WASDE-337 - April 9, 1998 WHEAT: Projected U.S. 1997/98 ending stocks are up 52 million bushels from last month because of reduced domestic use and exports. Projected feed and residual use is down 25 million bushels from last month because estimated March 1 stocks indicated lower-than-expected use in the December-February quarter. Smaller prospective spring wheat plantings account for an additional 2-million-bushel reduction in domestic use. Projected exports are down 25 million bushels from last month because of weak late-season sales. The projected price of $3.40 per bushel is down 5 cents per bushel from the midpoint of last month's projected price range. Projected 1997/98 global production and use are little changed from last month. The United States and Turkey account for most of the gain in projected 1997/98 ending stocks. Global imports are down slightly, with reductions in several countries. COARSE GRAINS: Projected U.S. 1997/98 ending stocks of corn are up 260 million bushels from last month because of lower domestic use and exports. Projected feed and residual use is down 150 million bushels because estimated March 1 stocks implied smaller-than-expected feed and residual use for the December-February quarter. Also, industrial use is reduced because of a slower pace of use for ethanol than expected earlier. Projected exports of corn are down 100 million bushels from last month because of reduced global imports and increased competition. Projected 1997/98 exports of 1.525 billion bushels, if realized, would be the lowest since the 1.328 billion in 1993/94. The projected price range for corn is down 10 cents on the high end to $2.45 to $2.55 per bushel. Global 1997/98 global coarse grain production is up slightly, with much of the increase due to larger corn and sorghum crops in Argentina and a larger corn crop in South Africa. The bigger crops mean larger projected corn and sorghum exports for Argentina, but lower corn imports by South Africa. Higher corn exports are also projected for Indonesia. Projected corn imports are down for a number of countries, largely in Latin America. While most of the increase in projected global coarse grain stocks from last month is in the United States, gains are also expected in the EU and Argentina. RICE: U.S. exports for 1997/98 are raised 2 million cwt from last month to 83 million cwt, an increase of over 4 million cwt from 1996/97. The rough rice export projection for 1997/98 is increased to a record 23 million cwt, up 3 million cwt from a month ago and an increase of over 10 million cwt from 1996/97. Exports of rough rice have continued strong to Latin American markets. Exports of milled rice are lowered 1 million cwt to 60 million cwt, a decline of nearly 6 million cwt from 1996/97. Ending stocks for 1997/98 are projected at 24.2 million cwt, down 2 million cwt from last month and a decline of 3 million cwt from 1996/97. The projected price range for 1997/98 is raised 10 cents on the low end to $9.60-$9.80 per cwt. World rice production, consumption, and ending stocks for 1997/98 are projected lower than a month ago, while trade is projected higher. The decline in world rice production is due primarily to smaller crops in Bangladesh, Burma, and Turkey and is partially offset by increased production projected for Mexico, Pakistan, and Sri Lanka. The increase in global imports for 1997/98 is due primarily to increased imports to Indonesia, Sri Lanka, and Nigeria and is partially offset by declines in imports to Iran and Saudi Arabia. Indonesia's projected imports for 1997/98 are raised to 4.0 million metric tons, up 300,000 from last month. Exports in 1997/98 are projected larger for Vietnam and the United States while Burma's exports are projected lower. OILSEEDS: U.S. oilseed supply and use balances for 1997/98 are a little tighter this month, with a drop in forecast soybean and soybean oil carryover stocks. The drop in soybean stocks to 235 million bushels reflects mainly an increase in residual use based on a lower-than-anticipated March 1 soybean stocks estimate. A 5-million-bushel increase in forecast soybean crush, to a record 1,525 million bushels, is offset by a drop in soybean exports to 945 million bushels. Soybean crush continued seasonally strong through March, helped by a strong export pace for both soybean oil and soybean meal while the soybean export paced slowed. U.S. soybean oil exports are raised by 300 million pounds this month to a record 2.9 billion pounds. Soybean oil exports are helped by a drop in foreign sunflowerseed and oil production and upward revisions to South Asia's import prospects, particularly for Pakistan. Soybean meal exports also are increased, based on reduced foreign competitive meals and more competitive U.S. soybean meal prices. Lower soybean meal prices this month reflect the above factors as well as large 1998 U.S. acreage prospects. U.S. producers indicated they intend to plant a record 72 million acres of soybeans, which would be the largest area planted since 1979/80. For 1997/98, weighted season-average soybean prices are forecast at $6.35 to $6.65, reflecting only a narrowing of the price range. Soybean meal prices are reduced to $185 to $195 per short ton. Soybean oil prices are raised to 26.5 to 27.5 cents per pound, reflecting a reduction in ending soybean oil stocks to only 1,170 million pounds. Global oilseed production for 1997/98 is forecast at a record 282.8 million metric tons, off 0.8 million tons from last month but up 21.3 million tons from last year. A 0.3-million-ton reduction in Argentina's sunflowerseed crop due to harvest losses and a drop in India's cottonseed production are only partially offset by an increase of 0.15 million tons in Argentina's peanut crop. SUGAR: U.S. sugar production in fiscal year 1997/98 is projected at 7.825 million short tons, raw value, slightly reduced from last month, but 9 percent above the estimate for 1996/97. Projected U.S. beet sugar production is decreased 25,000 tons, to 4.225 million. California planting of sugarbeets is well behind schedule, stemming from heavy rains in sugarbeet growing areas. Forecast imports of sugar for re-export in sugar-containing products are increased 25,000 tons, due to heavier-than-expected activity. For the same reason, domestic deliveries of sugar for re-export products are also raised. However, total deliveries remain unchanged at 9.85 million short tons. Minor adjustments to the fiscal year 1996/97 supply and use balances are also reflected in this month's report. U.S. Customs Bureau adjustments to sugar imports under the TRQ during 1996/96 result in a small rise in 1996/97, but also a decline in 1997/98. Domestic deliveries in 1996/97 are reduced 27,000 tons, eliminating double counting of imported refined sugar marketed by cane refineries. LIVESTOCK, POULTRY, AND DAIRY: The 1998 supply, use, and price projections for U.S. red meat and poultry show several small changes from last month. Broiler production is lowered slightly as output continues to lag expectations and egg sets and chicks placed for future production are below anticipated levels. Turkey production, however, is exceeding expectations and the forecast is increased. With broiler exports starting the year at a stronger-than-expected pace, the forecast for 1998 is increased slightly. The very large supply of meat that is being forced to move into domestic consumption is weighing heavily on hog, cattle, and turkey prices, and price forecasts are lowered slightly. Lower production and the strong export pace are resulting in brighter price prospects for broilers. Milk supply, use, and price projections for 1997/98 are little changed from last month. COTTON: U.S. production and ending stocks for the 1997/98 marketing year are slightly lower this month. Based on reported ginnings, production is placed at 18.83 million bales, down about 150,000 bales from last month. With no changes in forecast domestic mill use or exports, ending stocks are also 150,000 bales lower than March. The world cotton situation for 1997/98 features lower production, consumption, and ending stocks relative to last month. Forecast world production is 1 percent lower based on reduced ginning arrivals in India, wet weather in Argentina, and the reduction in the U.S. crop. Consumption prospects are reduced for China and India, partially offset by an increase for Thailand. World imports are marginally higher as increases for India and Thailand outweigh a reduction in anticipated imports by China. The world export forecast is virtually unchanged, with increased exports from China offset by reductions for Australia and others. Forecast world ending stocks are down 1 percent from last month. 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: I. MILEY GONZALEZ ACTING SECRETARY OF AGRICULTURE * * * * * * * * * * * The next issue of this report will be released 8:30 a.m. ET on May 12, 1998. You can now download this report in both ascii text format and pdf (Adobe Acrobat) format at www.usda.gov/oce/waob/wasde/wasde.htm. Acrobat files can be viewed or printed in their original form, page by page. NOTE: WASDE REPORT AVAILABLE IN PDF FORMAT You can now download this report in both ascii text format and pdf (Adobe Acrobat) format at www.usda.gov/oce/waob/wasde/wasde.htm Acrobat files can be viewed or print in their original form, page by page. GET TIMELY DISPATCHES FROM AGRICULTURE'S NEW FRONTIER New forecasts for U.S. agriculture and presentations from USDA's Agricultural Outlook Forum 98, held February 23-24, 1998, are waiting for you. More than 60 speakers discussed farm prospects and front-burner issues ranging from biotechnology, to organic food standards, to transportation problems. DOWNLOAD SPEECHES: www.usda.gov/oce AGRICULTURAL BASELINE PROJECTIONS TO 2007, WAOB-WOAB-98-1. 124 pages, $21.00. Available now. PROCEEDINGS OF AGRICULTURAL OUTLOOK FORUM 98. WAOB-YCON-98, $25.00. Speeches and illustrations presented by speakers at the February 1998 conference. Off press April. 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WASDE-337-4 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 : 1,710.59 2,014.22 243.55 1,763.86 250.36 1996/97 (Est.) : 1,870.43 2,120.79 243.91 1,836.52 284.27 1997/98 (Proj.) : March : 1,887.85 2,167.77 239.97 1,867.09 300.69 April : 1,890.04 2,174.31 238.24 1,861.68 312.63 Wheat : 1995/96 : 537.53 655.57 114.22 550.25 105.33 1996/97 (Est.) : 582.41 687.73 117.65 577.63 110.10 1997/98 (Proj.) : March : 609.18 717.27 115.42 586.05 131.22 April : 609.80 719.90 114.87 585.15 134.75 Coarse grains 4/ : 1995/96 : 801.86 938.19 109.19 842.51 95.68 1996/97 (Est.) : 908.08 1,003.76 106.04 881.49 122.28 1997/98 (Proj.) : March : 896.45 1,016.38 103.07 901.45 114.93 April : 898.88 1,021.15 101.77 897.25 123.90 Rice, milled : 1995/96 : 371.19 420.46 20.15 371.11 49.36 1996/97 (Est.) : 379.94 429.30 20.22 377.41 51.89 1997/98 (Proj.) : March : 382.23 434.12 21.48 379.58 54.54 April : 381.37 433.26 21.61 379.28 53.98 : : United States Total grains 3/ : 1995/96 : 274.47 339.52 99.47 214.56 25.49 1996/97 (Est.) : 335.20 366.45 81.27 245.23 39.95 1997/98 (Proj.) : March : 340.03 385.84 80.03 257.85 47.96 April : 340.03 385.87 76.77 253.09 56.01 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.) : March : 68.76 83.28 29.26 35.68 18.35 April : 68.76 83.28 28.58 34.96 19.75 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.) : March : 265.42 295.57 48.13 218.68 28.76 April : 265.42 295.59 45.48 214.64 35.47 Rice, milled : 1995/96 : 5.63 6.92 2.69 3.42 0.81 1996/97 (Est.) : 5.45 6.58 2.50 3.22 0.87 1997/98 (Proj.) : March : 5.84 7.00 2.65 3.49 0.86 April : 5.84 7.00 2.71 3.49 0.79 =============================================================================== 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-337-5 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 : 1,436.12 1,674.71 144.09 1,549.30 224.88 1996/97 (Est.) : 1,535.23 1,754.35 162.64 1,591.30 244.32 1997/98 (Proj.) : March : 1,547.82 1,781.93 159.94 1,609.24 252.72 April : 1,550.02 1,788.44 161.47 1,608.59 256.62 Wheat : 1995/96 : 478.13 580.53 80.44 519.22 95.09 1996/97 (Est.) : 520.22 612.79 90.40 542.02 98.03 1997/98 (Proj.) : March : 540.42 633.99 86.16 550.38 112.87 April : 541.04 636.62 86.29 550.19 115.00 Coarse grains 4/ : 1995/96 : 592.43 680.63 46.18 662.39 81.24 1996/97 (Est.) : 640.52 718.84 54.51 675.09 95.27 1997/98 (Proj.) : March : 631.02 720.81 54.94 682.77 86.17 April : 633.46 725.56 56.29 682.61 88.43 Rice, milled : 1995/96 : 365.56 413.55 17.47 367.69 48.55 1996/97 (Est.) : 374.49 422.72 17.73 374.19 51.02 1997/98 (Proj.) : March : 376.38 427.13 18.84 376.09 53.68 April : 375.53 426.26 18.89 375.78 53.19 =============================================================================== 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.) : 89.18 122.99 26.49 88.63 36.26 1997/98 (Proj.) : March : 90.08 126.40 26.34 88.62 37.98 April : 89.19 125.45 26.36 88.20 37.55 : 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.) : March : 18.98 22.96 7.50 11.50 4.00 April : 18.83 22.81 7.50 11.50 3.85 : Foreign 1995/96 : 75.13 100.37 20.18 76.31 31.20 1996/97 (Est.) : 70.24 101.04 19.63 77.50 32.29 1997/98 (Proj.) : March : 71.11 103.44 18.84 77.12 33.98 April : 70.36 102.65 18.86 76.70 33.70 =============================================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. See global cotton tables for treatment of export/import imbalances. WASDE-337-6 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 : 259.71 286.96 44.34 217.83 22.24 1996/97 (Est.) : 261.45 283.68 48.68 219.33 16.92 1997/98 (Proj.) : March : 283.59 300.47 50.98 227.38 23.45 April : 282.79 299.71 50.76 227.10 22.94 Oilmeals : 1995/96 : 147.50 154.12 49.77 146.04 6.89 1996/97 (Est.) : 149.50 156.40 50.13 150.67 5.82 1997/98 (Proj.) : March : 155.37 161.18 51.08 155.05 6.00 April : 155.35 161.17 51.37 155.00 6.04 Vegetable Oils : 1995/96 : 73.34 79.78 25.81 71.58 7.35 1996/97 (Est.) : 75.24 82.58 28.11 74.73 7.08 1997/98 (Proj.) : March : 77.21 84.22 28.33 77.55 6.41 April : 77.12 84.20 28.48 77.64 6.33 : : 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.) : March : 84.56 89.75 26.58 46.86 7.86 April : 84.55 89.79 26.51 46.97 7.32 Oilmeals : 1995/96 : 32.29 33.60 5.69 27.67 0.25 1996/97 (Est.) : 33.76 35.03 6.60 28.21 0.23 1997/98 (Proj.) : March : 35.41 36.81 7.13 29.43 0.25 April : 35.57 37.02 7.42 29.33 0.27 Vegetable Oils : 1995/96 : 8.28 10.33 1.06 8.10 1.17 1996/97 (Est.) : 8.46 11.19 1.61 8.62 0.96 1997/98 (Proj.) : March : 9.14 11.63 1.95 8.78 0.90 April : 9.20 11.72 2.12 8.82 0.78 : : Foreign Oilseeds : 1995/96 : 190.61 251.41 20.41 175.26 16.19 1996/97 (Est.) : 186.62 251.03 24.05 175.20 12.28 1997/98 (Proj.) : March : 199.03 261.55 24.40 180.51 15.59 April : 198.24 260.70 24.25 180.13 15.62 Oilmeals : 1995/96 : 115.21 169.10 44.08 118.38 6.64 1996/97 (Est.) : 115.75 171.59 43.54 122.46 5.60 1997/98 (Proj.) : March : 119.97 175.33 43.96 125.62 5.75 April : 119.78 175.38 43.95 125.66 5.77 Vegetable Oils : 1995/96 : 65.05 94.40 24.75 63.48 6.17 1996/97 (Est.) : 66.78 98.74 26.50 66.12 6.12 1997/98 (Proj.) : March : 68.07 100.66 26.38 68.77 5.51 April : 67.92 100.73 26.36 68.82 5.55 =============================================================================== 1/ Aggregate of local marketing years with Brazil and Argentina on an Oct.-Sept. year. 2/ Crush only for oilseeds. WASDE-337-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : March April =============================================================================== 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 : 883 891 915 915 Seed : 104 103 96 94 Feed and residual : 153 314 300 275 Domestic, total : 1,140 1,308 1,311 1,284 Exports : 1,241 1,001 1,075 1,050 Use, total : 2,381 2,310 2,386 2,334 Ending stocks : 376 444 674 726 Farmer-owned reserve : 0 0 0 0 CCC inventory : 118 93 93 93 Free stocks : 258 351 581 633 Outstanding loans : 13 72 50 75 Avg. farm price ($/bu) 2/ : 4.55 4.30 3.40- 3.50 3.40 =============================================================================== 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/ : 1,265 721 529 403 143 3,060 Domestic use : 564 255 294 107 64 1,284 Exports : 377 230 185 205 53 1,050 Use, total : 942 485 479 312 117 2,334 Ending stocks, total : April : 323 236 50 91 26 726 March : 265 228 64 92 24 674 =============================================================================== 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-337-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : March April =============================================================================== FEED GRAINS : Area : Million acres Planted : 93.7 104.5 102.4 102.4 Harvested : 82.5 94.5 92.4 92.4 Yield per harvested : Metric tons acre : 2.54 2.83 2.87 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 3.0 3.0 Supply, total : 257.2 284.6 295.2 295.2 Feed and residual : 133.4 156.9 165.7 161.9 Food, seed & industrial : 46.3 49.1 52.6 52.4 Domestic, total : 179.8 206.1 218.3 214.3 Exports : 63.0 51.5 48.1 45.5 Use, total : 242.8 257.6 266.5 259.8 Ending stocks, total : 14.4 27.0 28.7 35.5 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 28.7 35.5 Outstanding loans : 0.9 5.0 5.5 5.8 : CORN : Area : Million acres Planted : 71.2 79.5 80.2 80.2 Harvested : 65.0 73.1 73.7 73.7 Yield per harvested : Bushels acre : 113.5 127.1 127.0 127.0 : Million bushels Beginning stocks : 1,558 426 883 883 Production : 7,374 9,293 9,366 9,366 Imports : 16 13 10 10 Supply, total : 8,948 9,733 10,259 10,259 Feed and residual : 4,682 5,362 5,850 5,700 Food, seed & industrial : 1,612 1,692 1,835 1,825 Domestic, total : 6,294 7,054 7,685 7,525 Exports : 2,228 1,795 1,625 1,525 Use, total : 8,522 8,849 9,310 9,050 Ending stocks, total : 426 883 949 1,209 Farmer-owned reserve : 0 0 0 0 CCC inventory : 30 2 0 0 Free stocks : 396 881 949 1,209 Outstanding loans : 33 179 200 215 Avg. farm price ($/bu) 2/ : 3.24 2.71 2.45- 2.65 2.45- 2.55 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. WASDE-337-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : March April =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 9.5 13.2 10.1 10.1 Area harv. (mil. acres) : 8.3 11.9 9.4 9.4 Yield (bushels/acre) : 55.6 67.5 69.5 69.5 Beginning stocks : 72 18 47 47 Production : 460 803 653 653 Imports : 0 0 0 0 Supply, total : 532 821 701 701 Feed : 305 529 425 425 Food, seed & industrial : 11 40 35 35 Total domestic : 316 569 460 460 Exports : 198 205 200 200 Use, total : 514 774 660 660 Ending stocks, total : 18 47 41 41 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 18 47 41 41 Outstanding loans : 0 3 5 3 Avg. farm price ($/bu) 2/ : 3.19 2.34 2.15- 2.35 2.20- 2.30 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 : 113 100 109 109 Production : 360 396 374 374 Imports : 41 37 40 40 Supply, total : 513 532 524 524 Feed : 179 220 160 160 Food, seed & industrial : 172 172 172 172 Total domestic : 351 392 332 332 Exports : 62 31 80 75 Use, total : 413 423 412 407 Ending stocks, total : 100 109 112 117 Farmer-owned reserve : 0 0 0 0 CCC inventory : 5 0 0 0 Free stocks : 95 109 112 117 Outstanding loans : 3 15 15 10 Avg. farm price ($/bu) 2/ : 2.89 2.74 2.35- 2.45 2.35 OATS : Area planted (mil. acres) : 6.3 4.7 5.2 5.2 Area harv. (mil. acres) : 3.0 2.7 2.9 2.9 Yield (bushels/acre) : 54.7 57.8 60.5 60.5 Beginning stocks : 101 66 67 67 Production : 162 155 176 176 Imports : 81 97 110 110 Supply, total : 343 319 353 353 Feed : 183 155 175 175 Food, seed & industrial : 92 95 95 95 Total domestic : 275 250 270 270 Exports : 2 3 2 2 Use, total : 277 252 272 272 Ending stocks, total : 66 67 81 81 Farmer-owned reserve : 0 0 0 0 CCC inventory : 0 0 0 0 Free stocks : 66 67 81 81 Outstanding loans : 0 1 1 1 Avg. farm price ($/bu) 2/ : 1.67 1.96 1.55- 1.65 1.60 =============================================================================== 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-337-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :============================== : : Est. : March April =============================================================================== TOTAL : Area : Million acres Planted : 3.12 2.82 3.06 3.06 Harvested : 3.09 2.80 3.03 3.03 Yield per harvested : Pounds acre : 5,621 6,121 5,896 5,896 : Million hundredweight Beginning stocks 2/ : 31.3 25.0 27.2 27.2 Production : 173.9 171.3 178.9 178.9 Imports : 7.4 10.0 9.0 9.0 Supply, total : 212.6 206.3 215.1 215.1 Domestic & residual 3/ : 104.6 100.7 107.9 107.9 Exports, total 4/ : 83.0 78.4 81.0 83.0 Rough : 10.6 12.6 20.0 23.0 Milled (rough equiv.) : 72.4 65.9 61.0 60.0 Use, total : 187.6 179.1 188.9 190.9 Ending stocks : 25.0 27.2 26.2 24.2 CCC inventory : 0.0 0.0 0.0 0.0 Free stocks : 25.0 27.2 26.2 24.2 Avg. farm price ($/cwt) 5/ : 9.15 9.96 9.50- 9.80 9.60- 9.80 : LONG GRAIN : Harvested acres (mil.) : 2.31 1.96 2.26 2.26 Yield (pounds/acre) : 5,265 5,777 5,380 5,380 Beginning stocks : 14.4 10.1 14.1 14.1 Production : 121.7 113.5 121.6 121.6 Supply, total 6/ : 142.4 132.3 143.8 143.8 Domestic & Residual 3/ : 67.4 61.7 68.8 68.8 Exports 7/ : 64.9 56.5 62.0 64.0 Use, total : 132.3 118.2 130.8 132.8 Ending stocks : 10.1 14.1 13.0 11.0 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.78 0.84 0.77 0.77 Yield (pounds/acre) : 6,676 6,929 7,406 7,406 Beginning stocks : 15.8 14.3 12.1 12.1 Production : 52.1 57.9 57.2 57.2 Supply, total 6/ : 69.5 73.1 70.4 70.4 Domestic & Residual 3/ : 37.2 39.0 39.1 39.1 Exports 7/ : 18.1 22.0 19.0 19.0 Use, total : 55.3 60.9 58.1 58.1 Ending stocks : 14.3 12.1 12.3 12.3 =============================================================================== 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-337-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :=============================== : : Est. : March April =============================================================================== SOYBEANS: : Million acres Area : Planted : 62.6 64.2 70.9 70.9 Harvested : 61.6 63.4 69.9 69.9 : : Bushels Yield per harvested : acre : 35.3 37.6 39.0 39.0 : : Million bushels : Beginning stocks : 335 183 131 131 Production : 2,177 2,382 2,727 2,727 Imports : 4 9 6 6 Supply, total : 2,516 2,575 2,865 2,865 Crushings : 1,370 1,436 1,520 1,525 Exports : 851 882 950 945 Seed : 72 79 80 81 Residual : 40 47 60 79 2/ Use, total : 2,333 2,443 2,610 2,630 Ending stocks : 183 131 255 235 Avg. farm price ($/bu) 3/ : 6.72 7.35 6.20- 6.80 6.35- 6.65 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 1,137 2,015 1,520 1,520 Production : 15,240 15,743 16,970 17,085 4/ Imports : 95 53 60 65 Supply, total : 16,472 17,811 18,550 18,670 Domestic : 13,465 14,247 14,500 14,600 Exports : 992 2,045 2,600 2,900 Use, total : 14,457 16,291 17,100 17,500 Ending stocks : 2,015 1,520 1,450 1,170 Average price (c/lb) 3/ : 24.75 22.50 25.50- 26.50- : 27.50 27.50 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 223 212 207 207 Production : 32,527 34,209 35,843 36,018 4/ Imports : 75 102 125 75 Supply, total : 32,826 34,523 36,175 36,300 Domestic : 26,611 27,322 28,350 28,150 Exports : 6,002 6,994 7,600 7,900 Use, total : 32,613 34,316 35,950 36,050 Ending stocks : 212 207 225 250 Average price ($/s.t.) 3/ : 236.00 270.90 190.00- 185.00- : 200.00 195.00 =============================================================================== Note: Reliability calculations at end of report. 1/ Marketing year beginning September 1 for soybeans; October 1 for soybean oil and meal. 2/ Supply estimates and reported use through February, coupled with USDA's March 1 stocks estimate, indicate an above-average residual. 3/ 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. 4/Based on October year crush estimate of 1,520 million bushels. WASDE-337-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :====================== : : Estimate : March April ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,241 1,492 1,488 1,487 Production 2/3/ : 7,370 7,205 7,850 7,825 Beet sugar : 3,916 4,013 4,250 4,225 Cane sugar 4/ : 3,454 3,192 3,600 3,600 Imports 2/ : 2,777 2,774 2,157 2,174 TRQ 5/ : 2,236 2,277 1,742 1,734 Other 6/ : 541 497 415 440 Total supply : 11,388 11,471 11,495 11,486 : Exports 2/7/ : 385 211 185 185 Domestic deliveries 2/ : 9,554 9,742 9,850 9,850 Domestic food use : 9,441 9,564 9,725 9,700 Other 8/ : 113 178 125 150 Miscellaneous 9/ : (43) 31 0 0 Use, total : 9,896 9,984 10,035 10,035 Ending stocks 2/ : 1,492 1,487 1,460 1,451 : Stocks to use ratio : 15.1 14.9 14.5 14.5 ====================================================================== 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 sugarcane production forecasts in the March 12 Crop Production report and Interagency Sugar Estimates Committee projections. 4/ Production by state for 1996/97 projected 1997/98): FL 1,679 (1,890); HI 340 (340); LA 1,054 (1,265); TX 91 (80); 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. 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-337-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1997/98 Projections Item : 1995/96 : 1996/97 :================================== : : : March April =============================================================================== Area : Million acres Planted : 16.93 14.63 13.82 13.82 Harvested : 16.01 12.87 13.28 13.28 : Pounds : Yield per harv. acre : 536 707 686 681 : : Million 480 pound bales : Beginning stocks 2/ : 2.65 2.61 3.97 3.97 Production : 17.90 18.94 18.98 18.83 Imports : 0.41 0.40 0.02 0.01 Supply, total : 20.96 21.95 22.96 22.81 Domestic use : 10.65 11.13 11.50 11.50 Exports : 7.68 6.87 7.50 7.50 Use, total : 18.32 17.99 19.00 19.00 Unaccounted 3/ : 0.03 -0.01 -0.04 -0.04 Ending stocks : 2.61 3.97 4.00 3.85 : Avg. farm price 4/ : 75.4 69.3 65.1 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-February. WASDE-337-14 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/ : 118.04 537.53 113.38 92.01 550.25 114.22 105.33 United States : 13.79 59.40 1.85 4.16 31.02 33.78 10.23 Total foreign : 104.25 478.13 111.53 87.85 519.22 80.44 95.09 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 15.83 182.68 5.66 33.90 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/ : 105.33 582.41 111.50 96.12 577.63 117.65 110.10 United States : 10.23 62.19 2.51 8.54 35.61 27.25 12.07 Total foreign : 95.09 520.22 108.98 87.57 542.02 90.40 98.03 Major exporters 4/ : 19.57 167.91 18.57 42.77 97.47 82.06 26.52 Argentina : 0.15 15.90 0.03 0.35 4.78 10.50 0.80 Australia : 1.98 23.70 0.02 1.18 4.79 18.71 2.20 Canada : 6.73 29.80 0.28 4.19 8.22 19.50 9.09 EU-15 : 10.72 98.51 18.24 37.05 79.68 33.35 14.44 Major importers 5/ : 33.90 156.63 32.13 15.52 185.39 1.25 36.02 China : 24.30 110.57 2.80 3.50 113.00 0.20 24.47 East. Europe : 7.10 26.40 3.58 10.40 30.80 0.65 5.62 N. Africa : 1.43 15.98 14.29 0.36 27.34 0.00 4.37 Selected other : Baltics 6/ : 0.32 1.40 0.21 0.56 1.39 0.00 0.53 FSU-12 6/7/ : 10.94 62.97 6.07 22.81 70.21 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 1.50 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-337-15 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/ : March : 108.10 609.18 114.27 97.89 586.05 115.42 131.22 April : 110.10 609.80 113.73 97.37 585.15 114.87 134.75 United States : March : 12.07 68.76 2.45 8.17 35.68 29.26 18.35 April : 12.07 68.76 2.45 7.48 34.96 28.58 19.75 Total foreign : March : 96.02 540.42 111.83 89.73 550.38 86.16 112.87 April : 98.03 541.04 111.29 89.89 550.19 86.29 115.00 Major exporters 4/ : March : 26.52 152.08 20.71 44.19 99.70 75.48 24.13 April : 26.52 152.33 20.75 44.19 99.79 75.68 24.13 Argentina Mar : 0.80 14.30 0.02 0.35 4.80 9.80 0.52 Apr : 0.80 14.50 0.02 0.35 4.80 10.00 0.52 Australia Mar : 2.20 19.00 0.03 2.60 4.90 14.00 2.33 Apr : 2.20 19.00 0.03 2.60 4.90 14.00 2.33 Canada Mar : 9.09 24.30 0.20 4.50 8.50 19.00 6.09 Apr : 9.09 24.30 0.20 4.50 8.50 19.00 6.09 EU-15 Mar : 14.44 94.48 20.46 36.74 81.50 32.68 15.20 Apr : 14.44 94.53 20.50 36.74 81.59 32.68 15.20 Major importers 5/ : March : 36.00 171.81 32.30 16.83 189.78 3.50 46.83 April : 36.02 172.09 32.31 16.79 190.07 3.50 46.85 China Mar : 24.47 124.00 2.00 3.70 114.00 0.20 36.27 Apr : 24.47 124.00 2.00 3.70 114.00 0.20 36.27 East. Europe Mar : 5.62 34.75 1.40 11.28 33.20 2.90 5.68 Apr : 5.62 34.81 1.41 11.28 33.26 2.90 5.68 N. Africa Mar : 4.20 9.66 17.00 0.31 27.71 0.00 3.15 Apr : 4.37 9.88 17.00 0.31 28.03 0.00 3.22 Selected other : Baltics 6/ Mar : 0.53 1.44 0.27 0.55 1.50 0.00 0.74 Apr : 0.53 1.55 0.27 0.55 1.60 0.00 0.74 FSU-12 6/7/ Mar : 6.32 79.59 5.81 22.18 72.25 5.00 14.46 Apr : 6.32 79.59 5.31 22.13 72.00 4.75 14.46 Russia Mar : 1.65 44.20 2.00 14.65 38.81 1.25 7.79 Apr : 1.65 44.20 2.00 14.65 39.06 1.00 7.79 Kazakstan Mar : 1.07 8.65 0.00 1.15 4.90 3.10 1.72 Apr : 1.07 8.65 0.00 1.10 4.90 3.10 1.72 =============================================================================== 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-337-16 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/ : 136.33 801.86 101.64 547.77 842.51 109.19 95.68 United States : 45.34 209.44 2.79 133.59 180.12 63.00 14.44 Total foreign : 90.99 592.43 98.85 414.18 662.39 46.18 81.24 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/ : 23.66 166.54 66.72 155.15 211.91 22.44 22.57 EU-15 : 12.40 88.49 19.94 68.47 91.50 19.50 9.83 East. Europe : 3.43 51.44 1.09 38.00 49.04 2.88 4.02 Japan : 2.20 0.22 20.28 16.58 20.63 0.01 2.06 Selected other : China : 28.76 124.50 2.96 86.02 122.27 0.26 33.70 Baltics 6/ : 0.53 2.05 0.45 1.83 2.62 0.06 0.34 FSU-12 6/7/ : 11.89 57.36 1.80 43.53 62.74 2.31 6.01 Russia : 6.21 30.70 0.86 22.67 35.30 0.96 1.51 Ukraine : 3.00 15.61 0.00 12.13 15.36 0.50 2.75 : : 1996/97 (Estimated) : World 3/ : 95.68 908.08 103.77 581.54 881.49 106.04 122.28 United States : 14.44 267.56 2.93 157.07 206.40 51.52 27.01 Total foreign : 81.24 640.52 100.84 424.48 675.09 54.51 95.27 Major exporters 4/ : 5.77 70.90 1.48 36.69 46.86 23.17 8.13 Argentina : 0.71 18.93 0.07 4.91 6.74 11.88 1.11 Australia : 0.66 10.15 0.00 4.50 5.73 4.41 0.67 Canada : 2.90 28.19 0.92 18.67 21.31 5.43 5.28 Major importers 5/ : 22.57 182.54 60.42 158.84 215.29 24.24 26.01 EU-15 : 9.83 103.75 16.93 72.89 95.20 22.65 12.67 East. Europe : 4.02 49.56 1.65 38.39 49.34 1.54 4.35 Japan : 2.06 0.24 20.66 16.44 20.85 0.00 2.11 Selected other : China : 33.70 141.32 2.13 93.55 130.59 4.00 42.55 Baltics 6/ : 0.34 2.65 0.35 2.19 2.95 0.00 0.38 FSU-12 6/7/ : 6.01 52.34 1.48 35.44 54.81 1.55 3.46 Russia : 1.51 31.65 0.60 19.59 32.40 0.35 1.01 Ukraine : 2.75 9.51 0.03 7.81 11.19 0.23 0.86 =============================================================================== 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-337-17 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/ : March : 119.93 896.45 100.30 599.30 901.45 103.07 114.93 April : 122.28 898.88 99.47 595.96 897.25 101.77 123.90 United States : March : 27.01 265.42 3.14 165.84 218.68 48.13 28.76 April : 27.01 265.42 3.16 162.05 214.64 45.48 35.47 Total foreign : March : 92.92 631.02 97.17 433.46 682.77 54.94 86.17 April : 95.27 633.46 96.31 433.90 682.61 56.29 88.43 Major exporters 4/ : March : 7.83 66.88 2.37 37.59 47.83 21.66 7.59 April : 8.13 69.88 2.12 38.27 48.48 23.26 8.39 Argentina Mar : 0.81 21.25 0.01 5.97 7.86 13.20 1.01 Apr : 1.11 23.55 0.01 6.29 8.11 14.70 1.86 Australia Mar : 0.67 8.89 0.00 4.23 5.44 3.16 0.96 Apr : 0.67 8.89 0.00 4.23 5.44 3.26 0.86 Canada Mar : 5.28 25.22 1.01 19.26 21.96 4.85 4.70 Apr : 5.28 25.22 1.01 19.26 21.96 4.85 4.70 Major importers 5/ : March : 25.05 194.57 57.77 163.27 220.15 23.10 34.13 April : 26.01 193.88 57.94 162.88 219.54 22.45 35.84 EU-15 Mar : 12.67 109.15 15.92 74.81 97.36 19.40 20.99 Apr : 12.67 108.87 16.07 74.61 97.28 18.75 21.58 East. Europe Mar : 4.31 57.89 0.78 42.21 53.20 3.20 6.57 Apr : 4.35 58.18 0.78 42.34 53.31 3.20 6.79 Japan Mar : 2.11 0.20 20.69 16.29 20.99 0.00 2.00 Apr : 2.11 0.20 20.69 16.49 20.89 0.00 2.10 Selected other : China Mar : 42.55 122.40 1.75 97.10 135.35 5.05 26.30 Apr : 42.55 122.40 1.75 97.10 135.35 5.05 26.30 Baltics 6/ Mar : 0.39 2.54 0.39 2.15 2.91 0.00 0.40 Apr : 0.38 2.77 0.34 2.22 2.99 0.00 0.49 FSU-12 6/7/ Mar : 3.48 67.76 1.49 41.53 61.69 3.58 7.46 Apr : 3.46 67.76 1.44 41.48 61.64 3.58 7.44 Russia Mar : 1.03 40.85 0.55 23.16 36.55 2.30 3.58 Apr : 1.01 40.85 0.55 23.16 36.55 2.30 3.56 Ukraine Mar : 0.86 15.35 0.00 9.90 13.43 0.73 2.06 Apr : 0.86 15.35 0.00 9.90 13.43 0.73 2.06 =============================================================================== 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-337-18 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/ : 94.12 515.50 70.74 366.73 543.80 78.15 65.82 United States : 39.57 187.30 0.42 118.93 159.89 56.59 10.82 Total foreign : 54.55 328.19 70.32 247.79 383.91 21.56 55.00 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 77.75 110.58 9.81 10.33 EU-15 : 2.93 29.22 10.42 24.54 32.77 7.48 2.33 Japan : 1.19 0.00 15.98 12.35 16.10 0.00 1.07 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/ : 65.82 591.43 71.42 397.35 571.32 72.40 85.93 United States : 10.82 236.06 0.34 136.21 179.19 45.60 22.43 Total foreign : 55.00 355.36 71.08 261.13 392.13 26.81 63.49 Major exporters 4/ : 1.90 28.41 0.33 10.78 16.53 12.28 1.82 Argentina : 0.40 15.50 0.00 2.78 4.32 10.83 0.75 South Africa : 1.20 9.01 0.10 4.00 8.06 1.40 0.85 Thailand : 0.30 3.90 0.23 4.00 4.15 0.05 0.22 Major importers 5/ : 10.33 79.66 44.04 79.96 112.82 9.50 11.71 EU-15 : 2.33 34.79 10.17 27.92 35.66 8.06 3.58 Japan : 1.07 0.00 15.96 12.00 16.10 0.00 0.93 Selected other : China : 32.70 127.47 0.08 89.00 115.35 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 4.76 0.44 3.59 5.73 0.25 0.91 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-337-19 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/ : March : 84.45 583.46 70.49 418.70 595.11 71.14 72.80 April : 85.93 585.83 69.58 414.99 591.29 69.95 80.47 United States : March : 22.43 237.90 0.25 148.60 195.21 41.28 24.10 April : 22.43 237.90 0.25 144.79 191.14 38.74 30.70 Total foreign : March : 62.02 345.56 70.23 270.10 399.91 29.87 48.70 April : 63.49 347.94 69.33 270.20 400.15 31.22 49.77 Major exporters 4/ : March : 1.52 27.30 1.25 10.90 16.50 12.15 1.42 April : 1.82 30.00 1.00 11.30 17.05 13.45 2.32 Argentina Mar : 0.45 16.50 0.00 3.30 4.75 11.70 0.50 Apr : 0.75 18.50 0.00 3.35 4.90 13.00 1.35 South Africa Mar : 0.85 7.50 0.75 3.90 7.90 0.40 0.80 Apr : 0.85 8.00 0.50 4.00 8.10 0.40 0.85 Thailand Mar : 0.22 3.30 0.50 3.70 3.85 0.05 0.12 Apr : 0.22 3.50 0.50 3.95 4.05 0.05 0.12 Major importers 5/ : March : 11.01 88.53 42.49 83.59 116.74 11.28 14.02 April : 11.71 88.10 42.44 83.26 116.30 11.13 14.82 EU-15 Mar : 3.58 38.41 9.75 30.63 38.52 8.05 5.17 Apr : 3.58 38.06 9.90 30.50 38.47 7.90 5.17 Japan Mar : 0.93 0.00 15.90 11.50 15.90 0.00 0.93 Apr : 0.93 0.00 15.70 11.60 15.70 0.00 0.93 Selected other : China Mar : 41.00 110.00 0.25 94.00 121.25 5.00 25.00 Apr : 41.00 110.00 0.25 94.00 121.25 5.00 25.00 Baltics 6/ Mar : 0.02 0.00 0.18 0.17 0.18 0.00 0.02 Apr : 0.02 0.00 0.18 0.17 0.18 0.00 0.02 FSU-12 6/7/ Mar : 0.91 10.31 0.44 6.72 8.85 0.65 2.16 Apr : 0.91 10.31 0.44 6.72 8.85 0.65 2.16 Russia Mar : 0.16 2.70 0.20 1.76 2.70 0.00 0.36 Apr : 0.16 2.70 0.20 1.76 2.70 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-337-20 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/ : 49.27 371.19 18.97 371.11 20.15 49.36 United States : 1.05 5.63 0.24 3.42 2.69 0.81 Total foreign : 48.22 365.56 18.74 367.69 17.47 48.55 Major exporters 4/ : 1.50 45.87 0.00 34.94 10.22 2.21 Thailand : 0.20 14.39 0.00 8.50 5.28 0.81 Vietnam : 0.00 17.68 0.00 14.64 3.04 0.00 Major importers 5/ : 3.14 38.86 6.34 43.31 0.96 4.07 Indonesia : 1.86 33.22 1.23 33.69 0.00 2.62 Selected other : China : 21.52 129.65 0.83 130.00 0.27 21.73 Japan : 1.88 9.78 0.45 9.30 0.20 2.62 : : 1996/97 (Estimated) World 3/ : 49.36 379.94 17.74 377.41 20.22 51.89 United States : 0.81 5.45 0.32 3.22 2.50 0.87 Total foreign : 48.55 374.49 17.42 374.19 17.73 51.02 Major exporters 4/ : 2.21 45.01 0.00 35.08 10.39 1.75 Thailand : 0.81 13.70 0.00 8.59 5.27 0.65 Vietnam : 0.00 18.00 0.00 14.73 3.27 0.00 Major importers 5/ : 4.07 37.79 6.15 43.87 1.33 2.81 Indonesia : 2.62 32.02 0.80 33.90 0.00 1.53 Selected other : China : 21.73 136.57 0.33 132.13 0.94 25.56 Japan : 2.62 9.41 0.60 9.25 0.15 3.23 : : 1997/98 (Projected) World 3/ : March : 51.90 382.23 21.48 379.58 21.48 54.54 April : 51.89 381.37 21.83 379.28 21.61 53.98 United States : March : 0.87 5.84 0.29 3.49 2.65 0.86 April : 0.87 5.84 0.29 3.49 2.71 0.79 Total foreign : March : 51.03 376.38 21.19 376.09 18.84 53.68 April : 51.02 375.53 21.55 375.78 18.89 53.19 Major exporters 4/ : March : 1.68 46.20 0.00 35.05 11.30 1.53 April : 1.75 45.56 0.00 34.80 11.35 1.16 Thailand Mar : 0.60 14.30 0.00 8.55 5.80 0.55 Apr : 0.65 14.30 0.00 8.60 5.80 0.55 Vietnam Mar : 0.00 18.00 0.00 14.50 3.50 0.00 Apr : 0.00 18.00 0.00 14.40 3.60 0.00 Major importers 5/ : March : 2.77 36.63 9.28 44.67 1.17 2.83 April : 2.81 36.63 9.35 44.93 1.15 2.70 Indonesia Mar : 1.53 30.90 3.70 34.65 0.00 1.48 Apr : 1.53 30.90 4.00 34.95 0.00 1.48 Selected other : China Mar : 25.56 138.50 0.40 135.00 1.75 27.71 Apr : 25.56 138.50 0.40 135.00 1.75 27.71 Japan Mar : 3.23 9.12 0.60 9.20 0.25 3.50 Apr : 3.23 9.12 0.60 9.20 0.25 3.50 =============================================================================== 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in 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-337-21 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 32.27 112.02 131.41 31.95 17.58 United States : 9.11 59.24 0.12 37.27 40.32 23.17 4.99 Total foreign : 14.59 65.71 32.15 74.75 91.09 8.78 12.59 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 24.82 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 7.47 14.07 0.22 0.00 : : 1996/97 (Estimated) World 2/ : 17.58 131.58 36.81 116.21 136.38 36.64 12.95 United States : 4.99 64.84 0.24 39.08 42.50 24.00 3.58 Total foreign : 12.59 66.74 36.57 77.13 93.88 12.64 9.37 Major exporters 3/ : 10.02 40.70 1.20 31.70 34.09 11.02 6.80 Argentina : 4.22 11.20 0.30 11.05 11.57 0.75 3.40 Brazil : 5.80 26.80 0.90 19.90 21.68 8.42 3.40 Major importers 4/ : 1.41 14.49 22.91 27.54 36.81 0.54 1.46 EU-15 : 0.86 1.15 15.59 15.04 16.43 0.35 0.82 Japan : 0.55 0.12 5.04 3.81 5.08 0.00 0.64 China : 0.00 13.22 2.27 8.69 15.30 0.20 0.00 : : 1997/98 (Projected) World 2/ : March : 12.92 152.26 38.99 123.33 144.83 39.18 20.16 April : 12.95 152.21 39.08 123.57 145.58 39.05 19.62 United States : March : 3.58 74.22 0.16 41.37 45.16 25.86 6.95 April : 3.58 74.22 0.16 41.50 45.86 25.72 6.39 Total foreign : March : 9.34 78.04 38.83 81.96 99.67 13.33 13.21 April : 9.37 77.98 38.92 82.06 99.72 13.33 13.23 Major exporters 3/ : March : 6.80 48.90 2.70 33.85 36.70 11.35 10.35 April : 6.80 48.90 2.70 33.85 36.70 11.35 10.35 Argentina Mar : 3.40 16.00 1.00 12.60 13.40 1.80 5.20 Apr : 3.40 16.00 1.00 12.60 13.40 1.80 5.20 Brazil Mar : 3.40 30.00 1.70 20.50 22.45 7.50 5.15 Apr : 3.40 30.00 1.70 20.50 22.45 7.50 5.15 Major importers 4/ : March : 1.43 15.36 23.70 29.05 38.57 0.47 1.45 April : 1.46 15.35 23.79 29.15 38.65 0.47 1.47 EU-15 Mar : 0.79 1.44 15.80 15.40 16.88 0.29 0.87 Apr : 0.82 1.43 15.89 15.50 16.95 0.29 0.89 Japan Mar : 0.64 0.12 4.90 3.80 5.08 0.00 0.58 Apr : 0.64 0.12 4.90 3.80 5.08 0.00 0.58 China Mar : 0.00 13.80 3.00 9.85 16.62 0.18 0.00 Apr : 0.00 13.80 3.00 9.85 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-337-22 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/ : 4.40 89.02 32.87 88.19 33.77 4.33 United States : 0.20 29.51 0.07 24.14 5.45 0.19 Total foreign : 4.20 59.51 32.80 64.04 28.33 4.14 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 32.88 4.24 1.23 EU-15 : 1.12 10.91 15.79 22.60 4.07 1.15 China : 0.00 6.05 1.55 7.50 0.10 0.00 : : 1996/97 (Estimated) World 2/ : 4.33 92.42 34.43 93.49 33.85 3.84 United States : 0.19 31.03 0.09 24.79 6.35 0.19 Total foreign : 4.14 61.38 34.34 68.70 27.51 3.65 Major exporters 3/ : 1.39 27.65 0.20 6.31 21.84 1.09 Argentina : 0.30 9.01 0.00 0.38 8.68 0.25 Brazil : 0.97 15.72 0.20 5.40 10.66 0.84 India : 0.11 2.92 0.00 0.53 2.50 0.00 Major importers 4/ : 1.23 19.52 20.72 36.17 4.21 1.08 EU-15 : 1.15 11.96 14.96 22.90 4.16 1.01 China : 0.00 6.95 3.75 10.68 0.02 0.00 : : 1997/98 (Projected) World 2/ : March : 3.83 97.83 35.37 97.55 35.40 4.08 April : 3.84 98.04 35.66 97.74 35.69 4.11 United States : March : 0.19 32.52 0.11 25.72 6.90 0.20 April : 0.19 32.68 0.07 25.54 7.17 0.23 Total foreign : March : 3.65 65.31 35.25 71.83 28.50 3.88 April : 3.65 65.37 35.60 72.21 28.52 3.89 Major exporters 3/ : March : 1.09 30.01 0.10 6.59 23.00 1.60 April : 1.09 30.01 0.10 6.59 23.00 1.60 Argentina Mar : 0.25 10.27 0.00 0.39 9.60 0.53 Apr : 0.25 10.27 0.00 0.39 9.60 0.53 Brazil Mar : 0.84 16.19 0.10 5.60 10.60 0.93 Apr : 0.84 16.19 0.10 5.60 10.60 0.93 India Mar : 0.00 3.54 0.00 0.60 2.80 0.14 Apr : 0.00 3.54 0.00 0.60 2.80 0.14 Major importers 4/ : March : 1.07 20.81 21.99 38.68 4.08 1.12 April : 1.08 20.89 22.18 38.94 4.09 1.13 EU-15 Mar : 1.00 12.27 15.35 23.52 4.05 1.05 Apr : 1.01 12.35 15.54 23.78 4.06 1.06 China Mar : 0.00 7.88 4.50 12.38 0.00 0.00 Apr : 0.00 7.88 4.50 12.38 0.00 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-337-23 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/ : 2.22 20.17 5.15 19.64 5.28 2.61 United States : 0.52 6.91 0.04 6.11 0.45 0.91 Total foreign : 1.71 13.25 5.11 13.53 4.83 1.70 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/ : 0.44 1.87 1.63 3.51 0.07 0.36 China : 0.43 1.15 1.45 2.60 0.07 0.35 Pakistan : 0.01 0.00 0.12 0.14 0.00 0.01 : : 1996/97 (Estimated) World 2/ : 2.61 20.82 5.96 21.01 5.91 2.47 United States : 0.91 7.14 0.02 6.46 0.93 0.69 Total foreign : 1.70 13.68 5.94 14.55 4.99 1.78 Major exporters 3/ : 0.84 8.34 0.69 4.68 4.31 0.88 Argentina : 0.28 1.91 0.00 0.10 1.79 0.30 Brazil : 0.38 3.72 0.18 2.60 1.29 0.38 EU-15 : 0.19 2.71 0.51 1.98 1.23 0.20 Major importers 4/ : 0.36 2.05 1.97 3.90 0.15 0.33 China : 0.35 1.39 1.67 2.94 0.15 0.32 Pakistan : 0.01 0.01 0.21 0.21 0.00 0.01 : : 1997/98 (Projected) World 2/ : March : 2.42 22.25 6.31 22.38 6.34 2.26 April : 2.47 22.32 6.48 22.58 6.49 2.20 United States : March : 0.69 7.70 0.03 6.58 1.18 0.66 April : 0.69 7.75 0.03 6.62 1.32 0.53 Total foreign : March : 1.73 14.56 6.29 15.80 5.17 1.60 April : 1.78 14.57 6.46 15.96 5.18 1.67 Major exporters 3/ : March : 0.89 8.78 0.72 4.91 4.63 0.85 April : 0.88 8.80 0.73 4.93 4.64 0.84 Argentina Mar : 0.30 2.18 0.00 0.10 2.10 0.28 Apr : 0.30 2.18 0.00 0.10 2.10 0.28 Brazil Mar : 0.38 3.83 0.17 2.70 1.33 0.36 Apr : 0.38 3.83 0.17 2.70 1.33 0.36 EU-15 Mar : 0.20 2.77 0.55 2.11 1.21 0.21 Apr : 0.20 2.79 0.56 2.13 1.22 0.20 Major importers 4/ : March : 0.25 2.43 2.05 4.48 0.02 0.24 April : 0.33 2.43 2.15 4.58 0.02 0.31 China Mar : 0.25 1.63 1.80 3.42 0.02 0.23 Apr : 0.32 1.63 1.80 3.42 0.02 0.31 Pakistan Mar : 0.01 0.01 0.15 0.16 0.00 0.01 Apr : 0.01 0.01 0.23 0.23 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-337-24 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 89.18 28.75 88.63 26.49 0.36 36.26 United States : 2.61 18.94 0.40 11.13 6.87 -0.01 3.97 Total Foreign : 31.20 70.24 28.35 77.50 19.63 0.37 32.29 Major exporters 5/: 10.16 40.90 1.52 27.76 14.97 0.07 9.79 Pakistan : 1.36 7.30 0.28 7.00 0.12 0.03 1.79 India : 3.41 13.78 0.02 13.00 1.27 0.00 2.94 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 21.44 40.76 1.51 0.26 20.02 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 8.31 8.25 0.18 0.10 1.78 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 1.00 1.10 0.00 0.00 0.22 =============================================================================== 1/ Marketing year beginning August 1. Totals may not add exactly and trade may not balance due to rounding and other factors. 2/ For foreign countries, reflects cotton lost or destroyed in the marketing channel; for the United States, reflects the difference between implicit stocks based on supply less total use and ending stocks based on Bureau of Census data. 3/ World trade includes estimated trade among the 12 countries of the former USSR and three Baltic states of 1.84 million bales in 1995/96 and 1.62 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-337-25 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 : March : 36.32 90.08 26.82 88.62 26.34 0.29 37.98 April : 36.26 89.19 26.94 88.20 26.36 0.29 37.55 United States : March : 3.97 18.98 0.02 11.50 7.50 -0.04 4.00 April : 3.97 18.83 0.01 11.50 7.50 -0.04 3.85 Total Foreign : March : 32.35 71.11 26.81 77.12 18.84 0.33 33.98 April : 32.29 70.36 26.93 76.70 18.86 0.33 33.70 Major exporters 5/: March : 9.79 40.55 2.52 27.66 14.38 0.08 10.74 April : 9.79 39.90 2.69 27.44 14.27 0.08 10.59 Pakistan Mar : 1.79 7.00 0.15 6.80 0.30 0.03 1.82 Apr : 1.79 7.00 0.15 6.80 0.37 0.03 1.75 India Mar : 2.94 11.70 0.80 12.80 0.15 0.00 2.49 Apr : 2.94 11.20 1.00 12.60 0.13 0.00 2.41 Uzbekistan Mar : 0.71 5.40 0.01 0.85 4.30 0.00 0.96 Apr : 0.71 5.40 0.01 0.85 4.30 0.00 0.96 TurkmenistanMar : 0.43 0.90 0.00 0.19 0.60 0.00 0.54 Apr : 0.43 0.90 0.00 0.17 0.60 0.00 0.56 Afr.Fr.Zn.6/Mar : 0.42 4.15 0.01 0.29 3.60 0.00 0.68 Apr : 0.42 4.15 0.01 0.29 3.60 0.00 0.68 S. Hem. 7/ Mar : 2.19 6.25 0.05 0.97 4.68 0.03 2.82 Apr : 2.19 6.00 0.03 0.97 4.53 0.03 2.70 Australia Mar : 0.88 3.00 0.00 0.21 2.50 0.00 1.17 Apr : 0.88 3.00 0.00 0.21 2.40 0.00 1.27 Argentina Mar : 1.04 2.10 0.05 0.49 1.35 0.01 1.35 Apr : 1.04 1.90 0.03 0.49 1.35 0.01 1.12 Maj. imp. Mar : 20.08 23.85 18.00 39.75 1.55 0.20 20.43 Apr : 20.02 23.85 17.98 39.68 1.69 0.20 20.29 Brazil Mar : 0.97 1.90 1.55 3.40 0.00 0.00 1.02 Apr : 0.97 1.90 1.55 3.40 0.00 0.00 1.02 China Mar : 15.11 19.70 2.20 21.50 0.01 0.00 15.50 Apr : 15.11 19.70 2.00 21.30 0.20 0.00 15.31 Europe Mar : 1.95 2.20 6.13 6.65 1.43 0.15 2.06 Apr : 1.95 2.20 6.13 6.65 1.38 0.15 2.11 Sel. Asia 8/Mar : 1.83 0.05 6.85 6.95 0.11 0.05 1.62 Apr : 1.78 0.05 7.03 7.08 0.11 0.05 1.61 Indonesia Mar : 0.10 0.02 1.70 1.70 0.00 0.05 0.07 Apr : 0.10 0.02 1.70 1.70 0.00 0.05 0.07 S. Korea Mar : 0.51 4/ 1.20 1.20 0.01 0.00 0.50 Apr : 0.51 4/ 1.20 1.20 0.01 0.00 0.50 Russia Mar : 0.22 0.00 1.28 1.25 0.00 0.00 0.24 Apr : 0.22 0.00 1.28 1.25 0.00 0.00 0.24 =============================================================================== 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 1.85 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-337-26 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 6371 154.3 : 1997 : I : 6107 4192 10452 6639 1236 7997 18449 1592 39.0 II : 6416 4090 10651 6937 1404 8480 19131 1595 40.7 III : 6603 4196 10939 6864 1411 8398 19337 1606 38.8 IV : 6258 4766 11167 6831 1428 8383 19550 1667 38.2 Annual : Mar Est : 25384 17244 43209 27253 5478 33235 76444 6460 156.6 Apr Est : 25384 17244 43209 27271 5478 33258 76467 6460 156.6 : 1998 : I *: 6250 4700 11085 6850 1300 8275 19360 1630 39.2 II *: 6425 4600 11149 7150 1400 8690 19839 1640 40.9 III *: 6575 4650 11342 7150 1425 8705 20047 1665 38.8 IV *: 6075 4950 11148 7100 1400 8625 19773 1690 38.5 Annual : Mar Proj : 25325 18950 44773 28400 5410 34330 79103 6625 157.2 Apr Proj : 25325 18900 44724 28250 5525 34295 79019 6625 157.5 =============================================================================== * 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 : 65.06 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 : 66.61 43.53 54.0 66.5 88.2 14.40 Annual : Mar Est : 66.32 51.36 58.8 64.9 81.2 13.38 Apr Est : 66.32 51.36 58.8 64.9 81.2 13.38 : 1998 : I : 61.80 34.75 56.4 55.1 79.0 14.63 II *: 63-65 36-38 57-59 58-60 69-71 13.20-13.60 III *: 65-69 39-41 58-62 61-65 72-78 12.55-13.25 IV *: 69-75 35-37 53-57 62-68 80-86 13.80-14.80 Annual : Mar Proj : 64-68 36-38 55-58 59-63 74-79 13.40-14.00 Apr Proj : 65-68 36-38 56-59 59-62 75-79 13.55-14.05 =============================================================================== *Projection. 1/ Nebraska, Direct, 1100-1300 lbs. 2/ Iowa/So. Minn., No. 1-3. 3/ Wholesale, 12-city average. 4/ 8-16 lbs, hens, Eastern Region. 5/ Grade A large, New York, volume buyers. 6/ Price received by farmers for all milk. WASDE-337-27 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 68.2 1997 Est. Mar : 377 25490 2343 28210 2136 465 25609 66.9 Apr : 377 25490 2343 28210 2136 465 25609 66.9 1998 Proj. Mar : 465 25431 2700 28596 2085 350 26161 67.7 Apr : 465 25431 2675 28571 2090 350 26131 67.7 : PORK : 1996 : 396 17117 618 18131 970 366 16795 49.1 1997 Est. Mar : 366 17274 633 18273 1044 408 16821 48.7 Apr : 366 17274 633 18273 1044 408 16821 48.7 1998 Proj. Mar : 408 18980 575 19963 990 470 18503 53.1 Apr : 408 18930 575 19913 1020 470 18423 52.9 : TOTAL RED MEAT 4/ : 1996 : 930 43288 2764 46982 2853 759 43370 119.5 1997 Est. Mar : 759 43358 3059 47176 3185 895 43096 117.7 Apr : 759 43358 3059 47176 3185 895 43096 117.8 1998 Proj. Mar : 895 44922 3365 49182 3083 837 45262 122.7 Apr : 895 44873 3340 49108 3118 837 45153 122.5 : BROILERS : 1996 : 560 26124 4 26688 4420 641 21626 70.8 1997 Est. Mar : 641 27027 5 27673 4664 607 22402 72.6 Apr : 641 27041 5 27687 4664 607 22416 72.7 1998 Proj. Mar : 607 28159 3 28769 4750 650 23369 75.1 Apr : 607 28007 4 28618 4900 650 23068 74.2 : TURKEYS : 1996 : 271 5401 1 5673 438 328 4906 18.5 1997 Est. Mar : 328 5412 1 5741 598 415 4728 17.6 Apr : 328 5412 1 5741 598 415 4727 17.6 1998 Proj. Mar : 415 5345 1 5761 610 425 4725 17.5 Apr : 415 5458 1 5874 610 425 4838 17.9 : TOTAL POULTRY 5/ : 1996 : 839 32015 5 32859 5123 975 26760 90.1 1997 Est. Mar : 975 32948 6 33929 5646 1029 27253 90.7 Apr : 975 32964 6 33944 5646 1029 27269 90.8 1998 Proj. Mar : 1029 34029 4 35062 5750 1080 28231 93.1 Apr : 1029 33986 5 35020 5900 1082 28037 92.5 : RED MEAT & POULTRY: 1996 : 1769 75303 2769 79841 7976 1734 70130 209.6 1997 Est. Mar : 1734 76306 3065 81105 8831 1924 70349 208.5 Apr : 1734 76322 3065 81120 8831 1924 70364 208.6 1998 Proj. Mar : 1924 78951 3369 84244 8833 1917 73493 215.8 Apr : 1924 78859 3345 84128 9018 1919 73190 215.0 ============================================================================ 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-337-28 U.S. Egg Supply and Use =============================================================================== : : : 1997 Estimated : 1998 Projected : : :-----------------:----------------- Commodity : 1995 : 1996 : Mar : Apr : Mar : Apr =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 14.9 11.2 8.5 8.5 7.4 7.4 Production : 6215.6 6371.3 6459.8 6459.8 6625.0 6625.0 Imports : 4.1 5.4 6.9 6.9 4.0 4.5 Total supply : 6234.6 6387.9 6475.2 6475.2 6636.4 6636.9 : Use : Exports : 208.9 253.1 227.8 227.8 235.0 235.0 Hatching use : 847.2 864.7 891.8 891.8 930.0 930.0 Ending stocks : 11.2 8.5 7.4 7.4 10.0 10.0 Consumption : Total : 5167.3 5261.5 5348.3 5348.3 5461.4 5461.9 Per capita (number) : 235.6 237.7 239.5 239.6 242.4 242.5 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1996/97 Est 1/ : 1997/98 Proj 1/ Commodity :1994/95:1995/96:-----------------:----------------- : 1/ : 1/ : Mar : Apr : Mar : Apr =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 4.6 4.6 4.9 4.9 5.9 5.9 Production : 155.6 154.1 156.4 156.4 157.0 157.1 Farm use : 1.6 1.5 1.4 1.4 1.3 1.3 Marketings : 154.0 152.5 155.0 155.0 155.7 155.8 Imports 2/ : 2.8 2.8 2.8 2.8 3.1 3.1 Total cml. supply 2/ : 161.5 159.9 162.7 162.7 164.7 164.8 Use : Commercial use 2/ 3/ : 154.0 154.9 156.0 156.0 157.8 157.9 Ending commercial stks. 2/: 4.6 4.9 5.9 5.9 5.9 5.9 CCC net removals: : Milkfat basis 4/ : 2.9 0.1 0.8 0.8 1.0 1.0 Skim-solids basis 4/ : 4.9 1.1 2.7 2.7 3.0 3.2 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) 5/ : 11.59 13.50 11.88 11.88 12.20- 12.35- : 12.60 12.65 All milk 6/ : 12.54 14.49 13.60 13.60 13.55- 13.70- : 13.95 14.00 : : Million pounds CCC product net removals 4/: Butter : 110 1 28 28 35 35 Cheese : 8 5 10 10 7 7 Nonfat dry milk : 384 84 222 222 245 260 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-337-29 Note: Tables on pages 29-31 present a 16-year record of the differences between the April projection and the final estimate. Using world wheat production as an example, changes between the April projection and the final estimate have averaged 2.5 million tons (0.5%) ranging from -6.8 to 6.5 million tons. The April projection has been below the estimate 9 times and above 7 times. Reliability of April 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 : 0.5 2.5 -6.8 6.5 9 7 U.S. : 0.1 0.0 0.1 0.1 8 3 Foreign : 0.6 2.5 -6.8 6.5 9 7 Exports : World : 2.1 2.3 -5.5 4.0 10 6 U.S. : 2.3 0.8 -0.8 2.1 6 10 Foreign : 3.0 2.4 -5.1 2.6 10 6 Domestic use : World : 0.7 3.6 -8.8 7.1 8 8 U.S. : 3.6 1.1 -1.6 2.2 7 9 Foreign : 0.7 3.3 -7.2 6.6 8 8 Ending stocks : World : 2.3 2.8 -8.9 3.9 10 5 U.S. : 6.7 1.2 -4.0 1.2 11 5 Foreign : 2.6 2.2 -8.5 4.7 11 4 : COARSE GRAINS 3/ : Production : World : 0.6 4.9 -14.7 4.3 12 4 U.S. : 0.1 0.1 -0.2 1.3 9 3 Foreign : 0.9 4.9 -14.7 4.3 12 4 Exports : World : 2.9 3.0 -6.4 6.2 8 8 U.S. : 5.1 2.6 -4.6 7.2 9 7 Foreign : 4.3 2.2 -5.8 4.0 10 6 Domestic use : World : 0.6 5.0 -12.6 11.6 5 11 U.S. : 2.3 3.9 -16.8 9.3 5 11 Foreign : 0.7 4.4 -10.7 9.4 8 8 Ending stocks : World : 6.0 7.7 -16.7 14.9 14 2 U.S. : 6.5 4.0 -12.1 6.9 8 8 Foreign : 7.7 4.8 -9.1 10.2 12 4 : RICE, milled : Production : World : 1.2 3.9 -9.0 10.8 13 3 U.S. : 1.0 0.0 -0.2 0.1 4 2 Foreign : 1.2 3.9 -9.0 10.8 13 3 Exports : World : 6.6 1.0 -4.1 1.1 13 3 U.S. : 5.0 0.1 -0.4 0.3 7 6 Foreign : 7.5 0.9 -3.7 1.1 13 3 Domestic use : World : 0.8 2.6 -8.7 2.4 12 4 U.S. : 5.2 0.1 -0.3 0.4 7 8 Foreign : 0.8 2.6 -8.8 2.6 12 4 Ending stocks : World : 5.9 2.1 -5.9 4.3 11 5 U.S. : 13.8 0.2 -0.3 0.4 8 8 Foreign : 6.4 2.1 -5.8 4.2 11 5 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-337-30 Reliability of April 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 : 1.5 1.6 -3.2 2.3 9 7 U.S. : 1.1 0.6 -1.6 1.8 7 6 Foreign : 2.1 1.0 -2.2 2.3 12 4 Exports : World : 3.3 0.9 -2.1 1.6 8 8 U.S. : 4.2 0.8 -1.6 3.0 10 6 Foreign : 10.7 0.9 -1.7 2.1 8 8 Domestic use : World : 1.3 1.4 -3.3 2.6 10 6 U.S. : 1.6 0.5 -1.4 0.8 10 6 Foreign : 1.6 1.1 -2.7 2.3 9 7 Ending stocks : World : 10.6 1.9 -3.7 5.2 10 6 U.S. : 17.1 1.4 -2.6 4.7 8 8 Foreign : 10.7 1.2 -2.8 3.3 9 7 : COTTON : Million 480-pound bales Production : World : 1.0 0.8 -3.0 0.8 12 3 U.S. : 0.2 0.0 0.1 0.1 5 6 Foreign : 1.2 0.8 -3.0 0.8 11 4 Exports : World : 3.4 0.8 -2.8 1.1 9 7 U.S. : 3.0 0.2 -0.5 0.6 3 11 Foreign : 4.8 0.9 -3.4 1.2 9 7 Mill use : World : 1.4 1.2 -2.4 1.2 8 8 U.S. : 2.8 0.2 -0.6 0.2 12 2 Foreign : 1.5 1.1 -2.0 1.4 8 8 Ending stocks : World : 5.8 1.9 -3.9 3.3 9 7 U.S. : 7.6 0.3 -0.6 1.3 7 9 Foreign : 6.0 1.7 -4.1 2.7 8 8 ------------------------------------------------------------------------------- 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. WASDE-337-31 Reliability of United States April 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 : 0.1 3 -8 38 1 1 Exports : 5.1 87 -175 209 7 9 Domestic use : 2.3 128 -474 225 5 11 Ending stocks : 8.5 161 -470 358 10 6 : SORGHUM : Production : 0.1 0 0 4 0 2 Exports : 12.1 29 -70 72 10 5 Domestic use : 7.4 37 -158 77 9 7 Ending stocks : 32.3 38 -53 148 7 9 : BARLEY : Production : 0.4 2 -3 11 8 2 Exports : 7.2 5 -10 13 3 12 Domestic use : 4.1 17 -30 64 8 7 Ending stocks : 10.3 19 -52 24 11 5 : OATS : Production : 0.1 0 -2 1 3 1 Exports : 24.6 1 -1 3 3 4 Domestic use : 2.7 12 -26 24 6 9 Ending stocks : 8.9 13 -30 21 9 7 : : Thousand short tons SOYBEAN MEAL : Production : 1.9 542 -1392 617 12 4 Exports : 6.0 381 -800 941 12 4 Domestic use : 1.6 343 -950 525 13 3 Ending stocks : 38.3 93 -214 208 6 9 : : Million pounds SOYBEAN OIL : Production : 2.0 262 -684 310 13 3 Exports : 14.2 215 -500 564 7 9 Domestic use : 1.4 165 -485 175 11 4 Ending stocks : 15.1 222 -692 423 9 7 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 2.2 530 -561 1388 10 5 Pork : 2.6 414 -790 983 9 6 Broilers : 1.3 241 -404 584 10 5 Turkeys : 2.2 88 -176 175 9 6 : : Million dozen Eggs : 1.2 69 -120 143 12 3 : : Billion pounds Milk : 0.9 1.3 -3.2 3.1 7 8 ------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-96/97 is defined as the first November estimate following the marketing year. 3/ May not total 16 for crops and 15 for animal production if projection was the same as the final estimate. 4/ Calendar years 1982 thru 1996 for meats and eggs; October-September years 1981/82 thru 1995/96 for milk. Final for animal products is defined as latest annual production estimate published by NASS. --- END OF FILE ---