WASDE-340 - July 10, 1998 NOTE: This report adopts U.S. area, yield, and production forecasts for winter wheat, durum, other spring wheat, barley, and oats released today by the National Agricultural Statistics Service (NASS). Yields for other crops reflect time series analysis and judgement. Area estimates reflect the June 30 NASS Acreage report. Survey-based area, yield, and production forecasts reported by NASS will be adopted in the August 12 issue of this report. WHEAT: Projected U.S. 1998/99 ending stocks are up 41 million bushels from last month as larger production more than offsets reduced carryin stocks and expanding use. Winter wheat production is forecast up 155 million bushels from last month because of larger area and higher yields. However, the first survey-based forecast of spring wheat production (including durum) is down. Projected domestic feed and residual use is up 100 million bushels from last month because of large supplies in the Great Plains and weak export demand for soft wheat. Export prospects for U.S. white wheat and soft red winter wheat are weak because of ample supplies in competing exporters and reduced demand in several importing countries. The projected price range is down 20 cents on each end to $2.70 to $3.10 per bushel. Projected 1998/99 global wheat production is up slightly this month as larger crops in the United States, Turkey, and the EU more than offset reductions for Russia and Argentina. Most of the reduction in projected ending stocks is due to the reduced crop in Russia. COARSE GRAINS: Projected 1998/99 U.S. ending stocks of corn are up 235 million bushels from last month as reduced domestic use and a larger forecast carryin more than offset a slightly smaller crop and larger exports. The corn crop is projected at 9.625 billion bushels, down 15 million from last month because of a reduction in harvested area. Forecast carryin stocks are up 175 million bushels from last month and domestic use is down 100 million. Exports are up 25 million bushels. The projected price range for corn is down 10 cents on each end to $1.95 to $2.35 per bushel. Production of sorghum and barley are down from last month but oats production is slightly higher. Forecast 1997/98 U.S. corn ending stocks are up this month because of reductions in industrial use and in feed and residual use. Feed and residual use is down because of lower-than-expected use in the March-May quarter and an expected rise in wheat feed use in the summer quarter. Projected global 1998/99 coarse grain production and use are down from last month, largely because of a reduction in Russia. However, global ending stocks are projected up from last month as gains in the United States more than offset smaller foreign stocks. RICE. Production in 1998/99 is projected at 189 million cwt, up 6.0 million cwt from last month because of a large increase in area reported in the NASS Acreage report. Yield is adjusted slightly lower because of the distribution of reported area by State and type of rice. Long-grain rice production is increased 11 million cwt while medium and short-grain production is lowered 5 million cwt. U.S. rice imports in both 1997/98 and 1998/99 are raised slightly reflecting the continued expansion of Asian aromatic rice imports. Exports in 1998/99 are raised to 85 million cwt, up 2 million from last month. Ending stocks in 1998/99 are projected at 30.1 million cwt, up over 4 million cwt from last month and over 5 million cwt from 1997/98. The 1998/99 season-average price range is lowered $0.70 per cwt on each end to $8.50-$9.50 per cwt. Global rice production in 1998/99 is projected at a record 388 million metric tons, up from last year's weather- reduced crop and an increase from last month's largely trend-based projection. World exports and consumption in 1998/99 are projected higher than a month ago. Global exports are not expected to reach the record level of 1997/98, which was largely the result of weather-induced production deficits in many Asian and Latin American countries. Global ending stocks in 1998/99 are raised from last month and are about the same as 1997/98. OILSEEDS: With record planted and harvested acreage and good yield prospects, U.S. oilseed production in 1998/99 is projected at a record 86.6 million metric tons, up 2.3 million tons from last year and up slightly from last month. Soybean production is raised 30 million bushels to 2,830 million bushels or 77.0 million tons, based on larger area. Strong gains are expected for other oilseeds, with U.S. canola outturn forecast to reach 650,000 tons for the first time. Growing conditions are generally good in most U.S. oilseed areas except the South, where early- season hot, dry weather has curbed yield prospects. U.S. cottonseed production is projected to drop by 1.2 million metric tons to 5.1 million tons, the lowest since 1989/90. Despite some loss of yield potential for soybeans in the South, projected U.S. yields of 39.5 bushels per acre are unchanged from last month because of generally favorable conditions in other regions. Demand prospects for U.S. soybeans and soybean meal have slowed, with exports projected to drop in 1998/99. Consumption and imports in several Asian countries are forecast to fall while exporter competition remains strong, particularly in the first half of 1998/99. Full-year export declines will be moderated by expected production declines in South America next spring. In European and Latin American markets, sharply lower soybean meal prices and feeding of more high-protein-consuming animal units are raising use of soybean meal. China is expected to remain a large user and importer of protein feeds, although meal use growth is forecast to slow to only 2 percent. U.S. soybean meal use also will be bolstered by good gains in both pork and poultry numbers and the sharp drop in cottonseed supplies. Soybean crush is projected to reach a record 1,600 million bushels, even though crush margins remain under intense competitive pressures and soybean meal exports are declining to 8.6 million short tons from this year's record 9.1 million tons. Projected U.S. soybean oil stocks are little changed as use gains moderate following the large gains in 1997/98. Season-average U.S. soybean farm prices are projected at $4.85 to $5.85 per bushel, up 10 cents from last month but off sharply from $6.45 in 1997/98. A reduction of 25 million bushels in carryin stocks is expected to strengthen early-season prices a little, although carryover stocks for 1998/99 remain at a high 435 million bushels. Soybean meal prices are up $5 per short ton from last month at $143 to $157 per ton while soybean oil prices are unchanged. Global oilseed production is projected at 288.3 million metric tons, up slightly from last month but up nearly 3 million tons from 1997/98. Most of this gain is in the United States, with foreign oilseed output of 201.8 million tons up only 0.5 million from last year. However, foreign supplies are up over 4 million tons, and large soybean inventories in South America will offer stiff competition for U.S. exports in the early months of 1998/99. Foreign oilseed outturn features a near 4-million-ton gain in high-oil content oilseeds, offset largely by a decline in soybeans. With a below-trend growth forecast for palm oil production, rapeseed and sunflowerseed oils will be critical in meeting global vegetable oil demand as inventories remain snug. SUGAR: U.S. sugar production in fiscal year 1998/99 is projected at 7.945 million short tons, raw value, up 10,000 tons from last month and 1 percent above the estimated 1997/98 level. Increased area for Texas sugarcane is expected to increase sugar production. Crop conditions have been mostly good to excellent for the 1998 beet harvest, while dryness in southern cane areas is a concern. For 1997/98, sugar supply is reduced 25,000 tons, based on lower-than-expected imports of non-quota sugar. Total use is unchanged from last month. The estimated 1997/98 end-of-season stocks to use ratio is 14.2 percent, compared with 14.4 percent last month. LIVESTOCK, POULTRY, AND DAIRY: The U.S. beef production forecast for 1998 is increased this month with record high output expected in the summer quarter. The fed cattle and cow slaughter estimates for this summer are increased slightly. Average dressed weights, at record high levels, are heavier than anticipated and prospects point to a continuation of heavy weights. The 1998 Choice steer price forecasts are lowered as the large supplies hold down prices. Producer farrowing intentions reported in the June 26 Hogs and Pigs report showed larger increases than anticipated, prompting a small increase in the 1999 pork production forecast. With record pork and total meat output weighing on hog prices, the forecasts for 1998 and 1999 are lowered. The pork export forecasts for 1998 and 1999 are increased. Attractive prices, particularly for some of the lower priced cuts, are helping boost exports to several countries. For example, January-April exports to Russia and Mexico were more than double the level of a year earlier. Recent levels of broiler output have fallen short of expectations and current indications suggest that summer quarter production will be lower than previously forecast. Very hot weather in some of the major producing areas is probably helping hold down output. Broiler prices are higher than expected and with less output, the price forecasts for the rest of this year are increased. Strong markets for milkfat are supporting higher-than- anticipated milk prices, boosting the all-milk price forecast for 1997/98. With these strong markets, the 1997/98 commercial use estimate (milkfat basis) is increased. Milk production forecasts for 1997/98 and 1998/99 are increased. As higher milk prices give producers a little better returns, culling of cows will be reduced. COTTON: The U.S. outlook for 1998/99 shows lower production, mill use, and exports relative to last month. Production is reduced 4.5 percent to 15.0 million bales as a result of continued adverse weather conditions, especially in Texas and the Southeast. Tighter U.S. supplies are expected to constrain both mill use and exports to 11.0 million and 5.0 million bales, respectively. Exports also are affected by lower anticipated world consumption. Ending stocks are projected at 3.0 million bales, about 19 percent of total use. The 1998/99 world outlook features higher expected beginning stocks and lower projected consumption. World consumption is reduced about 1 percent this month as slower economic growth is raising yarn inventories. With production and trade virtually unchanged, world stocks of 38.0 million bales are up nearly 7 percent from last month, but are down 2.1 million bales from the beginning level. China's anticipated shift from a net importer to a net exporter results in a reduction of 2.0 million bales in China's stocks. An increase in foreign stocks outside China about offsets the 1.0-million-bale decline in the U.S. carryover. For 1997/98, a marginal increase in the U.S. export estimate is based on continued strong weekly shipments. Higher world ending stocks result from adjustments in a number of countries, notably higher production in India and lower consumption in China. 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: JOSEPH W. GLAUBER ACTING SECRETARY OF AGRICULTURE The next issue of this report will be released 8:30 a.m. ET on August 12, 1998. 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. BUY BOTH REPORTS AND SAVE. Ask for WAOB-WAOB-PKG-98, $40.00. WASDE-340-4 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/ : 1996/97 : 1,870.14 2,124.47 250.67 1,835.54 288.93 1997/98 (Est.) : 1,885.42 2,174.35 245.15 1,856.91 317.44 1998/99 (Proj.) : June : 1,892.36 2,206.66 240.67 1,887.53 319.14 July : 1,887.85 2,205.29 240.75 1,882.43 322.86 Wheat : 1996/97 : 582.36 688.71 123.52 578.08 110.63 1997/98 (Est.) : 610.35 720.98 117.36 588.12 132.86 1998/99 (Proj.) : June : 598.64 733.20 116.32 600.72 132.48 July : 601.39 734.25 115.46 602.76 131.49 Coarse grains 4/ : 1996/97 : 907.81 1,005.67 106.98 878.50 127.17 1997/98 (Est.) : 891.61 1,018.77 104.18 886.21 132.56 1998/99 (Proj.) : June : 906.74 1,035.22 103.35 900.06 135.17 July : 898.56 1,031.11 103.98 891.84 139.28 Rice, milled : 1996/97 : 379.97 430.09 20.17 378.95 51.14 1997/98 (Est.) : 383.47 434.60 23.61 382.58 52.02 1998/99 (Proj.) : June : 386.98 438.24 21.00 386.75 51.49 July : 387.91 439.93 21.31 387.83 52.10 : : United States Total grains 3/ : 1996/97 : 335.20 366.45 81.27 245.23 39.95 1997/98 (Est.) : 340.03 385.85 75.39 248.80 61.67 1998/99 (Proj.) : June : 340.98 404.85 78.31 257.13 69.41 July : 343.76 411.07 77.52 256.88 76.68 Wheat : 1996/97 : 62.19 74.94 27.25 35.61 12.07 1997/98 (Est.) : 68.76 83.36 28.30 35.38 19.69 1998/99 (Proj.) : June : 65.14 88.37 29.94 35.92 22.51 July : 68.65 90.79 28.58 38.59 23.62 Coarse grains 4/ : 1996/97 : 267.56 284.93 51.52 206.40 27.01 1997/98 (Est.) : 265.42 295.46 44.34 209.96 41.16 1998/99 (Proj.) : June : 269.87 309.38 45.66 217.66 46.07 July : 268.94 312.98 46.17 214.74 52.08 Rice, milled : 1996/97 : 5.45 6.58 2.50 3.22 0.87 1997/98 (Est.) : 5.84 7.02 2.74 3.46 0.82 1998/99 (Proj.) : June : 5.98 7.10 2.71 3.55 0.84 July : 6.17 7.31 2.78 3.55 0.98 =============================================================================== 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 (for U.S. excludes millet and mixed grains). WASDE-340-5 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 3/ Total grains 4/ : 1996/97 : 1,534.94 1,758.02 169.39 1,590.31 248.98 1997/98 (Est.) : 1,545.40 1,788.51 169.76 1,608.11 255.78 1998/99 (Proj.) : June : 1,551.38 1,801.82 162.36 1,630.40 249.73 July : 1,544.09 1,794.21 163.23 1,625.55 246.18 Wheat : 1996/97 : 520.17 613.77 96.26 542.47 98.56 1997/98 (Est.) : 541.59 637.61 89.06 552.74 113.17 1998/99 (Proj.) : June : 533.51 644.83 86.39 564.80 109.98 July : 532.74 643.46 86.89 564.17 107.87 Coarse grains 5/ : 1996/97 : 640.25 720.74 55.45 672.11 100.16 1997/98 (Est.) : 626.19 723.31 59.84 676.25 91.40 1998/99 (Proj.) : June : 636.87 725.84 57.69 682.40 89.10 July : 629.62 718.13 57.81 677.10 87.20 Rice, milled : 1996/97 : 374.52 423.51 17.68 375.74 50.27 1997/98 (Est.) : 377.62 427.58 20.87 379.12 51.20 1998/99 (Proj.) : June : 381.00 431.14 18.29 383.20 50.65 July : 381.73 432.62 18.53 384.28 51.12 =============================================================================== 1/ Aggregate of local marketing years. 2/ Based on export estimate. See individual commodity tables for treatment of export/import imbalances. 3/ Total foreign is equal to world minus United States. 4/ Wheat, coarse grains and milled rice. 5/ 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 1996/97 : 89.41 123.17 26.84 88.24 37.02 1997/98 (Est.) : 90.80 127.83 26.17 88.13 40.11 1998/99 (Proj.) : June : 86.50 125.07 26.20 89.50 35.57 July : 86.32 126.44 26.16 88.41 38.00 : United States 1996/97 : 18.94 21.95 6.87 11.13 3.97 1997/98 (Est.) : 18.79 22.77 7.40 11.40 3.95 1998/99 (Proj.) : June : 15.70 19.73 5.60 11.20 2.90 July : 15.00 19.00 5.00 11.00 3.00 : Foreign 3/ 1996/97 : 70.47 101.21 19.97 77.12 33.05 1997/98 (Est.) : 72.01 105.06 18.77 76.73 36.16 1998/99 (Proj.) : June : 70.80 105.34 20.60 78.30 32.67 July : 71.32 107.44 21.16 77.41 35.00 =============================================================================== 1/ Marketing year beginning August 1. 2/ Based on export estimate. 3/ Total Foreign is equal to world minus United States. See global cotton tables for treatment of export/import imbalances. WASDE-340-6 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 : 1996/97 : 261.01 283.06 49.26 219.06 16.40 1997/98 (Est.) : 285.52 301.92 52.42 229.21 22.07 1998/99 (Proj.) : June : 288.12 311.05 July : 288.32 310.40 51.78 235.58 26.69 Oilmeals : 1996/97 : 149.38 156.15 50.31 150.73 5.79 1997/98 (Est.) : 155.56 161.35 50.72 155.24 5.74 1998/99 (Proj.) : June : July : 160.71 166.46 53.63 160.63 5.57 Vegetable Oils : 1996/97 : 75.29 82.73 28.80 74.84 7.15 1997/98 (Est.) : 77.21 84.36 28.95 77.43 6.41 1998/99 (Proj.) : June : July : 79.74 86.15 29.87 79.92 6.00 : : United States Oilseeds : 1996/97 : 74.83 81.47 24.63 44.13 4.64 1997/98 (Est.) : 84.24 89.45 24.69 48.51 6.69 1998/99 (Proj.) : June : 85.80 93.78 25.04 48.54 12.21 July : 86.58 93.80 24.51 48.82 12.48 Oilmeals : 1996/97 : 33.76 35.03 6.60 28.21 0.23 1997/98 (Est.) : 36.85 38.40 8.44 29.67 0.29 1998/99 (Proj.) : June : 37.01 38.59 8.19 30.14 0.27 July : 37.19 38.91 7.98 30.66 0.27 Vegetable Oils : 1996/97 : 8.47 11.19 1.61 8.62 0.96 1997/98 (Est.) : 9.50 12.09 2.06 9.06 0.97 1998/99 (Proj.) : June : 9.55 12.09 2.05 9.13 0.85 July : 9.64 12.27 2.10 9.26 0.92 : : Foreign 3/ Oilseeds : 1996/97 : 186.19 201.59 24.62 174.93 11.76 1997/98 (Est.) : 201.28 212.46 27.73 180.70 15.38 1998/99 (Proj.) : June : 202.32 July : 201.75 216.59 27.26 186.76 14.21 Oilmeals : 1996/97 : 115.63 121.12 43.71 122.53 5.56 1997/98 (Est.) : 118.71 122.95 42.27 125.58 5.46 1998/99 (Proj.) : June : July : 123.53 127.55 45.65 129.97 5.30 Vegetable Oils : 1996/97 : 66.82 71.54 27.19 66.22 6.19 1997/98 (Est.) : 67.71 72.27 26.88 68.38 5.44 1998/99 (Proj.) : June : July : 70.10 73.88 27.77 70.66 5.08 =============================================================================== 1/ Aggregate of local marketing years with Brazil and Argentina on an Oct.-Sept. year. 2/ Crush only for oilseeds. 3/ Total foreign is equal to world minus United States. WASDE-340-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : June July =============================================================================== Area : Million acres Planted : 75.6 71.0 67.0 * 65.8 Harvested : 62.9 63.6 60.4 * 59.2 Yield per harvested : Bushels acre : 36.3 39.7 39.6 * 42.6 : Million bushels Beginning stocks : 376 444 764 723 Production : 2,285 2,527 2,393 2,522 Imports : 92 93 90 90 Supply, total : 2,753 3,063 3,247 3,336 Food : 891 915 925 925 Seed : 103 92 95 93 Feed and residual : 314 293 300 400 Domestic, total : 1,308 1,300 1,320 1,418 Exports : 1,001 1,040 1,100 1,050 Use, total : 2,310 2,340 2,420 2,468 Ending stocks : 444 723 827 868 CCC inventory : 93 94 Free stocks : 351 629 Avg. farm price ($/bu) 2/ : 4.30 3.40 2.90- 3.30 2.70- 3.10 =============================================================================== U.S. Wheat by Class: Supply and Use =============================================================================== Year beginning : Hard : Hard : Soft : : : June 1 : Winter : Spring : Red : White : Durum : Total =============================================================================== 1997/98 (estimated) : Million bushels Beginning stocks : 143 166 45 59 31 444 Production : 1,121 501 484 335 86 2,527 Supply, total 3/ : 1,265 722 529 402 146 3,063 Domestic use : 586 265 272 110 67 1,300 Exports : 371 237 177 202 53 1,040 Use, total : 957 502 449 312 120 2,340 Ending stocks, total : 307 220 80 90 26 723 : 1998/99 (projected) : Beginning stocks : 307 220 80 90 26 723 Production : 1,180 445 451 321 126 2,522 Supply, total 3/ : 1,488 721 531 421 174 3,336 Domestic use : 637 253 290 146 92 1,418 Exports : 415 260 155 175 45 1,050 Use, total : 1,052 513 445 322 136 2,468 Ending stocks, total : 436 208 86 99 38 868 =============================================================================== 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. * For June, winter wheat harvested acreage and yield reported in June 12 Crop Production. Harvested acres and yield for spring wheat (including durum) projected using harvested-to-planted ratios and yields by State for 1992-1996. For July: Area planted, area harvested, yield and production as reported in July Crop Production report. WASDE-340-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : June July =============================================================================== FEED GRAINS : Area : Million acres Planted : 104.5 102.4 101.7 * 101.2 * Harvested : 94.5 92.4 91.8 * 91.4 * Yield per harvested : Metric tons acre : 2.83 2.87 2.94 2.94 : Million metric tons Beginning stocks : 14.4 27.0 36.6 41.1 Production : 267.3 265.2 269.6 268.7 Imports : 2.8 2.9 2.7 2.7 Supply, total : 284.6 295.1 308.9 312.5 Feed and residual : 156.9 157.9 163.6 160.7 Food, seed & industrial : 49.1 51.7 53.6 53.6 Domestic, total : 206.1 209.6 217.2 214.3 Exports : 51.5 44.3 45.7 46.2 Use, total : 257.6 253.9 262.9 260.5 Ending stocks, total : 27.0 41.1 46.0 52.1 CCC inventory : 0.1 0.0 Free stocks : 26.9 41.1 Outstanding loans : 5.0 6.0 : CORN : Area : Million acres Planted : 79.5 80.2 80.8 * 80.8 * Harvested : 73.1 73.7 74.4 * 74.3 * Yield per harvested : Bushels acre : 127.1 127.0 129.6 * 129.6 * : Million bushels Beginning stocks : 426 883 1,259 1,434 Production : 9,293 9,366 9,640 9,625 Imports : 13 10 10 10 Supply, total : 9,733 10,259 10,909 11,069 Feed and residual : 5,362 5,550 5,850 5,750 Food, seed & industrial : 1,692 1,800 1,875 1,875 Domestic, total : 7,054 7,350 7,725 7,625 Exports : 1,795 1,475 1,575 1,600 Use, total : 8,849 8,825 9,300 9,225 Ending stocks, total : 883 1,434 1,609 1,844 CCC inventory : 2 0 Free stocks : 881 1,434 Outstanding loans : 179 215 Avg. farm price ($/bu) 2/ : 2.71 2.45 2.05- 2.45 1.95- 2.35 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. * For June-- Corn: Harvested acres projected by using relationship between planted and harvested for 1995-97. For June and July: Corn projected yield is derived from trend over 1960-97 period, adjusted for planting progress. For July: Area planted and harvested of corn as reported in June Acreage report. WASDE-340-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : June July =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 13.2 10.1 9.0 * 8.9 * Area harv. (mil. acres) : 11.9 9.4 8.0 * 8.1 * Yield (bushels/acre) : 67.5 69.5 68.5 * 64.7 * Beginning stocks : 18 47 41 41 Production : 803 653 545 525 Imports : 0 0 0 0 Supply, total : 821 701 586 566 Feed : 529 420 300 285 Food, seed & industrial : 40 35 35 35 Total domestic : 569 455 335 320 Exports : 205 205 200 195 Use, total : 774 660 535 515 Ending stocks, total : 47 41 51 51 Avg. farm price ($/bu) 2/ : 2.34 2.20 1.90- 2.30 1.80- 2.20 : BARLEY : Area planted (mil. acres) : 7.1 6.9 6.8 * 6.4 * Area harv. (mil. acres) : 6.8 6.4 6.4 * 6.1 * Yield (bushels/acre) : 58.5 58.3 59.8 * 61.9 * Beginning stocks : 100 109 112 120 Production : 396 374 380 376 Imports : 37 38 35 35 Supply, total : 532 522 527 531 Feed : 220 155 210 210 Food, seed & industrial : 172 172 172 172 Total domestic : 392 327 382 382 Exports : 31 75 25 25 Use, total : 423 402 407 407 Ending stocks, total : 109 120 120 124 Avg. farm price ($/bu) 2/ : 2.74 2.35 1.90- 2.30 1.85- 2.25 : OATS : Area planted (mil. acres) : 4.7 5.2 5.2 * 5.0 * Area harv. (mil. acres) : 2.7 2.9 3.1 * 2.9 * Yield (bushels/acre) : 57.8 60.5 58.9 * 62.4 * Beginning stocks : 66 67 81 74 Production : 155 176 180 183 Imports : 97 105 100 100 Supply, total : 319 348 361 357 Feed : 155 177 175 175 Food, seed & industrial : 95 95 95 95 Total domestic : 250 272 270 270 Exports : 3 2 2 2 Use, total : 252 274 272 272 Ending stocks, total : 67 74 89 85 Avg. farm price ($/bu) 2/ : 1.96 1.60 1.05- 1.45 1.05- 1.45 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for sorghum, June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. * For June-- Sorghum and barley: Harvested acres projected by using relationship between planted and harvested for 1994-96; projected yield derived from simple linear trend fit over 1960-96 period. Oats: Harvested acres reported in March 31, Prospective Plantings; projected yield is a 1992-96 average. For July-- Sorghum: Area planted and area harvested as reported in the June Acreage report. Projected yield derived from 1988-97 average yield. Barley and oats: Area, yield and production as reported in Crop Production. WASDE-340-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : June July =============================================================================== TOTAL : Area : Million acres Planted : 2.82 3.06 3.09 * 3.22 * Harvested : 2.80 3.03 3.06 * 3.19 * Yield per harvested : Pounds acre : 6,121 5,896 5,980 * 5,930 * : Million hundredweight Beginning stocks 2/ : 25.0 27.2 24.7 25.0 Production : 171.3 178.9 183.0 189.0 Imports : 10.0 9.8 9.8 10.0 Supply, total : 206.3 215.9 217.5 224.0 Domestic & residual 3/ : 100.7 106.9 108.9 108.9 Exports, total 4/ : 78.4 84.0 83.0 85.0 Rough : 12.6 25.0 23.0 23.0 Milled (rough equiv.) : 65.9 59.0 60.0 62.0 Use, total : 179.1 190.9 191.9 193.9 Ending stocks : 27.2 25.0 25.6 30.1 Avg. farm price ($/cwt) 5/ : 9.96 9.65 9.20-10.20 8.50- 9.50 : LONG GRAIN : Harvested acres (mil.) : 1.96 2.26 Yield (pounds/acre) : 5,777 5,380 Beginning stocks : 10.1 14.1 11.5 11.8 Production : 113.5 121.6 124.5 135.5 Supply, total 6/ : 132.3 144.6 144.7 156.3 Domestic & Residual 3/ : 61.7 67.8 69.0 69.0 Exports 7/ : 56.5 65.0 64.5 66.0 Use, total : 118.2 132.8 133.5 135.0 Ending stocks : 14.1 11.8 11.2 21.3 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.84 0.77 Yield (pounds/acre) : 6,929 7,406 Beginning stocks : 14.3 12.1 12.3 12.3 Production : 57.9 57.2 58.5 53.5 Supply, total 6/ : 73.1 70.4 71.8 66.8 Domestic & Residual 3/ : 39.0 39.1 39.9 39.9 Exports 7/ : 22.0 19.0 18.5 19.0 Use, total : 60.9 58.1 58.4 58.9 Ending stocks : 12.1 12.3 13.4 7.9 =============================================================================== 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): 1996/97-0.6; 1997/98-1.0; 1998/99-1.0. 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. * For June: Planted acres reported in March 31, 1998 Prospective Plantings. Harvested acres projected using harvested-to-planted ratios by State and type of rice for 1993-97. For July: Area planted and area harvested as reported in June Acreage report. For June and July: Projected yield is calculated using the olympic average (high and low years excluded) for 1993-97 weighted by State and type of rice. For July, yield is adjusted lower because of the change in the distribution of area by State and type of rice reported in June Acreage report. WASDE-340-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :=============================== : : Est. : June July =============================================================================== SOYBEANS: : Million acres Area : Planted : 64.2 70.9 72.0 * 72.7 Harvested : 63.4 69.9 70.9 * 71.7 : : Bushels Yield per harvested : acre : 37.6 39.0 39.5 * 39.5 : : Million bushels : Beginning stocks : 183 131 240 215 Production : 2,382 2,727 2,800 2,830 Imports : 9 5 6 5 Supply, total : 2,575 2,863 3,046 3,050 Crushings : 1,436 1,580 1,590 1,600 Exports : 882 880 895 875 Seed : 79 81 76 76 Residual : 47 107 _3/ 60 64 Use, total : 2,443 2,648 2,621 2,615 Ending stocks : 131 215 425 435 Avg. farm price ($/bu) 2/ : 7.35 6.45 4.75- 5.75 4.85 - 5.85 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 2,015 1,520 1,435 1,460 Production : 15,752 17,785 _4/ 17,890 18,000 Imports : 53 55 70 60 Supply, total : 17,821 19,360 19,395 19,520 Domestic : 14,263 15,100 15,150 15,250 Exports : 2,037 2,800 2,850 2,850 Use, total : 16,300 17,900 18,000 18,100 Ending stocks : 1,520 1,460 1,395 1,420 Average price (c/lb) 2/ : 22.50 26.25 26.00- 26.00- : 28.00 28.00 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 212 210 250 265 Production : 34,210 37,445 _4/ 37,735 37,910 Imports : 102 60 65 50 Supply, total : 34,524 37,715 38,050 38,225 Domestic : 27,320 28,400 29,000 29,375 Exports : 6,994 9,050 8,800 8,600 Use, total : 34,314 37,450 37,800 37,975 Ending stocks : 210 265 250 250 Average price ($/s.t.) 2/ : 270.90 185.00 138.00- 143.00- : 152.00 157.00 =============================================================================== Note: Totals may not add due to rounding. 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/ Supply estimates and reported use through May, coupled with USDA's June 1 stocks estimate, indicate an above-average residual. 4/ Based on October year crush estimate of 1,575 million bushels. * Planted and harvested acres reported in March 31 Prospective Plantings for June and June 30 Acreage report for July. Projected yield based on U.S. yield trends since the mid-1980's. WASDE-340-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :====================== : : Estimate : June July ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,492 1,488 1,452 1,427 Production 2/3/ : 7,205 7,875 7,935 7,945 Beet sugar : 4,013 4,250 4,350 4,350 Cane sugar 4/ : 3,192 3,625 3,585 3,595 Imports 2/ : 2,774 2,149 NA NA TRQ 5/ : 2,277 1,734 NA NA Other 6/ : 497 415 440 440 Total supply : 11,471 11,512 NA NA : Exports 2/7/ : 211 185 150 150 Domestic deliveries 2/ : 9,742 9,900 10,075 10,075 Domestic food use : 9,564 9,750 9,900 9,900 Other 8/ : 178 150 175 175 Miscellaneous 9/ : 30 0 0 0 Use, total : 9,983 10,085 10,225 10,225 Ending stocks 2/ : 1,488 1,427 NA NA : Stocks to use ratio : 14.9 14.2 NA NA ====================================================================== 1/ Fiscal years beginning Oct 1. Includes Puerto Rico. 2/ Historical data are from FSA, "Sweetener Market Data" except 1996/97 imports from U.S. Customs Service. 3/ Projections for 1998/99 are based on June Acreage report and analyses by the Interagency Commodity Estimates Committee for sugar. 4/ Production by state for 1997/98 (projected 1998/99): FL 1,925 (1,860); HI 340 (340); LA 1,265 (1,275); TX 80 (100); PR 15 (20). 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-340-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :=============================== : : Est. : June July =============================================================================== : Million acres Area : Planted : 14.63 13.81 13.22 * 12.93 * Harvested : 12.87 13.27 11.95 * 11.16 * : : Pounds Yield per harvested : acre : 707 680 630 * 645 * : : Million 480 pound bales : Beginning stocks 2/ : 2.61 3.97 4.00 3.95 Production : 18.94 18.79 15.70 15.00 Imports : 0.40 0.01 0.03 0.05 Supply, total : 21.95 22.77 19.73 19.00 Domestic use : 11.13 11.40 11.20 11.00 Exports : 6.87 7.40 5.60 5.00 Use, total : 17.99 18.80 16.80 16.00 Unaccounted 3/ : -0.01 0.02 0.03 0.00 Ending stocks : 3.97 3.95 2.90 3.00 : Avg. farm price 4/ : 69.3 64.8 5/ 5/ =============================================================================== Note: Totals may not add due to rounding. 1/ Upland and extra-long staple; marketing year beginning August 1. Totals may not add due to rounding. 2/ Based on Bureau of Census data. 3/ Reflects the difference between the previous season's supply less total use and ending stocks based on Bureau of Census data. 4/ Cents per pound. The 1997/98 price is a weighted average price for upland cotton for August-May. 5/ USDA is prohibited by law from publishing cotton price projections. * Planted area reported in March 31 Prospective Plantings for June and June 30 Acreage for July. Projected harvested area and yield adjusted due to adverse weather conditions. WASDE-340-14 World Wheat Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: =============================================================================== : : 1996/97 : World 3/ : 106.35 582.36 117.89 97.37 578.08 123.52 110.63 United States : 10.23 62.19 2.51 8.54 35.61 27.25 12.07 Total foreign : 96.12 520.17 115.37 88.83 542.47 96.26 98.56 Major exporters 4/ : 19.97 167.91 23.16 43.70 97.40 86.64 27.00 Argentina : 0.15 15.90 0.01 0.45 5.08 10.18 0.80 Australia : 1.98 23.70 0.02 1.18 4.79 18.71 2.20 Canada : 6.73 29.80 0.22 4.19 8.01 19.50 9.24 EU-15 : 11.12 98.51 22.90 37.87 79.51 38.26 14.76 Major importers 5/ : 37.39 173.63 36.32 16.30 206.34 2.06 38.94 Brazil : 0.22 3.20 5.57 0.50 8.40 0.00 0.58 China : 24.30 110.57 2.69 3.40 112.60 0.79 24.17 East. Europe : 7.13 26.50 4.54 10.60 31.63 0.79 5.75 N. Africa : 1.99 15.98 14.25 0.36 27.44 0.09 4.70 Pakistan : 2.90 16.91 3.01 0.45 20.12 0.00 2.70 Selected other : India : 12.00 62.10 1.16 0.35 66.56 1.70 7.00 FSU-12 6/ : 10.94 63.30 6.07 22.81 70.54 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 : : 1997/98 (Estimated) : World 3/ : 110.63 610.35 115.72 104.29 588.12 117.36 132.86 United States : 12.07 68.76 2.53 7.96 35.38 28.30 19.69 Total foreign : 98.56 541.59 113.19 96.32 552.74 89.06 113.17 Major exporters 4/ : 27.00 152.06 21.50 47.04 99.22 77.78 23.56 Argentina : 0.80 14.70 0.02 0.35 4.80 10.00 0.72 Australia : 2.20 18.55 0.03 2.60 4.80 14.50 1.48 Canada : 9.24 24.30 0.20 4.20 8.20 20.00 5.54 EU-15 : 14.76 94.50 21.25 39.89 81.42 33.28 15.81 Major importers 5/ : 38.94 188.43 36.86 18.29 210.84 3.79 49.61 Brazil : 0.58 2.83 5.70 0.40 8.47 0.00 0.64 China : 24.17 123.30 2.00 5.00 115.00 0.70 33.77 East. Europe : 5.75 34.90 1.56 11.33 32.68 2.50 7.04 N. Africa : 4.70 10.18 17.40 0.31 28.25 0.09 3.94 Pakistan : 2.70 16.65 4.00 0.30 20.25 0.10 3.00 Selected other : India : 7.00 69.28 1.85 0.35 68.53 0.00 9.60 FSU-12 6/ : 6.32 80.51 5.31 24.50 72.63 4.85 14.65 Russia : 1.65 44.20 2.00 16.00 39.06 1.00 7.79 Kazakstan : 1.07 8.95 0.00 1.20 4.90 2.60 2.52 =============================================================================== 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, Pakistan, and Tunisia. 6/ Includes imports and exports among the nations of the former USSR. Former USSR excluding the Baltic States. WASDE-340-15 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: =============================================================================== : : 1998/99 (Projected) World 3/ : June : 134.56 598.64 115.20 108.06 600.72 116.32 132.48 July : 132.86 601.39 114.63 110.68 602.76 115.46 131.49 United States : June : 20.78 65.14 2.45 8.17 35.92 29.94 22.51 July : 19.69 68.65 2.45 10.89 38.59 28.58 23.62 Total foreign : June : 113.78 533.51 112.75 99.89 564.80 86.39 109.98 July : 113.17 532.74 112.18 99.79 564.17 86.89 107.87 Major exporters 4/ : June : 23.60 156.10 20.77 48.85 101.93 75.21 23.34 July : 23.56 156.60 20.77 48.85 101.93 74.71 24.30 Argentina Jun : 0.72 12.00 0.03 0.30 4.80 7.40 0.55 Jul : 0.72 11.50 0.03 0.30 4.80 6.90 0.55 Australia Jun : 1.48 20.00 0.03 2.20 4.50 15.50 1.51 Jul : 1.48 20.00 0.03 2.20 4.50 15.50 1.51 Canada Jun : 5.54 24.00 0.20 4.20 8.20 16.00 5.54 Jul : 5.54 24.00 0.20 4.20 8.20 16.00 5.54 EU-15 Jun : 15.85 100.11 20.51 42.15 84.43 36.31 15.74 Jul : 15.81 101.11 20.51 42.15 84.43 36.31 16.70 Major importers 5/ : June : 49.47 184.68 33.66 19.31 214.55 3.59 49.68 July : 49.61 184.88 33.66 19.31 214.55 3.59 50.01 Brazil Jun : 0.64 2.15 6.20 0.40 8.40 0.00 0.59 Jul : 0.64 2.15 6.20 0.40 8.40 0.00 0.59 East. Europe Jun : 7.04 32.97 1.36 12.35 34.39 2.20 4.77 Jul : 7.04 32.77 1.36 12.35 34.19 2.20 4.77 China Jun : 33.77 118.00 2.00 5.00 116.00 0.70 37.07 Jul : 33.77 118.00 2.00 5.00 116.00 0.70 37.07 East. Europe Jun : 7.04 32.97 1.36 12.35 34.39 2.20 4.77 Jul : 7.04 32.77 1.36 12.35 34.19 2.20 4.77 N. Africa Jun : 3.81 12.46 15.90 0.31 28.66 0.09 3.42 Jul : 3.94 12.86 15.90 0.31 28.86 0.09 3.75 Pakistan Jun : 3.00 18.50 2.00 0.30 20.80 0.20 2.50 Jul : 3.00 18.50 2.00 0.30 20.80 0.20 2.50 Selected other : India Jun : 9.60 67.00 1.50 0.35 69.80 0.00 8.30 Jul : 9.60 67.00 1.50 0.35 69.80 0.00 8.30 FSU-12 6/ Jun : 14.55 71.24 5.78 24.86 73.60 5.20 12.77 Jul : 14.65 68.24 5.78 24.86 73.60 5.20 9.87 Russia Jun : 7.79 38.00 2.00 16.50 39.50 1.30 6.99 Jul : 7.79 35.00 2.00 16.50 39.50 1.30 3.99 Kazakstan Jun : 2.42 8.00 0.00 1.30 4.90 3.30 2.22 Jul : 2.52 8.00 0.00 1.30 4.90 3.30 2.32 =============================================================================== 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, Pakistan, and Tunisia. 6/ Includes imports and exports among the nations of the former USSR. Former USSR excluding the Baltic States. WASDE-340-16 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: =============================================================================== : : 1996/97 : World 3/ : 97.86 907.81 103.28 575.46 878.50 106.98 127.17 United States : 14.44 267.56 2.93 157.07 206.40 51.52 27.01 Total foreign : 83.42 640.25 100.35 418.39 672.11 55.45 100.16 Major exporters 4/ : 6.48 66.85 1.26 32.42 41.51 23.57 9.51 Argentina : 0.71 18.93 0.08 4.79 6.78 11.84 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/ : 24.05 196.95 64.67 171.98 234.29 24.62 26.76 EU-15 : 9.83 103.75 16.90 72.58 95.52 22.79 12.17 East. Europe : 4.16 49.65 1.85 38.48 49.75 1.71 4.21 Japan : 2.06 0.24 20.66 16.44 20.85 0.00 2.11 Mexico : 3.43 26.33 5.37 15.85 31.39 0.04 3.70 Southeast Asia : 1.33 14.31 3.99 13.41 18.33 0.07 1.24 South Korea : 0.75 0.49 8.77 6.97 9.15 0.00 0.86 Selected other : China : 35.70 141.32 2.11 89.55 128.59 4.00 46.54 FSU-12 6/ : 4.93 52.15 1.39 33.21 53.58 1.55 3.33 Russia : 1.49 31.65 0.52 19.59 32.31 0.35 0.99 Ukraine : 1.74 9.51 0.03 5.70 10.19 0.23 0.86 : : 1997/98 (Estimated) : World 3/ : 127.17 891.61 101.29 582.20 886.21 104.18 132.56 United States : 27.01 265.42 3.03 158.01 209.96 44.34 41.16 Total foreign : 100.16 626.19 98.26 424.19 676.25 59.84 91.40 Major exporters 4/ : 9.51 66.58 1.73 33.52 43.20 24.90 9.72 Argentina : 1.11 24.38 0.01 5.88 8.00 15.66 1.84 Australia : 0.67 8.68 0.00 4.12 5.34 3.39 0.63 Canada : 5.28 25.22 1.21 19.16 22.01 4.45 5.25 Major importers 5/ : 26.76 207.68 63.98 173.51 235.62 24.41 38.38 EU-15 : 12.17 108.98 17.49 73.62 96.06 20.58 22.00 East. Europe : 4.21 58.36 0.73 42.33 53.51 3.04 6.74 Japan : 2.11 0.20 20.89 16.39 20.79 0.00 2.40 Mexico : 3.70 24.45 7.72 16.38 32.12 0.50 3.25 Southeast Asia : 1.24 13.35 3.35 11.49 16.60 0.30 1.04 South Korea : 0.86 0.35 8.03 6.20 8.49 0.00 0.75 Selected other : China : 46.54 116.70 1.80 95.15 132.70 6.05 26.29 FSU-12 6/ : 3.33 67.95 1.38 37.51 62.12 3.03 7.52 Russia : 0.99 40.85 0.50 23.36 36.70 1.55 4.09 Ukraine : 0.86 15.35 0.00 5.75 13.73 0.93 1.56 =============================================================================== 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 South Africa. 5/ Eastern Europe, the EU-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, South Korea, Taiwan, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). 6/ Includes imports and exports among the nations of the former USSR. Former USSR excluding the Baltic States. WASDE-340-17 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: =============================================================================== : : 1998/99 (Projected) World 3/ : June : 128.48 906.74 100.37 592.64 900.06 103.35 135.17 July : 132.55 898.56 99.98 584.50 891.84 103.98 139.28 United States : June : 36.63 269.87 2.88 163.77 217.66 45.66 46.07 July : 41.16 268.94 2.88 160.85 214.74 46.17 52.08 Total foreign : June : 91.85 636.87 97.49 428.86 682.40 57.69 89.10 July : 91.39 629.62 97.10 423.65 677.10 57.81 87.20 Major exporters 4/ : June : 10.07 66.48 1.43 34.23 44.40 22.74 10.84 July : 9.72 65.22 1.43 34.22 44.09 22.84 9.44 Argentina Jun : 1.74 22.20 0.01 5.88 8.04 14.06 1.85 Jul : 1.84 22.20 0.01 5.88 8.04 14.16 1.85 Australia Jun : 0.63 8.41 0.00 4.36 5.53 2.88 0.63 Jul : 0.63 8.41 0.00 4.36 5.53 2.88 0.63 Canada Jun : 5.25 26.85 1.01 19.66 22.55 4.80 5.76 Jul : 5.25 25.59 1.01 19.65 22.54 4.30 5.01 Major importers 5/ : June : 38.47 197.72 61.92 170.42 232.79 26.54 38.78 July : 38.38 198.22 62.04 170.50 232.78 26.97 38.89 EU-15 Jun : 22.89 104.41 18.33 73.87 95.98 24.22 25.43 Jul : 21.99 105.21 18.13 73.65 95.68 24.47 25.19 East. Europe Jun : 6.74 50.59 0.74 39.98 51.33 1.93 4.81 Jul : 6.74 50.79 0.74 40.13 51.30 2.10 4.86 Japan Jun : 2.10 0.23 20.29 16.09 20.49 0.00 2.13 Jul : 2.40 0.23 20.09 16.09 20.49 0.00 2.23 Mexico Jun : 2.80 25.75 6.42 16.43 32.14 0.10 2.73 Jul : 3.25 25.25 6.67 16.43 32.19 0.10 2.88 Southeast Asia Jun : 1.04 14.35 2.90 11.34 16.95 0.30 1.04 Jul : 1.04 14.35 2.90 11.34 16.95 0.30 1.04 South Korea Jun : 0.70 0.49 7.20 5.50 7.71 0.00 0.68 Jul : 0.75 0.49 7.70 5.90 8.21 0.00 0.73 Selected other : China Jun : 26.29 134.95 2.30 98.60 136.05 4.10 23.39 Jul : 26.29 134.95 2.30 98.60 136.05 4.10 23.39 FSU-12 6/ Jun : 7.42 60.26 1.38 35.62 59.51 2.93 6.62 Jul : 7.52 53.26 1.38 30.87 54.11 2.33 5.72 Russia Jun : 4.04 36.50 0.50 22.45 35.90 1.55 3.59 Jul : 4.09 29.50 0.50 17.70 30.50 1.05 2.54 Ukraine Jun : 1.51 13.50 0.00 5.75 12.80 0.90 1.31 Jul : 1.56 13.50 0.00 5.75 12.80 0.80 1.46 =============================================================================== 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 South Africa. 5/ Eastern Europe, the EU-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, South Korea, Taiwan, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). 6/ Includes imports and exports among the nations of the former USSR. Former USSR excluding the Baltic States. WASDE-340-18 World Corn Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : Domestic 2/ : :stocks :Beginning:Produc-: :===============: : : stocks : tion :Imports: Feed : Total :Exports: =============================================================================== : : 1996/97 : World 3/ : 69.08 591.07 70.98 393.75 569.08 73.24 91.08 United States : 10.82 236.06 0.34 136.21 179.19 45.60 22.43 Total foreign : 58.26 355.01 70.64 257.54 389.89 27.64 68.64 Major exporters 4/ : 2.60 24.51 0.11 6.78 11.29 12.73 3.20 Argentina : 0.40 15.50 0.00 2.78 4.32 10.83 0.75 South Africa : 2.20 9.01 0.11 4.00 6.97 1.90 2.45 Major importers 5/ : 11.82 93.88 48.28 92.72 131.63 9.73 12.62 EU-15 : 2.33 34.79 10.17 27.50 35.96 8.06 3.28 Japan : 1.07 0.00 15.96 12.00 16.10 0.00 0.93 Mexico : 2.60 18.92 3.14 7.10 22.17 0.04 2.45 Southeast Asia : 1.33 14.11 3.99 13.22 18.12 0.07 1.24 South Korea : 0.75 0.07 8.34 6.64 8.30 0.00 0.86 Selected other : China : 34.70 127.47 0.08 86.00 113.35 3.89 45.00 FSU-12 6/ : 1.69 4.73 0.36 3.39 5.68 0.25 0.85 Russia : 0.16 1.10 0.12 0.37 1.22 0.00 0.16 : : 1997/98 (Estimated) : World 3/ : 91.08 578.22 71.77 405.90 582.77 73.06 86.53 United States : 22.43 237.90 0.25 140.98 186.70 37.47 36.42 Total foreign : 68.64 340.32 71.52 264.92 396.07 35.60 50.11 Major exporters 4/ : 3.20 26.80 0.35 7.20 11.95 15.40 3.00 Argentina : 0.75 19.00 0.00 3.20 4.75 14.00 1.00 South Africa : 2.45 7.80 0.35 4.00 7.20 1.40 2.00 Major importers 5/ : 12.62 101.62 48.21 95.08 133.67 13.05 15.73 EU-15 : 3.28 38.31 11.30 30.88 38.78 9.74 4.37 Japan : 0.93 0.00 16.20 11.80 15.90 0.00 1.23 Mexico : 2.45 18.00 4.50 7.20 22.45 0.50 2.00 Southeast Asia : 1.24 13.15 3.35 11.30 16.40 0.30 1.04 South Korea : 0.86 0.09 7.75 6.03 7.95 0.00 0.75 Selected other : China : 45.00 104.30 0.25 92.00 118.55 6.00 25.00 FSU-12 6/ : 0.85 10.56 0.44 5.07 9.63 0.45 1.76 Russia : 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 and South Africa. 5/ Eastern Europe, the EU-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, South Korea, Taiwan, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). 6/ Includes imports and exports among the nations of the former USSR. Former USSR excluding the Baltic States. WASDE-340-19 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: =============================================================================== : : 1998/99 (Projected) World 3/ : June : 81.91 600.14 68.21 417.47 597.04 70.15 85.01 July : 86.53 599.41 68.51 415.10 595.58 71.59 90.35 United States : June : 31.97 244.87 0.25 148.60 196.22 40.01 40.86 July : 36.42 244.49 0.25 146.06 193.68 40.64 46.83 Total foreign : June : 49.93 355.27 67.96 268.87 400.82 30.15 44.14 July : 50.11 354.92 68.26 269.04 401.90 30.95 43.52 Major exporters 4/ : June : 3.45 26.50 0.25 7.40 12.45 14.00 3.75 July : 3.00 26.50 0.25 7.40 12.15 14.50 3.10 Argentina Jun : 1.00 18.00 0.00 3.40 4.85 13.00 1.15 Jul : 1.00 18.00 0.00 3.40 4.85 13.00 1.15 South Africa Jun : 2.45 8.50 0.25 4.00 7.60 1.00 2.60 Jul : 2.00 8.50 0.25 4.00 7.30 1.50 1.95 Major importers 5/ : June : 15.09 93.69 45.28 92.24 130.96 11.11 11.99 July : 15.73 93.29 45.58 92.39 131.16 11.41 12.02 EU-15 Jun : 4.33 35.02 11.52 30.97 38.51 9.04 3.33 Jul : 4.37 34.92 11.32 30.77 38.21 9.34 3.06 Japan Jun : 0.93 0.00 15.50 11.40 15.50 0.00 0.93 Jul : 1.23 0.00 15.50 11.60 15.70 0.00 1.03 Mexico Jun : 1.75 19.00 3.50 7.20 22.40 0.10 1.75 Jul : 2.00 18.50 3.75 7.00 22.25 0.10 1.90 Southeast Asia Jun : 1.04 14.15 2.90 11.15 16.75 0.30 1.04 Jul : 1.04 14.15 2.90 11.15 16.75 0.30 1.04 South Korea Jun : 0.70 0.09 6.50 4.90 6.60 0.00 0.68 Jul : 0.75 0.09 7.00 5.30 7.10 0.00 0.73 Selected other : China Jun : 25.00 122.00 0.25 95.00 121.25 4.00 22.00 Jul : 25.00 122.00 0.25 95.00 121.25 4.00 22.00 FSU-12 6/ Jun : 1.76 8.79 0.39 5.03 9.04 0.40 1.50 Jul : 1.76 8.79 0.39 5.03 9.04 0.40 1.50 Russia Jun : 0.36 2.50 0.15 1.75 2.70 0.00 0.31 Jul : 0.36 2.50 0.15 1.75 2.70 0.00 0.31 =============================================================================== 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 and South Africa. 5/ Eastern Europe, the EU-15 (includes intra-trade), Non-EU Western Europe, Mexico, Japan, South Korea, Taiwan, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). 6/ Includes imports and exports among the nations of the former USSR. Former USSR excluding the Baltic States. WASDE-340-20 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 : =============================================================================== : : 1996/97 World 3/ : 50.12 379.97 17.37 378.95 20.17 51.14 United States : 0.81 5.45 0.32 3.22 2.50 0.87 Total foreign : 49.31 374.52 17.05 375.74 17.68 50.27 Major exporters 4/ : 12.33 117.28 0.00 106.54 12.48 10.59 Thailand : 0.81 13.66 0.00 8.55 5.27 0.65 Vietnam : 0.00 18.00 0.00 14.73 3.27 0.00 Major importers 5/ : 7.62 51.52 7.56 59.55 1.33 5.82 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 : 2.48 9.41 0.50 9.25 0.10 3.05 : : 1997/98 (Estimated) World 3/ : 51.14 383.47 23.36 382.58 23.61 52.02 United States : 0.87 5.84 0.31 3.46 2.74 0.82 Total foreign : 50.27 377.62 23.05 379.12 20.87 51.20 Major exporters 4/ : 10.59 120.36 0.00 106.85 14.00 10.10 Thailand : 0.65 14.70 0.00 8.60 6.00 0.75 Vietnam : 0.00 17.80 0.00 14.20 3.60 0.00 Major importers 5/ : 5.82 49.12 12.80 61.14 1.15 5.45 Indonesia : 1.53 30.90 5.00 35.45 0.00 1.98 Selected other : China : 25.56 140.00 0.40 136.00 2.50 27.46 Japan : 3.05 9.12 0.60 9.20 0.75 2.82 : : 1998/99 (Projected) World 3/ : June : 51.26 386.98 20.75 386.75 21.00 51.49 July : 52.02 387.91 19.29 387.83 21.31 52.10 United States : June : 0.81 5.98 0.31 3.55 2.71 0.84 July : 0.82 6.17 0.32 3.55 2.78 0.98 Total foreign : June : 50.45 381.00 20.44 383.20 18.29 50.65 July : 51.20 381.73 18.97 384.28 18.53 51.12 Major exporters 4/ : June : ---- ---- ---- ---- ---- ---- July : 10.10 120.50 0.00 107.75 12.50 10.35 Thailand Jun : ---- ---- ---- ---- ---- ---- Jul : 0.75 14.60 0.00 8.70 5.70 0.95 Vietnam Jun : ---- ---- ---- ---- ---- ---- Jul : 0.00 18.00 0.00 14.50 3.50 0.00 Major importers 5/ : June : ---- ---- ---- ---- ---- ---- July : 5.45 52.56 8.94 60.98 1.21 4.76 Indonesia Jun : ---- ---- ---- ---- ---- ---- Jul : 1.98 33.00 1.50 35.00 0.00 1.48 Selected other : China Jun : ---- ---- ---- ---- ---- ---- Jul : 27.46 140.00 0.50 138.00 1.75 28.21 Japan Jun : ---- ---- ---- ---- ---- ---- Jul : 2.82 8.30 0.70 9.15 0.20 2.47 =============================================================================== 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/ India, Pakistan, Thailand, and Vietnam. 5/ Brazil, Hong Kong, Indonesia, Iran, Iraq, Ivory Coast, Nigeria, Philippines, Saudi Arabia, the EU-15 (includes intra-trade) and Non-EU Western Europe. WASDE-340-21 World Soybean Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:=======================:Ending Region : : : : : :stocks :Beginning:Produc-: : Domestic : : : stocks : tion :Imports: Crush : Total :Exports: =============================================================================== : : 1996/97 World 2/ : 17.51 131.62 36.53 115.64 135.84 36.96 12.87 United States : 4.99 64.84 0.24 39.08 42.50 24.00 3.58 Total foreign : 12.51 66.78 36.29 76.57 93.34 12.96 9.29 Major exporters 3/ : 10.02 40.77 1.20 31.49 33.86 11.32 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/ : 1.76 16.31 27.41 31.32 43.13 0.56 1.80 EU-15 : 0.82 1.14 15.29 14.67 16.07 0.35 0.84 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 (Estimated) World 2/ : 12.87 155.60 39.32 126.00 149.23 39.36 19.20 United States : 3.58 74.22 0.12 43.00 48.13 23.95 5.85 Total foreign : 9.29 81.38 39.20 83.00 101.10 15.41 13.35 Major exporters 3/ : 6.80 51.30 2.70 33.80 36.70 13.30 10.80 Argentina : 3.40 17.90 1.00 12.90 13.70 2.20 6.40 Brazil : 3.40 30.70 1.70 20.40 22.40 9.00 4.40 Major importers 4/ : 1.80 18.33 28.76 34.44 46.62 0.70 1.57 EU-15 : 0.84 1.57 15.67 15.51 16.82 0.50 0.76 Japan : 0.64 0.12 4.90 3.80 5.08 0.00 0.58 China : 0.00 14.73 3.30 10.75 17.85 0.18 0.00 : : 1998/99 (Projected) World 2/ : July : 19.20 154.04 38.18 128.49 149.46 38.10 23.86 United States : July : 5.85 77.02 0.14 43.55 47.36 23.81 11.83 Total foreign : July : 13.35 77.03 38.04 84.95 102.09 14.29 12.04 Major exporters 3/ : July : 10.80 47.40 1.25 34.90 37.60 12.35 9.50 Argentina Jul : 6.40 15.00 0.25 13.70 14.50 1.75 5.40 Brazil Jul : 4.40 29.50 1.00 20.60 22.40 8.40 4.10 Major importers 4/ : July : 1.57 17.94 29.16 34.80 46.30 0.72 1.65 EU-15 Jul : 0.76 1.84 15.68 15.70 16.89 0.52 0.88 Japan Jul : 0.58 0.12 4.70 3.65 4.86 0.00 0.54 China Jul : 0.00 14.00 3.70 10.70 17.50 0.20 0.00 =============================================================================== 1/ Data based on local marketing years except Argentina and Brazil which are adjusted to an October-September year. 2/ World imports and exports may not balance due to differences in local marketing years and to time lags between reported export and imports. Therefore, world supply may not equal world use. 3/ Argentina, Brazil and Paraguay. 4/ Japan, China, and EU, Mexico, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). WASDE-340-22 World Soybean Meal Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total : : : stocks : tion :Imports: Domestic: Exports : =============================================================================== : : 1996/97 World 2/ : 4.31 91.93 34.51 92.98 33.99 3.78 United States : 0.19 31.04 0.09 24.78 6.35 0.19 Total foreign : 4.12 60.90 34.42 68.20 27.64 3.59 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/ : 1.43 19.64 23.49 38.82 4.52 1.22 EU-15 : 1.12 11.62 14.72 22.10 4.47 0.90 China : 0.00 6.95 3.75 10.68 0.02 0.00 : : 1997/98 (Estimated) World 2/ : 3.78 99.79 36.20 99.18 36.63 3.96 United States : 0.19 33.97 0.05 25.77 8.21 0.24 Total foreign : 3.59 65.82 36.15 73.41 28.42 3.72 Major exporters 3/ : 1.09 30.15 0.10 6.99 22.78 1.57 Argentina : 0.25 10.52 0.00 0.39 9.83 0.55 Brazil : 0.84 16.10 0.10 5.60 10.45 0.98 India : 0.00 3.54 0.00 1.00 2.50 0.04 Major importers 4/ : 1.22 21.80 24.69 42.26 4.37 1.08 EU-15 : 0.90 12.07 15.96 23.67 4.34 0.92 China : 0.00 8.60 4.30 12.89 0.01 0.00 : : 1998/99 (Projected) World 2/ : July : 3.96 101.77 37.67 101.76 37.76 3.87 United States : July : 0.24 34.39 0.05 26.65 7.80 0.23 Total foreign : July : 3.72 67.37 37.62 75.11 29.96 3.65 Major exporters 3/ : July : 1.57 31.12 0.10 7.04 24.20 1.54 Argentina Jul : 0.55 11.16 0.00 0.40 10.75 0.56 Brazil Jul : 0.98 16.26 0.10 5.80 10.60 0.94 India Jul : 0.04 3.70 0.00 0.84 2.85 0.05 Major importers 4/ : July : 1.08 22.02 25.49 43.05 4.42 1.12 EU-15 Jul : 0.92 12.22 16.72 24.60 4.27 0.98 China Jul : 0.00 8.56 4.50 13.06 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, China, EU, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). WASDE-340-23 World Soybean Oil Supply and Use 1/ (Million Metric Tons) =============================================================================== : Supply : Use : :=========================:===================: Ending Region : : : : : : stocks :Beginning:Produc-: : Total : : : stocks : tion :Imports: Domestic: Exports : =============================================================================== : : 1996/97 World 2/ : 2.64 20.70 5.88 20.88 5.89 2.44 United States : 0.91 7.15 0.02 6.47 0.92 0.69 Total foreign : 1.72 13.56 5.86 14.41 4.97 1.75 Major exporters 3/ : 0.85 8.27 0.64 4.51 4.40 0.85 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 : 0.20 2.63 0.47 1.81 1.32 0.17 Major importers 4/ : 0.37 2.05 1.97 3.97 0.08 0.34 China : 0.35 1.39 1.67 3.01 0.08 0.32 Pakistan : 0.02 0.01 0.21 0.21 0.00 0.02 : : 1997/98 (Estimated) World 2/ : 2.44 22.75 6.66 22.78 6.70 2.37 United States : 0.69 8.07 0.03 6.85 1.27 0.66 Total foreign : 1.75 14.69 6.64 15.93 5.43 1.71 Major exporters 3/ : 0.85 8.81 0.67 4.64 4.91 0.77 Argentina : 0.30 2.23 0.00 0.10 2.14 0.29 Brazil : 0.38 3.80 0.17 2.70 1.33 0.32 EU-15 : 0.17 2.79 0.50 1.84 1.45 0.16 Major importers 4/ : 0.34 2.58 2.33 4.83 0.04 0.38 China : 0.32 1.77 2.00 3.70 0.04 0.36 Pakistan : 0.02 0.01 0.23 0.23 0.00 0.02 : : 1998/99 (Projected) World 2/ : July : 2.37 23.22 6.85 23.28 6.87 2.29 United States : July : 0.66 8.17 0.03 6.92 1.29 0.64 Total foreign : July : 1.71 15.05 6.82 16.36 5.58 1.64 Major exporters 3/ : July : 0.77 9.05 0.69 4.79 4.99 0.74 Argentina Jul : 0.29 2.37 0.00 0.11 2.27 0.29 Brazil Jul : 0.32 3.86 0.19 2.80 1.28 0.30 EU-15 Jul : 0.16 2.82 0.50 1.88 1.45 0.15 Major importers 4/ : July : 0.38 2.66 2.53 5.11 0.06 0.40 China Jul : 0.36 1.82 2.20 3.94 0.06 0.38 Pakistan Jul : 0.02 0.01 0.23 0.24 0.00 0.02 =============================================================================== 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-340-24 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/ : : =============================================================================== : : 1996/97 : World : 33.76 89.41 29.18 88.24 26.84 0.25 37.02 United States : 2.61 18.94 0.40 11.13 6.87 -0.01 3.97 Total foreign : 31.15 70.47 28.78 77.12 19.97 0.25 33.05 Major exporters 5/ : 10.13 39.45 0.59 23.48 16.01 0.07 10.61 Pakistan : 1.36 7.32 0.28 7.00 0.12 0.02 1.82 India : 3.35 13.81 0.04 12.51 1.26 0.00 3.43 Central Asia 6/ : 2.02 6.57 0.01 1.10 6.03 0.00 1.47 Afr. Fr. Zone 7/ : 0.42 3.67 0.01 0.30 3.31 0.00 0.49 S. Hemis. 8/ : 2.48 5.35 0.23 1.30 4.41 0.02 2.33 Australia : 0.75 2.79 4/ 0.21 2.38 0.00 0.95 Argentina : 1.35 1.49 0.01 0.47 1.33 0.01 1.04 Major importers : 19.21 27.26 22.87 46.04 2.45 0.18 20.67 Brazil : 1.15 1.29 2.43 3.90 0.00 0.00 0.96 Mexico : 0.34 1.08 0.95 1.60 0.45 0.04 0.28 China : 13.20 19.30 3.61 21.00 0.01 0.00 15.11 Europe : 2.03 1.95 6.22 6.65 1.61 0.05 1.88 Turkey : 0.54 3.60 1.36 4.74 0.21 0.00 0.56 Selected Asia 9/ : 1.95 0.05 8.31 8.15 0.18 0.10 1.88 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 : : 1997/98 (Estimated) : World : 37.02 90.80 26.82 88.13 26.17 0.24 40.11 United States : 3.97 18.79 0.01 11.40 7.40 0.02 3.95 Total foreign : 33.05 72.01 26.82 76.73 18.77 0.22 36.16 Major exporters 5/ : 10.61 39.22 0.98 23.80 15.36 0.08 11.58 Pakistan : 1.82 7.10 0.20 7.20 0.40 0.03 1.49 India : 3.43 11.90 0.50 12.40 0.15 0.00 3.28 Central Asia 6/ : 1.47 7.18 0.01 1.14 5.65 0.00 1.87 Afr. Fr. Zone 7/ : 0.49 4.23 4/ 0.31 3.64 0.00 0.76 S. Hemis. 8/ : 2.33 5.62 0.25 1.34 4.17 0.03 2.67 Australia : 0.95 3.06 4/ 0.21 2.55 0.00 1.25 Argentina : 1.04 1.30 0.05 0.49 0.85 0.01 1.05 Major importers : 20.67 29.63 20.17 45.35 2.21 0.14 22.77 Brazil : 0.96 1.75 1.85 3.45 0.00 0.00 1.11 Mexico : 0.28 0.96 1.55 2.05 0.25 0.04 0.46 China : 15.11 21.10 1.80 21.00 0.20 0.00 16.81 Europe : 1.88 2.27 6.24 6.77 1.50 0.05 2.07 Turkey : 0.56 3.50 1.50 4.85 0.10 0.00 0.61 Selected Asia 9/ : 1.88 0.05 7.23 7.23 0.16 0.05 1.72 Indonesia : 0.10 0.02 1.70 1.70 0.00 0.05 0.07 South Korea : 0.51 4/ 1.25 1.30 0.05 0.00 0.41 =============================================================================== 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 in 1996/97 and 1.81 million in 1997/98. 4/ Less than 5,000 bales. 5/ Includes Egypt, and Syria in addition to the countries and regions listed. 6/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. 7/ Benin, Burkino Faso, Cameroon, Central African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 8/ Argentina, Australia, Paraguay, South Africa, Tanzania, and Zimbabwe. 9/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-340-25 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/ : : =============================================================================== : : 1998/99 (Projected) World : June : 38.57 86.50 26.50 89.50 26.20 0.30 35.57 July : 40.11 86.32 26.35 88.41 26.16 0.23 38.00 United States : June : 4.00 15.70 0.03 11.20 5.60 0.03 2.90 July : 3.95 15.00 0.05 11.00 5.00 0.00 3.00 Total foreign : June : 34.57 70.80 26.47 78.30 20.60 0.27 32.67 July : 36.16 71.32 26.30 77.41 21.16 0.23 35.00 Major exporters 5/ : July : 11.58 39.87 0.50 24.11 15.77 0.08 11.99 Pakistan Jul : 1.49 7.50 0.10 7.30 0.20 0.03 1.57 India Jul : 3.28 12.50 0.15 12.50 0.25 0.00 3.18 Central Asia 6/Jul : 1.87 7.20 0.01 1.16 5.81 0.00 2.11 Afr. Fr. Zn. 7/Jul : 0.76 4.31 4/ 0.34 3.81 0.00 0.91 S. Hemis 8/ Jul : 2.67 5.61 0.23 1.36 4.30 0.03 2.82 Australia Jul : 1.25 2.60 4/ 0.23 2.40 0.00 1.22 Argentina Jul : 1.05 1.70 0.03 0.49 1.10 0.01 1.18 Major importers Jul : 22.77 28.06 19.92 45.46 4.12 0.14 21.04 Brazil Jul : 1.11 1.80 1.80 3.60 0.00 0.00 1.11 Mexico Jul : 0.46 1.00 1.65 2.40 0.15 0.04 0.52 China Jul : 16.81 19.50 1.20 20.50 2.20 0.00 14.81 Europe Jul : 2.07 2.31 6.34 6.86 1.57 0.05 2.24 Turkey Jul : 0.61 3.40 1.65 4.95 0.05 0.00 0.66 Sel. Asia 9/ Jul : 1.72 0.05 7.28 7.15 0.15 0.05 1.70 Indonesia Jul : 0.07 0.02 1.75 1.70 0.00 0.05 0.09 S. Korea Jul : 0.41 4/ 1.25 1.25 0.05 0.00 0.36 =============================================================================== 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 1.81 million bales. 4/ Less than 5,000 bales. 5/ Includes Egypt, and Syria in addition to the countries and regions listed. 6/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. 7/ Benin, Burkino Faso, Cameroon, Central African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 8/ Argentina, Australia, Paraguay, South Africa, Tanzania, and Zimbabwe. 9/ Hong Kong, Indonesia, Japan, South Korea, Taiwan, and Thailand. WASDE-340-26 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 1997 : III : 6603 4196 10939 6864 1411 8398 19337 1606 38.8 IV : 6258 4766 11167 6831 1428 8383 19550 1667 38.2 Annual : 25384 17244 43209 27271 5478 33258 76467 6460 156.6 : 1998 : I : 6215 4687 11038 6845 1290 8258 19296 1637 39.2 II : 6475 4440 11036 7025 1350 8520 19556 1640 41.1 III *: 6900 4650 11667 7025 1375 8530 20197 1665 39.0 IV *: 6175 4950 11248 7100 1400 8625 19873 1690 38.7 Annual : Jun Proj : 25640 18762 44896 28166 5491 34175 79071 6632 157.7 Jul Proj : 25765 18727 44989 27995 5415 33933 78922 6632 158.0 : 1999 : I *: 5825 4850 10796 7150 1225 8510 19306 1665 39.8 II *: 5975 4775 10863 7450 1375 8970 19833 1675 41.5 Annual : Jun Proj : 23825 19350 43640 29400 5425 35370 79010 6765 159.7 Jul Proj : 23825 19550 43840 29400 5400 35345 79185 6765 160.1 =============================================================================== * 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 1997 : III : 65.65 54.45 62.0 68.2 79.7 12.63 IV : 66.61 43.53 54.0 66.5 88.2 14.53 Annual : 66.32 51.36 58.8 64.9 81.2 13.34 : 1998 : I : 61.73 34.74 56.4 55.1 79.0 14.60 II : 64.16 39.50 61.0 59.1 66.5 13.57 III *: 62-64 37-39 63-65 62-64 69-71 14.35-14.75 IV *: 66-70 33-35 56-60 63-67 77-83 14.15-14.85 Annual : Jun Proj : 64-67 37-38 57-59 59-62 72-75 13.95-14.35 Jul Proj : 63-65 36-37 59-61 60-61 73-75 14.15-14.45 1999 : I *: 70-76 33-35 54-58 54-58 72-78 13.50-14.50 II *: 72-78 36-38 56-60 58-62 62-68 12.65-13.65 Annual : Jun Proj : 70-76 36-39 55-59 60-64 70-76 13.20-14.20 Jul Proj : 70-76 34-37 55-59 60-64 70-76 13.10-14.10 =============================================================================== *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-340-27 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 : 1997 : 377 25490 2343 28210 2136 465 25609 66.9 1998 Proj. Jun : 465 25746 2659 28870 2100 350 26420 68.4 Jul : 465 25871 2644 28980 2100 350 26530 68.7 1999 Proj. Jun : 350 23931 2800 27081 2155 350 24576 63.1 Jul : 350 23931 2800 27081 2155 350 24576 63.1 : PORK : 1997 : 366 17274 633 18273 1044 408 16821 48.7 1998 Proj. Jun : 408 18792 600 19800 1125 470 18205 52.3 Jul : 408 18757 600 19765 1200 470 18095 51.9 1999 Proj. Jun : 470 19380 570 20420 1120 490 18810 53.5 Jul : 470 19580 570 20620 1200 490 18930 53.9 : TOTAL RED MEAT 4/ : 1997 : 759 43358 3059 47176 3185 895 43096 117.8 1998 Proj. Jun : 895 45045 3357 49297 3233 837 45227 122.6 Jul : 895 45138 3342 49375 3308 837 45230 122.6 1999 Proj. Jun : 837 43789 3455 48081 3283 857 43941 118.4 Jul : 837 43989 3455 48281 3363 857 44061 118.7 : BROILERS : 1997 : 641 27041 5 27687 4664 607 22416 72.7 1998 Proj. Jun : 607 27923 4 28534 4941 650 22943 73.8 Jul : 607 27754 4 28365 4941 650 22774 73.2 1999 Proj. Jun : 650 29141 4 29795 5025 650 24120 76.9 Jul : 650 29141 4 29795 5025 650 24120 76.9 : TURKEYS : 1997 : 328 5412 1 5741 598 415 4727 17.6 1998 Proj. Jun : 415 5424 1 5840 532 425 4882 18.1 Jul : 415 5349 1 5765 532 425 4807 17.8 1999 Proj. Jun : 425 5359 1 5785 600 400 4784 17.5 Jul : 425 5334 1 5760 600 400 4759 17.5 : TOTAL POULTRY 5/ : 1997 : 975 32964 6 33944 5646 1029 27269 90.8 1998 Proj. Jun : 1029 33866 5 34901 5896 1082 27921 92.2 Jul : 1029 33627 5 34662 5911 1082 27667 91.3 1999 Proj. Jun : 1082 35046 5 36133 6037 1055 29040 94.9 Jul : 1082 35021 5 36108 6037 1055 29015 94.8 : RED MEAT & POULTRY: 1997 : 1734 76322 3065 81120 8831 1924 70364 208.6 1998 Proj. Jun : 1924 78911 3362 84198 9129 1919 73149 214.8 Jul : 1924 78765 3347 84037 9219 1919 72898 213.9 1999 Proj. Jun : 1919 78835 3460 84214 9320 1912 72981 213.3 Jul : 1919 79010 3460 84389 9400 1912 73076 213.5 ============================================================================ 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-340-28 U.S. Egg Supply and Use =============================================================================== : : : 1998 Projected : 1999 Projected : : :-----------------:----------------- Commodity : 1996 : 1997 : Jun : Jul : Jun : Jul =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 11.2 8.5 7.4 7.4 10.0 10.0 Production : 6371.3 6459.8 6631.9 6631.9 6765.0 6765.0 Imports : 5.4 6.9 6.2 6.2 4.0 4.0 Total supply : 6387.9 6475.2 6645.5 6645.5 6779.0 6779.0 : Use : Exports : 253.1 227.8 239.7 239.7 243.0 243.0 Hatching use : 863.8 894.8 926.9 926.9 970.0 970.0 Ending stocks : 8.5 7.4 10.0 10.0 10.0 10.0 Consumption : Total : 5262.4 5345.2 5468.9 5468.9 5556.0 5556.0 Per capita (number) : 237.8 239.4 242.8 242.8 244.5 244.5 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1997/98 Proj 1/: 1998/99 Proj 1/ Commodity :1995/96:1996/97:-----------------:----------------- : 1/ : 1/ : Jun : Jul : Jun : Jul =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 4.6 4.9 5.9 5.9 6.0 5.6 Production : 154.1 156.4 157.2 157.4 159.2 159.5 Farm use : 1.5 1.4 1.4 1.4 1.3 1.3 Marketings : 152.5 155.0 155.8 156.0 157.9 158.2 Imports 2/ : 2.8 2.8 3.2 3.2 3.3 3.3 Total cml. supply 2/ : 159.9 162.7 164.9 165.1 167.1 167.0 Use : Commercial use 2/ 3/ : 154.9 156.1 158.2 158.8 160.5 160.5 Ending commercial stks. 2/: 4.9 5.9 6.0 5.6 5.8 5.8 CCC net removals: : Milkfat basis 4/ : 0.1 0.7 0.7 0.7 0.8 0.7 Skim-solids basis 4/ : 1.1 2.7 4.0 4.0 2.9 3.0 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) : 13.50 11.88 12.65- 12.95- 11.80- 11.75- : 12.85 13.05 12.80 12.65 All milk 5/ : 14.49 13.53 14.05- 14.25- 13.20- 13.20- : 14.25 14.35 14.20 14.10 : : Million pounds CCC product net removals 4/: Butter : 1 24 22 22 30 25 Cheese : 5 10 7 7 7 7 Nonfat dry milk : 84 222 325 325 235 245 Dry whole milk : 7 7 15 15 9 9 =============================================================================== 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/ Milk of average fat test. Does not reflect any deductions from producers as authorized by legislation. WASDE-340-29 Note: Tables on pages 29-31 present a 17-year record of the differences between the July projection and the final estimate. Using world wheat production as an example, changes between the July projection and the final estimate have averaged 14.8 million tons (2.8%) ranging from -34.6 to 23.7 million tons. The July projection has been below the estimate 10 times and above 7 times. Reliability of July Projections ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-96/97 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- WHEAT :Percent Million metric tons Number of years 2/ Production : World : 2.8 14.8 -34.6 23.7 10 7 U.S. : 2.9 1.9 -6.2 5.4 7 10 Foreign : 3.1 14.2 -32.0 21.1 10 7 Exports : World : 4.6 5.2 -14.5 11.3 8 9 U.S. : 9.0 3.1 -10.0 7.8 12 5 Foreign : 5.3 4.2 -10.5 7.6 9 8 Domestic use : World : 2.1 10.6 -25.7 17.4 10 7 U.S. : 6.8 2.1 -5.0 3.6 8 9 Foreign : 1.9 9.2 -22.4 15.9 12 5 Ending stocks : World : 9.8 12.1 -23.0 27.0 9 8 U.S. : 14.9 3.7 -10.2 13.9 9 8 Foreign : 10.1 9.5 -25.0 13.8 9 8 : COARSE GRAINS 3/ : Production : World : 2.4 19.5 -33.8 53.6 9 8 U.S. : 8.7 18.1 -32.6 57.7 8 9 Foreign : 1.9 11.0 -24.1 24.2 8 9 Exports : World : 6.5 6.7 -11.1 17.8 10 7 U.S. : 17.0 9.0 -20.9 15.0 6 11 Foreign : 13.9 6.9 -14.1 14.2 9 8 Domestic use : World : 1.5 11.6 -20.4 26.7 7 10 U.S. : 4.6 8.1 -14.5 22.2 12 5 Foreign : 1.5 9.4 -9.8 30.5 9 8 Ending stocks : World : 15.3 18.7 -60.2 41.0 10 7 U.S. : 35.0 17.6 -50.5 39.5 8 9 Foreign : 11.9 8.1 -19.8 9.9 12 5 : RICE, milled : Production : World : 2.4 7.8 -24.0 13.0 13 4 U.S. : 4.3 0.2 -0.5 0.3 9 6 Foreign : 2.4 7.8 -24.3 12.7 13 4 Exports : World : 7.7 1.3 -4.4 0.7 11 6 U.S. : 7.4 0.2 -0.7 0.7 9 6 Foreign : 8.8 1.2 -3.9 0.7 12 5 Domestic use : World : 2.0 6.5 -22.4 21.7 10 7 U.S. : 7.2 0.2 -0.4 0.5 7 10 Foreign : 2.0 6.6 -22.9 21.6 10 7 Ending stocks : World : 12.5 4.4 -13.5 8.0 14 3 U.S. : 14.7 0.2 -0.5 0.8 10 6 Foreign : 13.7 4.4 -13.6 8.4 14 3 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-340-30 Reliability of July 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 : 4.0 4.4 -11.9 7.5 7 10 U.S. : 5.7 3.1 -9.8 9.7 10 7 Foreign : 5.9 3.1 -7.2 6.2 8 9 Exports : World : 6.3 1.8 -4.1 3.8 10 7 U.S. : 12.1 2.4 -6.0 6.2 9 8 Foreign : 19.0 1.4 -4.5 2.6 8 9 Domestic use : World : 3.6 3.9 -9.9 6.9 10 7 U.S. : 4.7 1.7 -4.0 4.5 11 6 Foreign : 3.9 2.8 -5.9 4.6 10 7 Ending stocks : World : 14.5 2.5 -4.7 4.9 10 7 U.S. : 29.8 2.1 -4.0 6.6 7 10 Foreign : 15.6 1.7 -3.7 3.5 10 7 : COTTON : Million 480-pound bales Production : World : 4.4 3.6 -13.3 10.3 12 5 U.S. : 8.5 1.3 -2.8 3.6 12 5 Foreign : 4.5 3.0 -12.1 10.5 9 7 Exports : World : 4.7 1.1 -4.1 1.4 8 9 U.S. : 18.6 0.8 -2.1 2.8 11 6 Foreign : 6.8 1.2 -3.4 1.8 6 11 Mill use : World : 2.6 2.1 -7.8 2.9 7 10 U.S. : 7.4 0.6 -1.4 0.8 12 4 Foreign : 2.6 1.9 -7.1 4.0 6 11 Ending stocks : World : 15.9 5.3 -14.3 15.3 11 6 U.S. : 36.6 1.6 -3.4 2.4 8 9 Foreign : 15.9 4.7 -13.9 12.9 12 5 ------------------------------------------------------------------------------- 1/ Final estimate for 1981/82-97/98 is defined as the first November estimate following the marketing year and for 1997/98 last month's estimate. 2/ May not total 17 if projections was the same as final estimate. 3/ Includes corn, sorghum, barley, oats, rye, millet and mixed grain. WASDE-340-31 Reliability of United States July 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 : 9.9 667 -1103 2034 10 7 Exports : 18.7 335 -775 575 6 11 Domestic use : 5.1 299 -558 770 11 6 Ending stocks : 42.4 617 -1840 1343 9 8 : SORGHUM : Production : 12.1 85 -213 171 11 6 Exports : 17.8 43 -115 97 9 7 Domestic use : 12.7 60 -139 113 10 7 Ending stocks : 61.4 87 -174 157 6 11 : BARLEY : Production : 6.1 29 -87 62 6 10 Exports : 35.5 23 -92 43 12 5 Domestic use : 9.0 35 -47 85 9 8 Ending stocks : 21.8 41 -45 114 6 11 : OATS : Production : 10.5 33 -39 144 4 12 Exports : 90.8 2 -5 8 5 9 Domestic use : 6.3 24 -39 67 7 10 Ending stocks : 16.4 21 -33 68 9 8 : : Thousand short tons SOYBEAN MEAL : Production : 4.7 1299 -2858 4432 13 4 Exports : 13.0 833 -1900 1764 8 9 Domestic use : 4.9 1010 -1550 4470 10 7 Ending stocks : 33.1 78 -204 413 5 11 : : Million pounds SOYBEAN OIL : Production : 4.6 608 -1255 1553 11 6 Exports : 24.4 374 -1550 1165 11 6 Domestic use : 3.2 381 -985 758 12 5 Ending stocks : 39.1 507 -916 1568 6 11 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 1.2 291 -258 694 11 5 Pork : 1.0 153 -277 400 7 9 Broilers : 0.7 148 -301 373 10 6 Turkeys : 1.3 48 -122 101 12 4 : : Million dozen Eggs : 0.9 52 -52 115 11 5 : : Billion pounds Milk : 0.6 0.9 -2.7 2.1 5 9 ------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-97/98 is defined as the first November estimate following the marketing year and for 1997/98 last month's estimate. 3/ May not total 17 for crops and 16 for animal production if projection was the same as the final estimate. 4/ Calendar years 1982 thru 1997 for meats and eggs; October-September years 1981/82 thru 1996/97 for milk. Final for animal products is defined as latest annual production estimate published by NASS. ----- END OF FILE -----