71.90 104.32 19.13 77.78 33.99 =============================================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. See global cotton tables for treatment of export/import imbalances. WASDE-334-6 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 : 258.89 286.13 44.68 217.31 22.04 1996/97 (Est.) : 259.27 281.31 47.77 217.53 16.59 1997/98 (Proj.) : December : 279.46 295.76 50.36 226.12 22.12 January : 280.94 297.53 50.59 226.58 22.39 Oilmeals : 1995/96 : 147.17 153.78 49.82 145.17 6.86 1996/97 (Est.) : 148.45 155.30 49.97 148.95 5.93 1997/98 (Proj.) : December : 154.58 160.41 51.80 154.21 5.67 January : 154.90 160.83 51.87 154.50 5.77 Vegetable Oils : 1995/96 : 73.05 79.40 25.80 71.27 7.07 1996/97 (Est.) : 74.37 81.44 27.18 73.97 6.88 1997/98 (Proj.) : December : 76.40 83.21 27.88 76.38 6.49 January : 76.88 83.76 27.95 76.85 6.59 : : United States Oilseeds : 1995/96 : 69.10 79.83 23.93 42.57 6.05 1996/97 (Est.) : 74.83 81.45 24.63 44.13 4.64 1997/98 (Proj.) : December : 84.71 89.74 27.38 45.94 7.97 January : 84.56 89.59 27.23 46.12 7.79 Oilmeals : 1995/96 : 32.29 33.60 5.69 27.67 0.25 1996/97 (Est.) : 33.76 35.04 6.59 28.23 0.23 1997/98 (Proj.) : December : 34.96 36.30 6.96 29.08 0.26 January : 34.92 36.26 6.83 29.17 0.25 Vegetable Oils : 1995/96 : 8.28 10.33 1.06 8.09 1.17 1996/97 (Est.) : 8.45 11.19 1.61 8.61 0.96 1997/98 (Proj.) : December : 8.86 11.32 1.68 8.69 0.95 January : 8.94 11.40 1.76 8.69 0.95 : : Foreign Oilseeds : 1995/96 : 189.79 250.60 20.76 174.74 15.99 1996/97 (Est.) : 184.44 247.87 23.13 173.40 11.95 1997/98 (Proj.) : December : 194.76 256.25 22.98 180.18 14.15 January : 196.38 258.31 23.36 180.46 14.60 Oilmeals : 1995/96 : 114.87 168.25 44.13 117.51 6.61 1996/97 (Est.) : 114.69 169.81 43.39 120.72 5.71 1997/98 (Proj.) : December : 119.62 175.37 44.84 125.12 5.41 January : 119.98 175.89 45.04 125.33 5.52 Vegetable Oils : 1995/96 : 64.78 93.81 24.74 63.18 5.90 1996/97 (Est.) : 65.93 96.84 25.57 65.36 5.92 1997/98 (Proj.) : December : 67.53 99.42 26.19 67.69 5.54 January : 67.94 99.99 26.18 68.17 5.64 =============================================================================== 1/ Aggregate of local marketing years with Brazil and Argentina on an Oct.-Sept. year. 2/ Crush only for oilseeds. WASDE-334-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : December January =============================================================================== Area : Million acres Planted : 69.1 75.6 71.0 71.0 Harvested : 60.9 62.9 63.6 63.6 Yield per harvested : Bushels acre : 35.8 36.3 39.7 39.7 : Million bushels Beginning stocks : 507 376 444 444 Production : 2,183 2,285 2,527 2,527 Imports : 68 92 90 90 Supply, total : 2,757 2,753 3,060 3,060 Food : 883 892 910 910 Seed : 104 103 100 96 Feed and residual : 153 314 325 300 Domestic, total : 1,140 1,308 1,335 1,306 Exports : 1,241 1,001 1,075 1,075 Use, total : 2,381 2,310 2,410 2,381 Ending stocks : 376 444 650 679 Farmer-owned reserve : 0 0 0 0 CCC inventory : 118 93 93 93 Free stocks : 258 351 557 586 Outstanding loans : 13 72 80 80 Avg. farm price ($/bu) 2/ : 4.55 4.30 3.40- 3.70 3.40- 3.50 =============================================================================== U.S. Wheat by Class: Supply and Use =============================================================================== Year beginning : Hard : Hard : Soft : : : June 1 : Winter : Spring : Red : White : Durum : Total =============================================================================== 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/ : 1,265 716 529 404 147 3,060 Domestic use : 600 253 264 106 82 1,306 Exports : 395 230 195 215 40 1,075 Use, total : 996 483 460 322 122 2,381 Ending stocks, total : January : 269 233 69 82 25 679 December : 296 199 64 67 25 650 =============================================================================== 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-334-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : December January =============================================================================== FEED GRAINS : Area : Million acres Planted : 93.7 104.5 102.6 102.4 Harvested : 82.5 94.5 92.9 92.4 Yield per harvested : Metric tons acre : 2.54 2.83 2.86 2.87 : Million metric tons Beginning stocks : 45.3 14.4 27.0 27.0 Production : 209.2 267.3 265.2 265.2 Imports : 2.7 2.8 2.7 2.7 Supply, total : 257.2 284.6 294.9 294.9 Feed and residual : 133.4 156.9 160.6 165.7 Food, seed & industrial : 46.3 49.1 51.1 52.1 Domestic, total : 179.8 206.1 211.7 217.8 Exports : 63.0 51.5 54.7 51.5 Use, total : 242.8 257.6 266.4 269.3 Ending stocks, total : 14.4 27.0 28.5 25.6 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 26.9 28.5 25.6 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 73.7 Yield per harvested : Bushels acre : 113.5 127.1 126.4 127.0 : Million bushels Beginning stocks : 1,558 426 884 883 Production : 7,374 9,293 9,359 9,366 Imports : 16 13 10 10 Supply, total : 8,948 9,733 10,253 10,259 Feed and residual : 4,682 5,362 5,650 5,850 Food, seed & industrial : 1,612 1,692 1,775 1,815 Domestic, total : 6,294 7,054 7,425 7,665 Exports : 2,228 1,795 1,875 1,750 Use, total : 8,522 8,849 9,300 9,415 Ending stocks, total : 426 883 953 844 Farmer-owned reserve : 0 0 0 0 CCC inventory : 30 2 0 0 Free stocks : 396 881 953 844 Outstanding loans : 33 179 175 175 Avg. farm price ($/bu) 2/ : 3.24 2.71 2.40- 2.80 2.45- 2.75 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. WASDE-334-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : December January =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 9.5 13.2 10.3 10.1 Area harv. (mil. acres) : 8.3 11.9 9.5 9.4 Yield (bushels/acre) : 55.6 67.5 69.2 69.5 Beginning stocks : 72 18 47 47 Production : 460 803 659 653 Imports : 0 0 0 0 Supply, total : 532 821 706 701 Feed : 305 529 425 425 Food, seed & industrial : 11 40 35 35 Total domestic : 316 569 460 460 Exports : 198 205 200 200 Use, total : 514 774 660 660 Ending stocks, total : 18 47 46 41 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 18 47 46 41 Outstanding loans : 0 3 3 3 Avg. farm price ($/bu) 2/ : 3.19 2.34 2.10- 2.50 2.10- 2.40 BARLEY : Area planted (mil. acres) : 6.7 7.1 6.9 6.9 Area harv. (mil. acres) : 6.3 6.8 6.4 6.4 Yield (bushels/acre) : 57.3 58.5 58.3 58.3 Beginning stocks : 113 100 110 109 Production : 360 396 374 374 Imports : 41 37 35 35 Supply, total : 513 532 519 519 Feed : 179 220 160 160 Food, seed & industrial : 172 172 172 172 Total domestic : 351 392 332 332 Exports : 62 31 90 90 Use, total : 413 423 422 422 Ending stocks, total : 100 109 97 97 Farmer-owned reserve : 0 0 0 0 CCC inventory : 5 0 0 0 Free stocks : 95 109 97 97 Outstanding loans : 3 15 15 15 Avg. farm price ($/bu) 2/ : 2.89 2.74 2.30- 2.50 2.35- 2.45 OATS : Area planted (mil. acres) : 6.3 4.7 5.2 5.2 Area harv. (mil. acres) : 3.0 2.7 2.9 2.9 Yield (bushels/acre) : 54.7 57.8 60.5 60.5 Beginning stocks : 101 66 67 67 Production : 162 155 176 176 Imports : 81 97 100 100 Supply, total : 343 319 343 343 Feed : 183 155 175 175 Food, seed & industrial : 92 95 95 95 Total domestic : 275 250 270 270 Exports : 2 3 2 2 Use, total : 277 252 272 272 Ending stocks, total : 66 67 71 71 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 66 67 71 71 Outstanding loans : 0 1 1 1 Avg. farm price ($/bu) 2/ : 1.67 1.96 1.55- 1.65 1.55- 1.65 =============================================================================== 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-334-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : December January =============================================================================== TOTAL : Area : Million acres Planted : 3.12 2.82 3.07 3.06 Harvested : 3.09 2.80 3.04 3.03 Yield per harvested : Pounds acre : 5,621 6,121 5,926 5,896 : Million hundredweight Beginning stocks 2/ : 31.3 25.0 27.1 27.1 Production : 173.9 171.3 180.0 178.9 Imports : 7.4 10.0 10.0 9.0 Supply, total : 212.6 206.3 217.1 215.0 Domestic & residual 3/ : 104.6 102.8 107.9 107.9 Exports, total 4/ : 83.0 76.4 83.0 79.0 Rough : 10.6 12.6 15.0 15.0 Milled (rough equiv.) : 72.4 63.8 68.0 64.0 Use, total : 187.6 179.2 190.9 186.9 Ending stocks : 25.0 27.1 26.2 28.1 CCC inventory : 0.0 0.0 0.0 0.0 Free stocks : 25.0 27.1 26.2 28.1 Avg. farm price ($/cwt) 5/ : 9.15 9.90 9.25-10.25 9.25-10.25 : LONG GRAIN : Harvested acres (mil.) : 2.31 1.96 2.26 Yield (pounds/acre) : 5,265 5,777 5,380 Beginning stocks : 14.4 10.1 14.1 14.1 Production : 121.7 113.5 125.8 121.6 Supply, total 6/ : 142.4 132.3 148.9 143.7 Domestic & Residual 3/ : 67.4 63.3 68.8 68.8 Exports 7/ : 64.9 55.0 65.0 61.0 Use, total : 132.3 118.3 133.8 129.8 Ending stocks : 10.1 14.1 15.1 13.9 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.78 0.84 0.77 Yield (pounds/acre) : 6,676 6,929 7,406 Beginning stocks : 15.8 14.3 12.1 12.1 Production : 52.1 57.9 54.1 57.2 Supply, total 6/ : 69.5 73.1 67.2 70.3 Domestic & Residual 3/ : 37.2 39.6 39.1 39.1 Exports 7/ : 18.1 21.4 18.0 18.0 Use, total : 55.3 61.0 57.1 57.1 Ending stocks : 14.3 12.1 10.1 13.2 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning August 1. 2/ Includes the following quantities of broken kernel rice (type undetermined) not included in estimates of beginning stocks by type (in mil. cwt): 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-334-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :=============================== : : Est. : December January =============================================================================== SOYBEANS: : Million acres Area : Planted : 62.6 64.2 70.9 70.9 Harvested : 61.6 63.4 69.8 69.9 : : Bushels Yield per harvested : acre : 35.3 37.6 39.2 39.0 : : Million bushels : Beginning stocks : 335 183 132 131 Production : 2,177 2,382 2,736 2,727 Imports : 4 9 4 4 Supply, total : 2,516 2,575 2,872 2,863 Crushings : 1,370 1,436 1,500 1,500 Exports : 851 882 980 975 Seed : 72 79 77 78 Residual : 40 47 60 60 Use, total : 2,333 2,443 2,617 2,613 Ending stocks : 183 131 255 250 Avg. farm price ($/bu) 2/ : 6.72 7.35 6.20- 7.00 6.10- 6.90 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 1,137 2,015 1,520 1,520 Production : 15,240 15,743 _3/ 16,725 16,725 Imports : 95 53 60 60 Supply, total : 16,472 17,811 18,305 18,305 Domestic : 13,465 14,247 14,350 14,350 Exports : 992 2,045 2,400 2,400 Use, total : 14,457 16,291 16,750 16,750 Ending stocks : 2,015 1,520 1,555 1,555 Average price (c/lb) 2/ : 24.75 22.50 24.00- 24.00- : 27.00 27.00 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 223 212 207 207 Production : 32,527 34,209 _3/ 35,593 35,443 Imports : 75 102 125 125 Supply, total : 32,826 34,523 35,925 35,775 Domestic : 26,611 27,322 28,250 28,250 Exports : 6,002 6,994 7,450 7,300 Use, total : 32,613 34,316 35,700 35,550 Ending stocks : 212 207 225 225 Average price ($/s.t.) 2/ : 236.00 270.90 200.00- 195.00- : 225.00 220.00 =============================================================================== 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 1,445 million bushels. WASDE-334-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :====================== : : Estimate : December January ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,241 1,492 1,485 1,485 Production 2/3/ : 7,370 7,203 7,855 7,865 Beet sugar : 3,916 4,013 4,400 4,300 Cane sugar 4/ : 3,454 3,190 3,455 3,565 Imports 2/ : 2,777 2,765 2,327 2,377 TRQ 5/ : 2,236 2,268 1,962 1,962 Other 6/ : 541 497 365 415 Total supply : 11,388 11,460 11,667 11,727 : Exports 2/7/ : 385 211 200 185 Domestic deliveries 2/ : 9,554 9,769 9,950 9,950 Domestic food use : 9,441 9,591 9,840 9,825 Other 8/ : 113 178 110 125 Miscellaneous 9/ : (43) (5) 0 0 Use, total : 9,896 9,975 10,150 10,135 Ending stocks 2/ : 1,492 1,485 1,517 1,592 : Stocks to use ratio : 15.1 14.9 15.0 15.7 ====================================================================== 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 January 13 Crop Production report and Interagency Sugar Estimates Committee projections. 4/ Production by state for 1996/97 (projected 1997/98): FL 1,679 (1,835); HI 340 (340); LA 1,052 (1,275); 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 a forecast 50,000 tons 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. WASDE-334-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :================================== : : : December January ============================================================================= Area : Million acres Planted : 16.93 14.63 13.91 13.82 Harvested : 16.01 12.87 13.45 13.28 : Pounds : Yield per harv. acre : 536 707 672 686 : : Million 480 pound bales : Beginning stocks 2/ : 2.65 2.61 3.97 3.97 Production : 17.90 18.94 18.82 18.98 Imports : 0.41 0.40 0.02 0.02 Supply, total : 20.96 21.95 22.81 22.96 Domestic use : 10.65 11.13 11.40 11.40 Exports : 7.68 6.87 7.10 7.30 Use, total : 18.32 17.99 18.50 18.70 Unaccounted 3/ : 0.03 -0.01 0.01 -0.04 Ending stocks : 2.61 3.97 4.30 4.30 : Avg. farm price 4/ : 75.4 69.3 68.4 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-November. WASDE-334-14 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/ : 118.38 537.53 113.38 92.06 550.49 114.21 105.43 United States : 13.79 59.40 1.85 4.16 31.02 33.78 10.23 Total foreign : 104.60 478.13 111.53 87.90 519.47 80.43 95.19 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/ : 35.05 147.91 39.29 15.83 182.35 5.65 34.24 China : 21.74 102.22 12.52 3.20 112.00 0.19 24.30 East. Europe : 6.68 34.98 1.56 11.15 31.23 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/ : 105.43 582.52 110.56 95.94 578.18 116.68 109.77 United States : 10.23 62.19 2.51 8.54 35.61 27.25 12.07 Total foreign : 95.19 520.33 108.05 87.40 542.57 89.43 97.70 Major exporters 4/ : 19.57 167.84 18.57 42.77 98.46 81.06 26.45 Argentina : 0.15 15.90 0.03 0.35 4.78 10.50 0.80 Australia : 1.98 23.59 0.02 1.18 4.79 18.71 2.08 Canada : 6.73 29.80 0.28 4.19 8.22 19.50 9.09 EU-15 : 10.72 98.55 18.24 37.05 80.68 32.35 14.49 Major importers 5/ : 34.24 156.61 31.49 15.65 185.11 1.25 35.98 China : 24.30 110.57 2.80 3.50 113.00 0.20 24.47 East. Europe : 7.10 26.40 3.68 10.50 30.90 0.65 5.62 N. Africa : 1.43 15.97 13.57 0.36 26.77 0.00 4.20 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 6.07 22.51 70.18 3.45 6.32 Russia : 3.19 34.90 1.98 14.65 37.81 0.60 1.65 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-334-15 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/ : December : 108.68 604.65 114.26 100.22 584.08 113.53 129.25 January : 109.77 608.18 113.34 98.99 583.46 113.33 134.49 United States : December : 12.07 68.76 2.45 8.85 36.33 29.26 17.69 January : 12.07 68.76 2.45 8.17 35.54 29.26 18.48 Total foreign : December : 96.61 535.89 111.82 91.38 547.75 84.28 111.56 January : 97.70 539.42 110.89 90.83 547.92 84.08 116.01 Major exporters 4/ : December : 26.45 150.76 20.81 45.42 100.94 73.88 23.22 January : 26.45 151.89 20.71 45.62 101.24 73.88 23.95 Argentina Dec : 0.80 13.20 0.02 0.15 4.50 9.20 0.32 Jan : 0.80 13.20 0.02 0.35 4.80 8.70 0.52 Australia Dec : 2.08 18.00 0.03 2.60 4.90 13.00 2.21 Jan : 2.08 19.00 0.03 2.60 4.90 14.00 2.21 Canada Dec : 9.09 24.30 0.20 4.20 8.20 18.50 6.89 Jan : 9.09 24.30 0.20 4.20 8.20 18.50 6.89 EU-15 Dec : 14.49 95.26 20.56 38.47 83.34 33.18 13.80 Jan : 14.49 95.39 20.46 38.47 83.34 32.68 14.33 Major importers 5/ : December : 35.98 168.58 31.55 16.75 188.76 3.50 43.85 January : 35.98 171.41 31.55 16.75 188.81 3.50 46.63 China Dec : 24.47 121.00 2.00 3.70 114.00 0.20 33.27 Jan : 24.47 124.00 2.00 3.70 114.00 0.20 36.27 East. Europe Dec : 5.62 34.55 1.40 11.20 32.93 2.90 5.75 Jan : 5.62 34.38 1.40 11.20 32.98 2.90 5.53 N. Africa Dec : 4.20 9.66 16.25 0.31 26.96 0.00 3.15 Jan : 4.20 9.66 16.25 0.31 26.96 0.00 3.15 Selected other : Baltics 6/ Dec : 0.53 1.44 0.27 0.55 1.50 0.00 0.74 Jan : 0.53 1.44 0.27 0.55 1.50 0.00 0.74 FSU-12 6/7/ Dec : 6.32 79.87 4.88 22.68 71.65 4.60 14.81 Jan : 6.32 79.27 5.18 22.18 71.45 4.50 14.81 Russia Dec : 1.65 44.00 1.00 14.65 37.81 1.25 7.59 Jan : 1.65 44.00 1.30 14.65 38.11 1.25 7.59 Kazakstan Dec : 1.07 8.65 0.00 1.65 5.40 2.10 2.22 Jan : 1.07 8.65 0.00 1.15 4.90 2.60 2.22 =============================================================================== 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-334-16 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/ : 136.23 801.84 100.52 547.67 842.63 108.20 95.44 United States : 45.34 209.44 2.79 133.59 180.12 63.00 14.44 Total foreign : 90.89 592.41 97.73 414.07 662.51 45.19 81.00 Major exporters 4/ : 6.50 62.72 1.36 35.69 45.80 19.01 5.77 Argentina : 1.43 14.09 0.01 4.61 6.45 8.36 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/ : 23.57 166.54 66.27 154.93 211.55 22.31 22.53 EU-15 : 12.40 88.49 19.94 68.43 91.47 19.50 9.86 East. Europe : 3.39 51.44 0.72 37.94 48.85 2.76 3.93 Japan : 2.20 0.22 20.28 16.55 20.62 0.00 2.09 Selected other : China : 28.76 124.50 2.96 86.02 122.27 0.26 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/ : 95.44 907.57 101.25 583.57 883.62 103.06 119.40 United States : 14.44 267.56 2.93 157.07 206.40 51.52 27.01 Total foreign : 81.00 640.01 98.32 426.51 677.22 51.53 92.39 Major exporters 4/ : 5.77 70.72 1.50 36.43 46.64 23.58 7.77 Argentina : 0.71 18.93 0.07 4.70 6.61 12.30 0.81 Australia : 0.66 9.97 0.00 4.45 5.68 4.41 0.54 Canada : 2.90 28.19 0.92 18.67 21.31 5.43 5.28 Major importers 5/ : 22.53 182.44 58.16 160.09 217.49 21.14 24.50 EU-15 : 9.86 103.74 14.99 72.97 96.37 19.62 12.59 East. Europe : 3.93 49.56 1.60 38.70 49.66 1.47 3.96 Japan : 2.09 0.24 20.53 16.77 20.87 0.00 1.98 Selected other : China : 33.70 141.37 2.08 93.11 130.69 4.00 42.45 Baltics 6/ : 0.34 2.63 0.41 2.25 3.00 0.00 0.39 FSU-12 6/7/ : 6.03 52.52 1.48 35.86 55.37 0.95 3.71 Russia : 1.53 31.80 0.60 19.69 32.55 0.35 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-334-17 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/ : December : 119.50 886.35 101.26 600.27 900.01 104.12 105.84 January : 119.40 889.99 100.63 605.39 906.24 103.74 103.15 United States : December : 27.03 265.40 2.85 160.73 212.05 54.70 28.54 January : 27.01 265.42 2.85 165.81 218.15 51.52 25.62 Total foreign : December : 92.47 620.94 98.41 439.54 687.96 49.42 77.29 January : 92.39 624.57 97.78 439.58 688.10 52.22 77.53 Major exporters 4/ : December : 7.70 62.07 2.22 37.88 47.82 17.69 6.48 January : 7.77 64.38 1.97 36.78 47.04 20.39 6.71 Argentina Dec : 0.73 15.91 0.01 5.83 7.42 8.50 0.74 Jan : 0.81 18.73 0.01 5.47 7.39 11.20 0.96 Australia Dec : 0.54 8.36 0.00 4.01 5.21 3.16 0.53 Jan : 0.54 8.36 0.00 4.01 5.21 3.16 0.53 Canada Dec : 5.28 25.22 1.01 19.61 22.31 4.95 4.25 Jan : 5.28 25.22 1.01 19.61 22.31 4.95 4.25 Major importers 5/ : December : 24.55 193.37 56.70 164.72 221.77 23.93 28.92 January : 24.50 193.98 56.61 165.25 222.31 23.93 28.85 EU-15 Dec : 12.63 108.67 14.69 76.12 99.50 20.03 16.46 Jan : 12.59 108.67 14.69 76.13 99.50 20.03 16.42 East. Europe Dec : 3.95 56.75 0.86 41.23 52.18 3.40 5.98 Jan : 3.96 57.35 0.77 41.76 52.71 3.40 5.97 Japan Dec : 2.00 0.18 20.84 17.01 21.12 0.00 1.90 Jan : 1.98 0.18 20.84 17.01 21.12 0.00 1.88 Selected other : China Dec : 42.45 118.15 2.25 99.99 137.57 4.03 21.25 Jan : 42.45 118.15 2.25 99.99 137.57 4.03 21.25 Baltics 6/ Dec : 0.39 2.54 0.39 2.15 2.91 0.00 0.40 Jan : 0.39 2.54 0.39 2.15 2.91 0.00 0.40 FSU-12 6/7/ Dec : 3.71 65.17 1.39 38.70 58.43 2.13 9.72 Jan : 3.71 66.77 1.39 39.95 59.65 2.23 9.99 Russia Dec : 1.03 39.90 0.45 21.66 34.55 1.05 5.78 Jan : 1.03 39.90 0.45 21.66 34.55 1.05 5.78 Ukraine Dec : 1.04 13.70 0.00 8.51 12.10 0.53 2.12 Jan : 1.04 15.30 0.00 9.76 13.33 0.63 2.39 =============================================================================== 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-334-18 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/ : 94.12 515.49 70.63 366.74 543.77 78.15 65.84 United States : 39.57 187.30 0.42 118.93 159.89 56.59 10.82 Total foreign : 54.55 328.19 70.21 247.81 383.88 21.56 55.02 Major exporters 4/ : 2.38 25.00 0.44 10.71 16.34 9.59 1.90 Argentina : 1.10 11.10 0.00 2.81 4.31 7.49 0.40 South Africa : 0.90 10.20 0.18 4.00 8.08 2.00 1.20 Thailand : 0.38 3.70 0.26 3.90 3.95 0.10 0.30 Major importers 5/ : 10.27 72.35 48.09 77.72 110.56 9.81 10.35 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/ : 65.84 592.48 70.75 399.15 574.01 72.24 84.31 United States : 10.82 236.06 0.34 136.21 179.19 45.60 22.43 Total foreign : 55.02 356.42 70.41 262.94 394.82 26.65 61.88 Major exporters 4/ : 1.90 28.41 0.40 10.75 16.41 12.70 1.60 Argentina : 0.40 15.50 0.00 2.70 4.20 11.25 0.45 South Africa : 1.20 9.01 0.10 4.05 8.06 1.40 0.85 Thailand : 0.30 3.90 0.30 4.00 4.15 0.05 0.30 Major importers 5/ : 10.35 80.25 43.45 80.96 114.43 8.82 10.80 EU-15 : 2.33 34.80 9.60 27.23 35.69 7.38 3.66 Japan : 1.09 0.00 15.95 12.25 16.05 0.00 0.99 Selected other : China : 32.70 127.47 0.08 88.60 115.35 3.89 41.00 Baltics 6/ : 0.03 0.00 0.20 0.20 0.21 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-334-19 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/ : December : 84.32 572.63 70.81 414.23 589.70 72.35 67.25 January : 84.31 576.04 70.18 419.55 595.71 71.77 64.65 United States : December : 22.46 237.74 0.25 143.52 188.60 47.63 24.22 January : 22.43 237.90 0.25 148.60 194.70 44.45 21.43 Total foreign : December : 61.87 334.89 70.56 270.71 401.09 24.72 43.03 January : 61.88 338.15 69.93 270.95 401.01 27.32 43.21 Major exporters 4/ : December : 1.55 24.80 1.10 11.80 17.25 8.78 1.42 January : 1.60 26.30 0.85 10.40 16.00 11.28 1.47 Argentina Dec : 0.40 13.00 0.00 3.95 5.25 7.70 0.45 Jan : 0.45 15.00 0.00 3.30 4.75 10.20 0.50 South Africa Dec : 0.85 8.50 0.35 3.90 7.90 1.00 0.80 Jan : 0.85 8.00 0.35 3.40 7.40 1.00 0.80 Thailand Dec : 0.30 3.30 0.75 3.95 4.10 0.08 0.17 Jan : 0.30 3.30 0.50 3.70 3.85 0.08 0.17 Major importers 5/ : December : 10.75 87.05 42.41 82.89 115.97 10.85 13.38 January : 10.80 87.46 42.32 83.22 116.30 10.85 13.44 EU-15 Dec : 3.66 37.89 9.10 29.63 38.09 7.43 5.13 Jan : 3.66 37.89 9.10 29.63 38.09 7.43 5.13 Japan Dec : 0.94 0.00 15.90 12.10 15.90 0.00 0.94 Jan : 0.99 0.00 15.90 12.10 15.90 0.00 0.99 Selected other : China Dec : 41.00 105.00 0.25 95.00 122.25 4.00 20.00 Jan : 41.00 105.00 0.25 95.00 122.25 4.00 20.00 Baltics 6/ Dec : 0.02 0.00 0.18 0.17 0.18 0.00 0.02 Jan : 0.02 0.00 0.18 0.17 0.18 0.00 0.02 FSU-12 6/7/ Dec : 0.97 6.97 0.34 3.73 5.88 0.45 1.94 Jan : 0.97 9.27 0.34 5.68 7.81 0.55 2.22 Russia Dec : 0.16 1.70 0.10 0.66 1.60 0.00 0.36 Jan : 0.16 1.70 0.10 0.66 1.60 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-334-20 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/ : 48.94 371.19 19.40 369.95 20.10 50.18 United States : 1.05 5.63 0.24 3.42 2.69 0.81 Total foreign : 47.89 365.56 19.16 366.53 17.42 49.37 Major exporters 4/ : 1.54 45.87 0.00 35.34 10.22 1.84 Thailand : 0.20 14.39 0.00 8.60 5.28 0.71 Vietnam : 0.00 17.68 0.00 14.64 3.04 0.00 Major importers 5/ : 3.14 38.86 6.34 43.30 0.94 4.10 Indonesia : 1.86 33.22 1.23 33.69 0.00 2.62 Selected other : China : 21.26 129.65 0.85 130.03 0.27 21.46 Japan : 1.88 9.78 0.45 9.30 0.20 2.62 : : 1996/97 (Estimated) World 3/ : 50.18 378.56 17.15 375.87 20.05 52.88 United States : 0.81 5.60 0.32 3.34 2.50 0.89 Total foreign : 49.37 372.97 16.84 372.52 17.55 51.99 Major exporters 4/ : 1.84 44.96 0.00 34.54 10.55 1.72 Thailand : 0.71 13.70 0.00 8.54 5.28 0.60 Vietnam : 0.00 18.00 0.00 14.50 3.50 0.00 Major importers 5/ : 4.10 37.32 5.88 43.52 1.30 2.48 Indonesia : 2.62 31.53 0.75 33.69 0.00 1.20 Selected other : China : 21.46 136.57 0.50 132.07 0.90 25.56 Japan : 2.62 9.41 0.60 9.25 0.30 3.08 : : 1997/98 (Projected) World 3/ : December : 53.16 382.70 19.19 380.97 19.97 54.89 January : 52.88 382.79 19.83 380.08 20.58 55.58 United States : December : 0.89 5.88 0.32 3.52 2.71 0.86 January : 0.89 5.84 0.29 3.52 2.58 0.92 Total foreign : December : 52.28 376.82 18.87 377.46 17.25 54.04 January : 51.99 376.95 19.54 376.57 18.00 54.67 Major exporters 4/ : December : 1.93 45.90 0.00 35.10 10.63 2.10 January : 1.72 45.90 0.00 35.05 10.88 1.69 Thailand Dec : 0.81 14.00 0.00 8.60 5.25 0.96 Jan : 0.60 14.00 0.00 8.55 5.50 0.55 Vietnam Dec : 0.00 18.00 0.00 14.50 3.50 0.00 Jan : 0.00 18.00 0.00 14.50 3.50 0.00 Major importers 5/ : December : 2.78 38.92 7.01 44.95 1.17 2.58 January : 2.48 37.65 7.76 44.02 1.17 2.70 Indonesia Dec : 1.50 33.30 1.50 34.99 0.00 1.32 Jan : 1.20 32.00 2.25 34.05 0.00 1.40 Selected other : China Dec : 25.56 137.00 1.00 135.00 1.00 27.56 Jan : 25.56 138.50 0.75 135.00 1.50 28.31 Japan Dec : 3.08 9.00 0.60 9.20 0.20 3.28 Jan : 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-334-21 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/ : 23.70 124.96 32.33 111.87 131.59 31.95 17.45 United States : 9.11 59.24 0.12 37.27 40.32 23.17 4.99 Total foreign : 14.59 65.72 32.20 74.60 91.27 8.78 12.46 Major exporters 3/ : 11.87 38.98 1.06 32.61 34.75 7.14 10.02 Argentina : 4.67 12.43 0.01 10.29 10.81 2.09 4.22 Brazil : 7.20 24.15 1.05 21.57 23.14 3.45 5.80 Major importers 4/ : 1.59 14.56 19.81 24.55 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 7.20 14.07 0.22 0.00 : : 1996/97 (Estimated) World 2/ : 17.45 131.67 36.48 115.61 136.47 36.10 13.03 United States : 4.99 64.84 0.24 39.08 42.50 24.00 3.58 Total foreign : 12.46 66.83 36.24 76.53 93.97 12.10 9.46 Major exporters 3/ : 10.02 40.80 1.10 32.00 34.37 10.55 7.00 Argentina : 4.22 11.20 0.30 11.05 11.57 0.75 3.40 Brazil : 5.80 27.00 0.80 20.10 21.85 8.15 3.60 Major importers 4/ : 1.41 14.49 22.71 26.76 36.71 0.47 1.43 EU-15 : 0.86 1.15 15.39 14.95 16.33 0.28 0.79 Japan : 0.55 0.12 5.04 3.81 5.08 0.00 0.64 China : 0.00 13.22 2.27 8.00 15.30 0.20 0.00 : : 1997/98 (Projected) World 2/ : December : 12.74 149.56 38.84 122.80 143.63 38.94 18.58 January : 13.03 150.62 38.96 122.81 144.60 39.08 18.93 United States : December : 3.58 74.47 0.11 40.82 44.55 26.67 6.94 January : 3.58 74.22 0.11 40.82 44.57 26.54 6.80 Total foreign : December : 9.16 75.10 38.73 81.98 99.08 12.27 11.64 January : 9.46 76.40 38.85 81.99 100.03 12.55 12.12 Major exporters 3/ : December : 6.66 46.30 2.10 33.35 35.76 10.35 8.95 January : 7.00 47.30 2.50 33.90 36.65 10.65 9.50 Argentina Dec : 3.40 14.50 0.50 11.95 12.50 1.50 4.40 Jan : 3.40 14.50 0.90 12.20 12.90 1.50 4.40 Brazil Dec : 3.26 29.00 1.60 20.45 22.21 7.10 4.55 Jan : 3.60 30.00 1.60 20.75 22.70 7.40 5.10 Major importers 4/ : December : 1.43 15.06 23.70 28.78 38.25 0.49 1.45 January : 1.43 15.36 23.70 28.50 38.57 0.47 1.45 EU-15 Dec : 0.79 1.44 15.80 15.40 16.88 0.29 0.87 Jan : 0.79 1.44 15.80 15.40 16.88 0.29 0.87 Japan Dec : 0.64 0.12 4.90 3.80 5.08 0.00 0.58 Jan : 0.64 0.12 4.90 3.80 5.08 0.00 0.58 China Dec : 0.00 13.50 3.00 9.58 16.30 0.20 0.00 Jan : 0.00 13.80 3.00 9.30 16.62 0.18 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-334-22 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 88.95 32.72 87.94 33.77 4.34 United States : 0.20 29.51 0.07 24.14 5.45 0.19 Total foreign : 4.19 59.44 32.65 63.80 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 17.34 19.61 32.67 4.24 1.23 EU-15 : 1.12 10.91 15.79 22.60 4.07 1.15 China : 0.00 5.83 1.55 7.28 0.10 0.00 : : 1996/97 (Estimated) World 2/ : 4.34 92.01 34.01 92.51 33.91 3.94 United States : 0.19 31.03 0.09 24.79 6.35 0.19 Total foreign : 4.15 60.97 33.92 67.72 27.57 3.75 Major exporters 3/ : 1.39 27.81 0.20 6.31 21.84 1.24 Argentina : 0.30 9.01 0.00 0.38 8.68 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 19.00 20.54 35.48 4.21 1.08 EU-15 : 1.15 11.90 14.76 22.65 4.15 1.00 China : 0.00 6.48 3.75 10.21 0.03 0.00 : : 1997/98 (Projected) World 2/ : December : 3.83 97.71 35.54 97.55 35.69 3.84 January : 3.94 97.58 35.60 97.33 35.83 3.96 United States : December : 0.19 32.29 0.11 25.63 6.76 0.20 January : 0.19 32.15 0.11 25.63 6.62 0.20 Total foreign : December : 3.65 65.42 35.43 71.92 28.93 3.64 January : 3.75 65.43 35.48 71.70 29.21 3.75 Major exporters 3/ : December : 1.24 29.70 0.10 6.49 23.21 1.34 January : 1.24 30.14 0.10 6.52 23.49 1.47 Argentina Dec : 0.25 9.74 0.00 0.39 9.23 0.37 Jan : 0.25 9.94 0.00 0.39 9.39 0.41 Brazil Dec : 0.99 16.16 0.10 5.57 10.78 0.90 Jan : 0.99 16.39 0.10 5.60 10.90 0.99 India Dec : 0.00 3.80 0.00 0.53 3.20 0.07 Jan : 0.00 3.80 0.00 0.53 3.20 0.07 Major importers 4/ : December : 1.08 20.69 21.93 38.46 4.11 1.12 January : 1.08 20.46 22.00 38.31 4.11 1.12 EU-15 Dec : 1.00 12.27 15.27 23.44 4.05 1.05 Jan : 1.00 12.27 15.35 23.52 4.05 1.05 China Dec : 0.00 7.76 4.50 12.24 0.03 0.00 Jan : 0.00 7.53 4.50 12.01 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-334-23 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 20.15 5.13 19.61 5.29 2.51 United States : 0.52 6.91 0.04 6.11 0.45 0.91 Total foreign : 1.63 13.23 5.09 13.51 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 1.82 1.63 3.48 0.07 0.27 China : 0.35 1.11 1.45 2.57 0.07 0.27 Pakistan : 0.01 0.00 0.12 0.14 0.00 0.01 : : 1996/97 (Estimated) World 2/ : 2.51 20.69 5.86 20.76 5.92 2.37 United States : 0.91 7.14 0.02 6.46 0.93 0.69 Total foreign : 1.60 13.55 5.83 14.30 5.00 1.68 Major exporters 3/ : 0.84 8.38 0.69 4.67 4.35 0.89 Argentina : 0.28 1.91 0.00 0.10 1.79 0.30 Brazil : 0.38 3.76 0.18 2.60 1.33 0.39 EU-15 : 0.19 2.70 0.52 1.97 1.23 0.20 Major importers 4/ : 0.27 1.90 1.91 3.70 0.15 0.23 China : 0.27 1.23 1.67 2.80 0.15 0.23 Pakistan : 0.01 0.01 0.15 0.16 0.00 0.01 : : 1997/98 (Projected) World 2/ : December : 2.31 22.06 6.24 22.14 6.25 2.24 January : 2.37 22.07 6.23 22.10 6.24 2.33 United States : December : 0.69 7.59 0.03 6.51 1.09 0.71 January : 0.69 7.59 0.03 6.51 1.09 0.71 Total foreign : December : 1.62 14.47 6.22 15.63 5.16 1.53 January : 1.68 14.48 6.20 15.59 5.15 1.63 Major exporters 3/ : December : 0.89 8.66 0.72 4.91 4.55 0.81 January : 0.89 8.76 0.72 4.91 4.58 0.88 Argentina Dec : 0.30 2.07 0.00 0.10 2.02 0.25 Jan : 0.30 2.11 0.00 0.10 2.03 0.28 Brazil Dec : 0.39 3.83 0.17 2.70 1.33 0.36 Jan : 0.39 3.88 0.17 2.70 1.35 0.39 EU-15 Dec : 0.20 2.77 0.55 2.11 1.21 0.21 Jan : 0.20 2.77 0.55 2.11 1.21 0.21 Major importers 4/ : December : 0.23 2.34 2.00 4.35 0.02 0.21 January : 0.23 2.30 2.00 4.30 0.02 0.21 China Dec : 0.23 1.48 1.75 3.23 0.02 0.20 Jan : 0.23 1.43 1.75 3.19 0.02 0.20 Pakistan Dec : 0.01 0.01 0.15 0.16 0.00 0.01 Jan : 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-334-24 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 93.03 27.64 86.95 27.86 0.34 33.81 United States : 2.65 17.90 0.41 10.65 7.68 0.03 2.61 Total Foreign : 25.65 75.13 27.23 76.31 20.18 0.31 31.20 Major exporters 5/: 9.02 42.19 0.88 26.96 14.90 0.07 10.16 Pakistan : 1.69 8.20 0.12 7.20 1.43 0.02 1.36 India : 2.73 13.25 0.04 11.95 0.67 0.00 3.41 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 2.08 0.21 18.64 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 1.74 0.16 2.03 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 : 33.81 89.25 28.72 88.48 26.53 0.36 36.40 United States : 2.61 18.94 0.40 11.13 6.87 -0.01 3.97 Total Foreign : 31.20 70.31 28.32 77.36 19.67 0.37 32.43 Major exporters 5/: 10.16 40.90 1.56 27.76 14.97 0.07 9.82 Pakistan : 1.36 7.30 0.28 7.00 0.12 0.03 1.79 India : 3.41 13.78 0.05 13.00 1.27 0.00 2.97 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 5.18 0.03 0.94 4.48 0.02 2.19 Australia : 0.75 2.79 4/ 0.21 2.45 0.00 0.88 Argentina : 1.35 1.49 0.01 0.47 1.33 0.01 1.04 Major importers : 18.64 22.48 21.38 40.59 1.53 0.26 20.13 Brazil : 1.15 1.30 2.43 3.90 0.00 0.00 0.97 China : 13.20 19.30 3.61 21.00 0.01 0.00 15.11 Europe : 2.03 1.84 6.08 6.51 1.33 0.16 1.95 Selected Asia 8/: 1.95 0.05 8.36 8.23 0.19 0.10 1.83 Indonesia : 0.12 0.02 2.15 2.14 0.00 0.05 0.10 South Korea : 0.55 4/ 1.50 1.48 0.07 0.00 0.51 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-334-25 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 : December : 36.41 90.11 27.14 89.63 26.72 0.31 37.00 January : 36.40 90.88 26.89 89.18 26.43 0.27 38.29 United States : December : 3.97 18.82 0.02 11.40 7.10 0.01 4.30 January : 3.97 18.98 0.02 11.40 7.30 -0.04 4.30 Total Foreign : December : 32.44 71.29 27.12 78.23 19.62 0.30 32.70 January : 32.43 71.90 26.87 77.78 19.13 0.30 33.99 Major exporters 5/: December : 9.92 42.13 2.20 28.28 15.27 0.08 10.61 January : 9.82 41.63 2.25 28.08 14.62 0.08 10.91 Pakistan Dec : 1.79 7.50 0.10 7.00 0.50 0.03 1.87 Jan : 1.79 7.00 0.15 6.80 0.30 0.03 1.82 India Dec : 3.07 12.80 0.50 13.20 0.50 0.00 2.67 Jan : 2.97 12.80 0.50 13.20 0.40 0.00 2.67 Uzbekistan Dec : 0.71 5.40 0.01 0.85 4.40 0.00 0.86 Jan : 0.71 5.40 0.01 0.85 4.20 0.00 1.06 TurkmenistanDec : 0.43 0.90 0.00 0.19 0.65 0.00 0.49 Jan : 0.43 0.90 0.00 0.19 0.60 0.00 0.54 Afr.Fr.Zn.6/Dec : 0.42 4.10 0.02 0.30 3.60 0.00 0.63 Jan : 0.42 4.10 0.02 0.30 3.55 0.00 0.68 S. Hem. 7/ Dec : 2.19 6.28 0.08 0.98 4.88 0.03 2.66 Jan : 2.19 6.28 0.08 0.98 4.83 0.03 2.71 Australia Dec : 0.88 2.90 0.00 0.23 2.50 0.00 1.05 Jan : 0.88 2.90 0.00 0.23 2.50 0.00 1.05 Argentina Dec : 1.04 2.10 0.05 0.49 1.40 0.01 1.30 Jan : 1.04 2.10 0.05 0.49 1.35 0.01 1.35 Maj. imp. Dec : 20.15 22.43 18.83 40.32 1.46 0.18 19.45 Jan : 20.13 23.50 18.33 39.92 1.55 0.18 20.31 Brazil Dec : 0.97 1.75 2.00 3.60 0.00 0.00 1.12 Jan : 0.97 1.75 1.70 3.40 0.00 0.00 1.02 China Dec : 15.11 18.50 2.20 21.50 0.01 0.00 14.30 Jan : 15.11 19.50 2.20 21.50 0.01 0.00 15.30 Europe Dec : 1.95 2.13 6.13 6.65 1.34 0.15 2.07 Jan : 1.95 2.20 6.13 6.65 1.43 0.15 2.06 Sel. Asia 8/Dec : 1.86 0.05 7.45 7.52 0.11 0.03 1.70 Jan : 1.83 0.05 7.25 7.32 0.11 0.03 1.67 Indonesia Dec : 0.10 0.02 2.05 2.05 0.00 0.03 0.09 Jan : 0.10 0.02 1.90 1.90 0.00 0.03 0.09 S. Korea Dec : 0.51 4/ 1.25 1.25 0.01 0.00 0.50 Jan : 0.51 4/ 1.20 1.20 0.01 0.00 0.50 Russia Dec : 0.27 0.00 1.05 1.05 0.00 0.00 0.27 Jan : 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-334-26 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 : Annual : 25419 17085 43135 26336 5466 32289 75424 6358 154.3 : 1997 : I : 6112 4194 10459 6628 1235 7986 18445 1587 38.9 II : 6419 4091 10655 6948 1404 8491 19146 1591 40.6 III : 6607 4194 10941 6861 1411 8395 19336 1604 38.9 IV : 6250 4775 11167 6850 1400 8370 19537 1665 38.3 Annual : Dec Proj : 25388 17204 43173 27336 5450 33292 76465 6437 156.9 Jan Est : 25388 17254 43222 27287 5450 33242 76464 6447 156.8 : 1998 : I *: 6300 4550 10977 7000 1225 8355 19332 1630 39.2 II *: 6250 4525 10895 7300 1400 8840 19735 1640 40.8 III *: 6475 4650 11242 7300 1425 8855 20097 1665 38.7 IV *: 5950 4950 11023 7200 1400 8725 19748 1690 38.4 Annual : Dec Proj : 24900 18500 43887 29000 5575 35100 78987 6580 157.1 Jan Proj : 24975 18675 44137 28800 5450 34775 78912 6625 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 : 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 12.70 IV : 66.60 43.40 54.0 66.5 88.2 14.37 Annual : Dec Proj : 66.55 51.86 58.9 65.2 81.3 13.30-13.40 Jan Est : 66.32 51.33 58.8 64.9 81.2 13.37 : 1998 : I *: 65-67 37-39 53-55 57-59 76-80 13.75-14.15 II *: 66-70 39-41 55-59 59-63 68-72 12.20-12.90 III *: 65-71 41-45 57-61 61-67 72-78 12.15-13.15 IV *: 70-76 36-40 52-56 63-69 80-86 13.70-14.70 Annual : Dec Proj : 70-75 42-46 55-59 61-66 72-78 12.70-13.50 Jan Proj : 66-71 38-41 54-58 60-64 74-79 12.95-13.75 =============================================================================== *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-334-27 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 Est. Dec : 377 25494 2360 28231 2088 470 25673 66.6 Jan : 377 25494 2328 28199 2093 500 25606 66.4 1998 Proj. Dec : 470 25006 2680 28156 2035 350 25771 66.2 Jan : 500 25081 2700 28281 1985 350 25946 66.7 : PORK : 1996 : 396 17117 618 18131 970 366 16795 49.1 1997 Est. Dec : 366 17236 627 18229 1033 415 16781 48.6 Jan : 366 17286 627 18279 1040 415 16824 48.7 1998 Proj. Dec : 415 18532 615 19562 1100 425 18037 51.8 Jan : 415 18707 575 19697 990 425 18282 52.5 : TOTAL RED MEAT 4/ : 1996 : 930 43288 2764 46982 2853 759 43370 119.1 1997 Est. Dec : 759 43326 3067 47152 3127 904 43121 117.3 Jan : 759 43375 3035 47169 3139 934 43096 117.2 1998 Proj. Dec : 904 44040 3379 48323 3143 792 44388 119.8 Jan : 934 44290 3359 48583 2983 792 44808 121.0 : BROILERS : 1996 : 560 26124 4 26688 4420 641 21626 70.8 1997 Est. Dec : 641 27110 5 27756 4683 600 22473 72.9 Jan : 641 27061 5 27707 4683 625 22399 72.6 1998 Proj. Dec : 600 28754 3 29357 4850 700 23807 76.5 Jan : 625 28556 3 29184 4750 700 23734 76.3 : TURKEYS : 1996 : 271 5401 1 5673 438 328 4906 18.5 1997 Est. Dec : 328 5385 1 5714 599 350 4765 17.8 Jan : 328 5385 1 5714 599 350 4765 17.8 1998 Proj. Dec : 350 5508 1 5859 650 325 4883 18.1 Jan : 350 5384 1 5735 610 325 4799 17.7 : TOTAL POULTRY 5/ : 1996 : 839 32015 5 32859 5123 975 26760 90.1 1997 Est. Dec : 975 33005 6 33985 5680 960 27345 91.0 Jan : 975 32955 6 33936 5680 982 27274 90.8 1998 Proj. Dec : 960 34792 4 35756 5930 1030 28795 94.9 Jan : 982 34470 4 35456 5750 1030 28675 94.5 : RED MEAT & POULTRY: 1996 : 1769 75303 2769 79841 7976 1734 70130 209.2 1997 Est. Dec : 1734 76331 3073 81137 8808 1864 70465 208.3 Jan : 1734 76330 3041 81105 8819 1916 70369 208.1 1998 Proj. Dec : 1864 78832 3383 84079 9073 1822 73183 214.8 Jan : 1916 78760 3363 84039 8733 1822 73483 215.5 ============================================================================ 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-334-28 U.S. Egg Supply and Use =============================================================================== : : : 1997 Estimated : 1998 Projected : : :-----------------:----------------- Commodity : 1995 : 1996 : Dec : Jan : Dec : Jan =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 14.9 11.2 8.5 8.5 8.0 8.0 Production : 6215.6 6358.3 6436.6 6446.6 6580.0 6625.0 Imports : 4.1 5.4 6.0 6.0 4.0 4.0 Total supply : 6234.6 6374.9 6451.1 6461.1 6592.0 6637.0 : Use : Exports : 208.9 253.1 219.1 219.1 235.0 235.0 Hatching use : 847.2 864.7 895.3 890.3 940.0 930.0 Ending stocks : 11.2 8.5 8.0 8.0 10.0 10.0 Consumption : Total : 5167.3 5248.5 5328.8 5343.8 5407.0 5462.0 Per capita (number) : 235.7 237.2 238.6 239.3 239.9 242.4 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1996/97 Est 1/ : 1997/98 Proj 1/ Commodity :1994/95:1995/96:-----------------:----------------- : 1/ : 1/ : Dec : Jan : Dec : Jan =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 4.6 4.6 4.9 4.9 5.8 5.8 Production : 155.6 154.1 156.5 156.5 157.1 157.0 Farm use : 1.6 1.5 1.4 1.4 1.3 1.3 Marketings : 154.0 152.6 155.1 155.1 155.8 155.7 Imports 2/ : 2.8 2.8 2.8 2.8 3.3 3.3 Total cml. supply 2/ : 161.5 160.0 162.8 162.8 164.8 164.8 Use : Commercial use 2/ 3/ : 154.0 154.9 156.2 156.2 158.2 158.1 Ending commercial stks. 2/: 4.6 4.9 5.8 5.8 5.5 5.5 CCC net removals: : Milkfat basis 4/ : 2.9 0.1 0.8 0.8 1.1 1.2 Skim-solids basis 4/ : 4.9 1.1 2.7 2.7 3.2 3.3 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) 5/ : 11.59 13.50 11.88 11.88 11.60- 11.85- : 12.20 12.35 All milk 6/ : 12.54 14.49 13.60 13.60 12.85- 13.15- : 13.45 13.65 : : Million pounds CCC product net removals 4/: Butter : 110 1 28 28 40 45 Cheese : 8 5 10 10 7 7 Nonfat dry milk : 384 84 222 222 260 265 Dry whole milk : 44 7 7 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-334-29 Note: Tables on pages 29-31 present a 16-year record of the differences between the January projection and the final estimate. Using world wheat production as an example, changes between the January projection and the final estimate have averaged 3.6 million tons (0.7%) ranging from -8.3 to 6.4 million tons. The January projection has been below the estimate 10 times and above 6 times. Reliability of January 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 : 0.7 3.6 -8.3 6.4 10 6 U.S. : 0.1 0.0 0.1 0.1 8 3 Foreign : 0.8 3.6 -8.3 6.4 10 6 Exports : World : 3.1 3.5 -14.0 5.2 9 7 U.S. : 4.0 1.4 -3.9 2.7 9 7 Foreign : 4.2 3.3 -12.6 5.6 11 5 Domestic use : World : 1.1 5.6 -14.3 11.0 10 6 U.S. : 5.2 1.5 -2.6 3.0 6 10 Foreign : 1.1 5.2 -14.8 8.6 10 6 Ending stocks : World : 4.0 4.7 -11.1 8.1 10 6 U.S. : 8.6 2.0 -4.6 3.3 9 7 Foreign : 4.2 3.7 -8.7 5.2 10 6 : COARSE GRAINS 3/ : Production : World : 0.9 7.4 -17.9 8.2 9 7 U.S. : 0.3 0.6 -4.6 1.3 10 3 Foreign : 1.2 7.0 -17.3 8.2 9 7 Exports : World : 4.4 4.5 -10.8 13.3 11 5 U.S. : 9.5 4.9 -11.1 12.4 9 7 Foreign : 7.5 3.7 -8.2 8.0 7 9 Domestic use : World : 0.9 7.3 -16.0 10.7 7 9 U.S. : 2.9 5.0 -18.8 11.5 7 9 Foreign : 0.9 5.9 -10.9 10.8 10 6 Ending stocks : World : 6.7 9.4 -28.9 17.6 12 4 U.S. : 10.2 6.6 -24.3 20.8 8 8 Foreign : 9.5 5.9 -12.7 10.8 13 3 : RICE, milled : Production : World : 1.5 4.9 -12.6 1.8 14 2 U.S. : 1.3 0.1 -0.3 0.2 6 1 Foreign : 1.5 4.9 -12.6 1.8 14 2 Exports : World : 7.3 1.1 -4.6 1.0 12 4 U.S. : 5.9 0.2 -0.6 0.2 7 7 Foreign : 8.6 1.1 -4.0 1.0 12 4 Domestic use : World : 1.2 3.9 -12.3 1.9 12 4 U.S. : 5.9 0.1 -0.3 0.5 8 8 Foreign : 1.3 3.9 -12.4 2.2 13 3 Ending stocks : World : 7.5 2.6 -7.3 3.9 12 4 U.S. : 15.5 0.2 -0.3 0.4 9 6 Foreign : 7.8 2.5 -7.1 3.7 12 4 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-334-30 Reliability of January 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 : 1.6 1.7 -4.5 2.9 9 7 U.S. : 1.3 0.7 -1.6 1.8 7 7 Foreign : 3.3 1.6 -3.4 2.6 10 6 Exports : World : 3.9 1.1 -2.1 2.7 9 7 U.S. : 6.0 1.2 -2.4 4.3 9 7 Foreign : 15.7 1.2 -3.3 2.1 8 8 Domestic use : World : 2.3 2.5 -5.7 3.6 9 7 U.S. : 2.4 0.8 -3.1 0.8 10 6 Foreign : 3.0 2.1 -3.7 3.6 9 7 Ending stocks : World : 11.0 1.9 -3.4 5.0 7 9 U.S. : 20.8 1.6 -2.6 4.9 5 11 Foreign : 13.5 1.4 -2.9 2.7 9 7 : COTTON : Million 480-pound bales Production : World : 2.3 1.9 -5.4 3.6 10 5 U.S. : 0.6 0.1 0.1 0.3 3 12 Foreign : 2.9 2.0 -5.7 3.5 10 5 Exports : World : 4.1 1.0 -2.7 0.9 8 8 U.S. : 8.6 0.4 -1.0 0.8 8 8 Foreign : 5.3 1.0 -3.4 1.0 9 7 Mill use : World : 2.1 1.7 -6.3 1.8 8 8 U.S. : 4.2 0.3 -0.9 0.5 12 3 Foreign : 2.2 1.6 -5.8 2.0 8 8 Ending stocks : World : 10.1 3.3 -6.1 8.1 7 9 U.S. : 15.0 0.6 -0.8 2.1 4 12 Foreign : 10.4 3.1 -6.3 7.6 9 7 ------------------------------------------------------------------------------- 1/ Final estimate for 1981/82-96/97 is defined as the first November estimate following the marketing year. 2/ May not total 16 if projections was the same as final estimate. 3/ Includes corn, sorghum, barley, oats, rye, millet and mixed grain. * * * * * * * * * * INTERAGENCY COMMODITY ESTIMATES COMMITTEES Wheat: Gerald R. Rector, Chairperson, WAOB Frank Gomme, FAS; Ralph Tapp, AMS; Bradley Karmen, FSA; Dennis Shields, ERS. Rice: Andrew C. Aaronson, Chairperson, WAOB Linda Kotschwar, FAS; Ralph Tapp, AMS, Eugene Rosera, FSA; Nathan Childs, ERS. Feed Grains: Gerald R. Rector, Chairperson, WAOB Alan Riffkin, FAS; Phillip W. Sronce, FSA; Ralph Tapp, AMS; Peter Riley, ERS. Soybeans, Cottonseed and Oils: Jim L. Matthews, Chairperson, WAOB Patrick Packnett, FAS; Scott O. Sanford, ERS; Ralph Tapp, AMS; Phillip W. Sronce, FSA. Cotton: Carol Skelly, Chairperson, WAOB Abdullah A. Saleh, FAS; Wayne Bjorlie, FSA; Ross Griffith, AMS; Leslie Meyer, ERS. Sugar: John Love, Chairperson, WAOB Stephen Hammond, FAS; Daniel Colacicco, FSA; Ron Lord, ERS Meat Animals: James E. Nix, Chairperson, WAOB Lisa Hardy-Bass, FAS; Susan Olson, AMS; Ron Gustafson, ERS. Poultry: James E. Nix, Chairperson, WAOB Nancy Morgan, FAS; Milton Madison, ERS. Dairy: James E. Nix, Chairperson, WAOB Arthur Coffing, FAS; Robert R. Miller, AMS; James Miller, ERS; Daniel Colacicco, FSA. WASDE-334-31 Reliability of United States January 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 : 0.3 21 -148 38 4 1 Exports : 9.3 161 -379 384 9 7 Domestic use : 3.0 173 -574 345 7 9 Ending stocks : 12.7 268 -986 838 9 7 : SORGHUM : Production : 0.5 5 -53 14 1 3 Exports : 15.7 37 -90 97 10 5 Domestic use : 10.9 53 -148 127 9 7 Ending stocks : 35.1 39 -78 98 5 11 : BARLEY : Production : 0.4 2 -3 11 8 2 Exports : 15.6 11 -37 23 6 9 Domestic use : 5.5 22 -43 70 9 6 Ending stocks : 7.3 13 -52 18 11 5 : OATS : Production : 0.1 0 -2 1 3 1 Exports : 58.9 1 -1 7 4 6 Domestic use : 3.6 15 -39 36 9 7 Ending stocks : 13.1 17 -47 34 8 8 : : Thousand short tons SOYBEAN MEAL : Production : 2.4 695 -2270 713 11 5 Exports : 7.8 493 -1400 941 9 7 Domestic use : 2.2 475 -1200 575 10 6 Ending stocks : 35.6 83 -214 188 5 10 : : Million pounds SOYBEAN OIL : Production : 2.4 324 -889 575 11 5 Exports : 19.6 271 -800 839 7 9 Domestic use : 2.3 267 -885 400 12 4 Ending stocks : 18.7 257 -501 538 9 7 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 3.0 700 -666 1688 9 5 Pork : 3.3 533 -1240 1717 8 6 Broilers : 1.5 284 -379 512 10 4 Turkeys : 2.3 95 -177 181 10 4 : : Million dozen Eggs : 1.4 85 -110 169 9 5 : : Billion pounds Milk : 1.4 2.0 -4.8 5.6 5 9 ------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-96/97 is defined as the first November estimate following the marketing year. 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---