WASDE-348 - March 11, 1999 WHEAT: Projected U.S. 1998/99 ending stocks of wheat are down 25 million bushels from last month because of larger prospective exports. The projected price range is unchanged at $2.65 to $2.75 per bushel. Aggregate global 1998/99 wheat supply and use projections are little changed from last month, although there are several country-specific trade changes. Smaller forecast imports for China and Bolivia are offset by larger expected purchases by Pakistan. Likewise, smaller forecast exports by Canada and the EU are largely offset by higher prospective sales by Eastern Europe and the United States. COARSE GRAINS: Projected 1998/99 ending stocks of corn are down 75 million bushels from last month because of larger exports. The projected price range is up 10 cents on the low end to $1.90 to $2.10 per bushel. Global 1998/99 coarse grain production is down from last month as smaller prospective crops for South Africa, Brazil, and Mexico more than offset upward revisions for several countries. The smaller crops in South Africa, Brazil, and Mexico are expected to result in larger imports. However, the major impact of the lower South African corn crop is smaller prospective exports--down 1.75 million tons from last month for the local May 1999-April 2000 marketing year. The reduction in South African corn exports during the U.S. 1998/99 September-August year is only expected to be around 1 million tons. RICE: Domestic and residual use is raised slightly. Projected 1998/99 U.S. exports are lowered 2 million cwt to 84 million cwt, largely because of an expected delay in the delivery of 100,000 metric tons of rice to Indonesia under the PL 480/Title I agreement. All-rice ending stocks for 1998/99 are projected at 31.5 million cwt, up 5 percent from last month and an increase of nearly 14 percent from 1997/98. Stocks of long-grain rice are projected at over 22 million cwt, up 7 percent from last month and 55 percent from last year, while combined ending stocks of medium and short-grain rice are projected at over 8 million cwt, unchanged from last month but down 32 percent from 1997/98. The season-average price for 1998/99 is raised 15 cents on the low end and 5 cents on the high end to $8.40 to $8.80 per cwt, based on higher-than-expected prices reported by NASS for the first 7 months of the marketing year. Global rice production and stocks for 1998/99 are projected higher while consumption is lowered. The increase in world rice production is based primarily on an increase in Brazil's crop. The increase in global stocks and downward adjustment in consumption are due to revisions made to India's supply and use for 1997/98 and 1998/99. OILSEEDS: A sharp boost in 1998/99 prospective foreign supplies this month is forecast to significantly curtail U.S. soybean and soybean product exports and raise both U.S. and foreign soybean carryover stocks. U.S. soybean carryover is forecast at 470 million bushels, up 60 million bushels from last month and the largest carryover since 1985/86. Forecast soybean exports are cut 30 million bushels to 780 million bushels while U.S. soybean crush is lowered 30 million bushels to 1,560 million bushels. Most of the decline in soybean crush is due to a reduction of 900,000 tons in soybean meal exports, to 7 million short tons. U.S. soybean oil exports are reduced by 345 million pounds this month to 2,205 million pounds because of larger exportable supplies from South America. Other significant changes this month include a 400,000-ton cut in Taiwan's soybean imports, and reductions in China's imports of soybean meal and vegetable oils in response to larger internal supplies of oilseeds. Some modest upward revisions are made for imports of soybean meal in the Philippines and for soybean and other soft oil imports by India. Season-average U.S. soybean producer prices are lowered to $4.95 to $5.15 per bushel this month. Soybean meal prices are cut to $125 to $135 per short ton while soybean oil prices are lowered to 21 to 23 cents per pound. Forecast season-average soybean meal prices are the lowest since the early 1970's. Global oilseed production for 1998/99 is forecast at a record 294.1 million metric tons, up 3.5 million from last month. An upward revision in foreign beginning stocks of 1.3 million tons raises total supply 4.8 million tons from last month. Much of this month's production gain is for soybeans, up 1.8 million tons to 158.1 million tons. China's forecast peanut production is up 1.5 million tons based on official Chinese data. Soybean gains were most notable in Argentina, with the new crop raised 1.2 million tons to 19.2 million tons. Very good crop conditions prevailed for February during the critical pod-filling stage for soybeans, boosting yield prospects. Brazil's crop is raised 0.5 million tons to 31 million tons, based on higher yield prospects. Other soybean production changes include a 300,000-ton increase for China, to 13.8 million tons, and a 200,000-ton cut in Indonesia's soybean crop. Projected foreign oilseed ending stocks are raised sharply this month, and are only slightly below last year's very high level. Production estimates for old-crop, 1997/98 soybeans are raised 500,000 tons for Argentina and 200,000 tons for Paraguay. SUGAR: U.S. sugar supply for fiscal year 1998/99 is projected at 11.8 million short tons, raw value, down 1 percent from last month, and up slightly from 1997/98. Projected beet sugar production is decreased 175,000 tons, due to low sugar content in 1998-crop sugarbeets. Cane sugar is increased 55,000 tons on higher forecast sugarcane tonnage in Florida, end-of-season mill reporting from Texas and Louisiana, and improved conditions in Hawaii. The projected shortfall in imports under the Tariff Rate Quota is decreased 10,000 tons, due to the relative strength of U.S. versus world sugar prices. Projected total 1998/99 domestic use of sugar is decreased 50,000 tons, due to lower-than-expected deliveries during November to January. The stocks-to-use ratio is projected at 15.9 percent, down from 16.4 percent last month. LIVESTOCK, POULTRY, AND DAIRY: Estimated 1998 total meat production is virtually unchanged from last month. Forecast meat production in 1999 is raised due primarily to increased beef production; poultry production is increased slightly. Larger beef production results from larger-than-expected January placements in feedlots and the continued placement of heavier-weight cattle, increasing forecast mid-year slaughter and raising forecast dressed weights. Beef and pork exports are is adjusted slightly this month, while poultry exports are unchanged. Livestock prices remain under pressure from large meat supplies. With larger forecast beef production, cattle prices are expected to recover less rapidly than forecast last month. As red meat supplies diminish in the second half of 1999, a recovery in cattle and hog prices is forecast. On March 1, USDA replaced its Iowa-Southern Minnesota, No.1- 3 barrow and gilt price with a new series based on a dressed carcass. Beginning with this issue the live-equivalent price of a plant-delivered, 51-52 percent lean hog carcass is used. Therefore, direct comparisons to last month's forecasts are not possible. A historical series of prices is available from the ERS website, http://www.econ.ag.gov, in the Meat Prices and Price Spreads Briefing Room under the heading "Suggested Historical Series Consistent with 1999 Pork Price and Price Spread Revisions." The milk production forecast for 1998/99 is increased slightly to reflect increased output per cow. The commercial use forecast and CCC removals for 1998/99 are increased. The milk price forecasts for 1998/99 are lowered to reflect sharp declines in product prices. COTTON: U.S. supply and demand estimates are unchanged from last month. This month's estimates for the 1998/99 world cotton situation show larger production, consumption, and ending stocks. Production is raised for China and Brazil. The increase for China is based on the government of China's latest crop assessment. World consumption is projected higher, reflecting modest increases in mill use estimates for China, Indonesia, Korea, and Taiwan. Projections of world trade are little changed as reductions in China's exports about offset increases for Turkey and Uzbekistan. World ending stocks are up 1.4 percent this month, due mainly to higher stocks in China and reductions in 1991/92 and 1992/93 consumption data for Brazil. 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: AUGUST SCHUMACHER, JR. ACTING SECRETARY OF AGRICULTURE * * * * * * * * * * * The next issue of this report will be released 8:30 a.m. ET on April 9, 1999. 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. BUY BOTH REPORTS AND SAVE. Ask for WAOB-WAOB-PKG-98, $40.00. WASDE-348-4 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 : 1,870.15 2,124.41 252.44 1,834.19 290.22 1997/98 (Est.) : 1,876.82 2,167.04 250.39 1,841.99 325.05 1998/99 (Proj.) : February : 1,844.72 2,168.63 238.42 1,855.66 312.97 March : 1,843.20 2,168.24 238.49 1,856.78 311.46 Wheat : 1996/97 : 582.77 689.48 125.23 576.69 112.78 1997/98 (Est.) : 609.99 722.77 122.53 584.90 137.88 1998/99 (Proj.) : February : 586.20 723.68 111.84 595.77 127.91 March : 586.58 724.46 111.76 597.08 127.38 Coarse grains 4/ : 1996/97 : 907.06 1,004.80 107.09 877.74 127.07 1997/98 (Est.) : 880.88 1,007.94 101.00 872.75 135.19 1998/99 (Proj.) : February : 880.84 1,016.11 103.79 874.85 141.26 March : 878.66 1,013.84 103.96 875.47 138.37 Rice, milled : 1996/97 : 380.32 430.13 20.12 379.76 50.37 1997/98 (Est.) : 385.96 436.33 26.86 384.34 51.99 1998/99 (Proj.) : February : 377.69 428.84 22.79 385.04 43.80 March : 377.96 429.94 22.77 384.23 45.71 : : United States Total grains 3/ : 1996/97 : 333.15 364.40 81.28 243.17 39.95 1997/98 (Est.) : 333.94 379.69 76.35 244.62 58.72 1998/99 (Proj.) : February : 347.10 411.56 79.90 253.28 78.37 March : 347.10 411.56 82.42 253.30 75.83 Wheat : 1996/97 : 61.98 74.73 27.26 35.40 12.07 1997/98 (Est.) : 67.53 82.19 28.32 34.21 19.66 1998/99 (Proj.) : February : 69.41 91.66 27.90 37.10 26.67 March : 69.41 91.66 28.58 37.10 25.99 Coarse grains 4/ : 1996/97 : 265.71 283.08 51.52 204.55 27.01 1997/98 (Est.) : 260.43 290.37 45.25 206.97 38.15 1998/99 (Proj.) : February : 271.55 312.57 49.20 212.65 50.72 March : 271.55 312.57 51.10 212.65 48.82 Rice, milled : 1996/97 : 5.46 6.59 2.50 3.23 0.87 1997/98 (Est.) : 5.98 7.13 2.78 3.45 0.90 1998/99 (Proj.) : February : 6.14 7.33 2.81 3.54 0.98 March : 6.14 7.33 2.74 3.56 1.03 =============================================================================== 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-348-5 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 : 1,537.00 1,760.01 171.16 1,591.02 250.27 1997/98 (Est.) : 1,542.88 1,787.34 174.03 1,597.36 266.33 1998/99 (Proj.) : February : 1,497.62 1,757.07 158.51 1,602.38 234.60 March : 1,496.10 1,756.69 156.07 1,603.48 235.63 Wheat : 1996/97 : 520.79 614.75 97.98 541.30 100.71 1997/98 (Est.) : 542.45 640.58 94.21 550.69 118.21 1998/99 (Proj.) : February : 516.79 632.02 83.94 558.67 101.24 March : 517.17 632.80 83.19 559.99 101.39 Coarse grains 5/ : 1996/97 : 641.35 721.72 55.57 673.19 100.06 1997/98 (Est.) : 620.45 717.57 55.74 665.79 97.04 1998/99 (Proj.) : February : 609.29 703.54 54.59 662.20 90.54 March : 607.11 701.27 52.86 662.82 89.55 Rice, milled : 1996/97 : 374.86 423.54 17.62 376.54 49.50 1997/98 (Est.) : 379.98 429.19 24.08 380.89 51.08 1998/99 (Proj.) : February : 371.54 421.51 19.98 381.50 42.82 March : 371.82 422.61 20.02 380.67 44.69 =============================================================================== 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 : 89.56 125.38 26.83 89.08 38.25 1997/98 (Est.) : 91.60 129.84 26.57 88.21 41.51 1998/99 (Proj.) : February : 84.86 125.98 23.95 84.61 41.60 March : 85.29 126.79 23.93 85.01 42.17 : United States 1996/97 : 18.94 21.95 6.87 11.13 3.97 1997/98 (Est.) : 18.79 22.78 7.50 11.35 3.89 1998/99 (Proj.) : February : 13.80 18.03 4.20 10.40 3.40 March : 13.80 18.03 4.20 10.40 3.40 : Foreign 3/ 1996/97 : 70.61 103.43 19.96 77.95 34.28 1997/98 (Est.) : 72.80 107.07 19.07 76.86 37.62 1998/99 (Proj.) : February : 71.07 107.95 19.75 74.21 38.20 March : 71.49 108.76 19.73 74.61 38.77 =============================================================================== 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-348-6 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 : 261.75 283.80 49.35 218.98 17.08 1997/98 (Est.) : 286.33 303.41 53.94 229.22 23.89 1998/99 (Proj.) : February : 290.67 313.24 53.95 236.02 27.38 March : 294.15 318.04 53.87 236.94 30.87 Oilmeals : 1996/97 : 149.15 155.93 50.40 150.38 5.80 1997/98 (Est.) : 156.11 161.91 51.55 156.14 5.36 1998/99 (Proj.) : February : 160.92 166.50 54.02 160.61 5.62 March : 161.32 166.68 53.86 160.54 5.75 Vegetable Oils : 1996/97 : 75.56 83.01 28.85 75.04 7.48 1997/98 (Est.) : 76.91 84.39 29.73 76.53 7.33 1998/99 (Proj.) : February : 79.74 87.01 29.89 79.96 6.82 March : 80.28 87.61 29.90 80.18 7.04 : : United States Oilseeds : 1996/97 : 74.76 81.40 24.63 44.14 4.65 1997/98 (Est.) : 83.10 88.42 24.45 48.88 6.44 1998/99 (Proj.) : February : 84.62 91.74 22.91 48.01 12.06 March : 84.62 91.79 22.21 47.04 13.80 Oilmeals : 1996/97 : 33.76 35.03 6.60 28.21 0.23 1997/98 (Est.) : 37.45 39.04 8.69 30.05 0.30 1998/99 (Proj.) : February : 36.78 38.53 7.32 30.92 0.29 March : 35.90 37.55 6.52 30.74 0.29 Vegetable Oils : 1996/97 : 8.46 11.19 1.61 8.62 0.96 1997/98 (Est.) : 9.61 12.23 2.13 9.10 0.99 1998/99 (Proj.) : February : 9.60 12.16 1.92 9.29 0.94 March : 9.37 11.93 1.76 9.31 0.86 : : Foreign 3/ Oilseeds : 1996/97 : 187.00 202.40 24.72 174.84 12.42 1997/98 (Est.) : 203.24 214.99 29.49 180.33 17.44 1998/99 (Proj.) : February : 206.06 221.50 31.04 188.01 15.32 March : 209.53 226.25 31.66 189.91 17.07 Oilmeals : 1996/97 : 115.40 120.90 43.81 122.18 5.58 1997/98 (Est.) : 118.66 122.88 42.86 126.08 5.06 1998/99 (Proj.) : February : 124.14 127.97 46.70 129.68 5.33 March : 125.42 129.13 47.35 129.80 5.46 Vegetable Oils : 1996/97 : 67.10 71.82 27.24 66.42 6.52 1997/98 (Est.) : 67.30 72.17 27.60 67.43 6.34 1998/99 (Proj.) : February : 70.15 74.85 27.96 70.67 5.88 March : 70.90 75.68 28.14 70.87 6.18 =============================================================================== 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-348-7 U.S. Wheat Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : February March =============================================================================== Area : Million acres Planted : 75.1 70.4 65.9 65.9 Harvested : 62.8 62.8 59.0 59.0 Yield per harvested : Bushels acre : 36.3 39.5 43.2 43.2 : Million bushels Beginning stocks : 376 444 722 722 Production : 2,277 2,481 2,550 2,550 Imports : 92 95 95 95 Supply, total : 2,746 3,020 3,368 3,368 Food : 891 916 925 925 Seed : 102 93 88 88 Feed and residual : 308 248 350 350 Domestic, total : 1,301 1,257 1,363 1,363 Exports : 1,002 1,040 1,025 1,050 Use, total : 2,302 2,297 2,388 2,413 Ending stocks : 444 722 980 955 CCC inventory : 93 94 125 110 Free stocks : 351 628 855 845 Avg. farm price ($/bu) 2/ : 4.30 3.38 2.65- 2.75 2.65- 2.75 =============================================================================== 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 : 1,098 491 472 332 88 2,481 Supply, total 3/ : 1,242 714 517 399 148 3,020 Domestic use : 577 254 257 104 65 1,257 Exports : 358 240 180 205 57 1,040 Use, total : 935 494 437 309 122 2,297 Ending stocks, total : 307 220 80 90 26 722 : 1998/99 (projected) : Beginning stocks : 307 220 80 90 26 722 Production : 1,182 487 443 298 141 2,550 Supply, total 3/ : 1,490 764 523 397 195 3,368 Domestic use : 604 264 298 111 87 1,363 Exports : 435 250 100 225 40 1,050 Use, total : 1,038 514 398 336 127 2,413 Ending stocks, total : March : 451 249 125 61 68 955 February : 448 239 150 71 71 980 =============================================================================== 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-348-8 U.S. Feed Grain and Corn Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : February March =============================================================================== FEED GRAINS : Area : Million acres Planted : 104.1 101.4 101.1 101.1 Harvested : 93.8 90.8 89.0 89.0 Yield per harvested : Metric tons acre : 2.83 2.87 3.05 3.05 : Million metric tons Beginning stocks : 14.4 27.0 38.1 38.1 Production : 265.5 260.2 271.2 271.2 Imports : 2.8 2.8 2.8 2.8 Supply, total : 282.7 290.0 312.1 312.1 Feed and residual : 155.0 154.8 158.5 158.5 Food, seed & industrial : 49.2 51.8 53.8 53.8 Domestic, total : 204.2 206.6 212.2 212.2 Exports : 51.5 45.3 49.2 51.1 Use, total : 255.7 251.9 261.4 263.4 Ending stocks, total : 27.0 38.1 50.7 48.8 CCC inventory : 0.1 0.1 0.3 0.3 Free stocks : 26.9 38.0 50.4 48.5 Outstanding loans : 5.0 8.5 8.8 8.8 : CORN : Area : Million acres Planted : 79.2 79.5 80.2 80.2 Harvested : 72.6 72.7 72.6 72.6 Yield per harvested : Bushels acre : 127.1 126.7 134.4 134.4 : Million bushels Beginning stocks : 426 883 1,308 1,308 Production : 9,233 9,207 9,761 9,761 Imports : 13 9 12 12 Supply, total : 9,672 10,099 11,081 11,081 Feed and residual : 5,302 5,505 5,700 5,700 Food, seed & industrial : 1,692 1,782 1,870 1,870 Domestic, total : 6,994 7,287 7,570 7,570 Exports : 1,795 1,504 1,725 1,800 Use, total : 8,789 8,791 9,295 9,370 Ending stocks, total : 883 1,308 1,786 1,711 CCC inventory : 2 4 12 12 Free stocks : 881 1,304 1,774 1,699 Outstanding loans : 179 310 325 325 Avg. farm price ($/bu) 2/ : 2.71 2.43 1.80- 2.10 1.90- 2.10 =============================================================================== Note: Totals may not add due to rounding. 1/ Marketing year beginning September 1 for corn and sorghum; June 1 for barley and oats. 2/ Marketing-year weighted average price received by farmers. WASDE-348-9 U.S. Sorghum, Barley and Oats Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : February March =============================================================================== : Million bushels SORGHUM : Area planted (mil. acres) : 13.1 10.1 9.6 9.6 Area harv. (mil. acres) : 11.8 9.2 7.7 7.7 Yield (bushels/acre) : 67.3 69.2 67.3 67.3 Beginning stocks : 18 47 49 49 Production : 795 634 520 520 Imports : 0 0 0 0 Supply, total : 814 681 569 569 Feed : 516 365 275 275 Food, seed & industrial : 45 55 45 45 Total domestic : 561 420 320 320 Exports : 205 212 185 185 Use, total : 766 632 505 505 Ending stocks, total : 47 49 64 64 Avg. farm price ($/bu) 2/ : 2.34 2.21 1.55- 1.85 1.65- 1.75 : BARLEY : Area planted (mil. acres) : 7.1 6.7 6.3 6.3 Area harv. (mil. acres) : 6.7 6.2 5.9 5.9 Yield (bushels/acre) : 58.5 58.1 60.1 60.1 Beginning stocks : 100 109 119 119 Production : 392 360 352 352 Imports : 37 40 30 30 Supply, total : 529 510 502 502 Feed : 217 144 185 185 Food, seed & industrial : 172 172 172 172 Total domestic : 389 316 357 357 Exports : 31 74 30 30 Use, total : 419 390 387 387 Ending stocks, total : 109 119 115 115 Avg. farm price ($/bu) 2/ : 2.74 2.38 1.90- 2.00 1.90- 2.00 : OATS : Area planted (mil. acres) : 4.6 5.1 4.9 4.9 Area harv. (mil. acres) : 2.7 2.8 2.8 2.8 Yield (bushels/acre) : 57.7 59.5 60.4 60.4 Beginning stocks : 66 67 74 74 Production : 153 167 167 167 Imports : 97 98 105 105 Supply, total : 317 332 346 346 Feed : 153 161 165 165 Food, seed & industrial : 94 95 95 95 Total domestic : 248 256 260 260 Exports : 3 2 2 2 Use, total : 250 258 262 262 Ending stocks, total : 67 74 84 84 Avg. farm price ($/bu) 2/ : 1.96 1.60 1.10- 1.20 1.10- 1.20 =============================================================================== 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-348-10 U.S. Rice Supply and Use 1/ (Rough Equivalent of Rough and Milled Rice) =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :============================== : : Est. : February March =============================================================================== TOTAL : Area : Million acres Planted : 2.82 3.13 3.35 3.35 Harvested : 2.80 3.10 3.32 3.32 Yield per harvested : Pounds acre : 6,120 5,897 5,669 5,669 : Million hundredweight Beginning stocks 2/ : 25.0 27.2 27.7 27.7 Production : 171.6 183.0 188.1 188.1 Imports : 10.0 9.2 9.0 9.0 Supply, total : 206.6 219.4 224.7 224.7 Domestic & residual 3/ : 101.0 106.5 108.7 109.2 Exports, total 4/ : 78.4 85.2 86.0 84.0 Rough : 12.6 26.1 24.0 24.0 Milled (rough equiv.) : 65.9 59.1 62.0 60.0 Use, total : 179.4 191.7 194.7 193.2 Ending stocks : 27.2 27.7 30.0 31.5 Avg. farm price ($/cwt) 5/ : 9.96 9.70 8.25- 8.75 8.40- 8.80 : LONG GRAIN : Harvested acres (mil.) : 1.97 2.31 2.61 2.61 Yield (pounds/acre) : 5,777 5,391 5,430 5,430 Beginning stocks : 10.1 14.1 14.3 14.3 Production : 113.6 124.5 141.6 141.6 Supply, total 6/ : 132.5 146.6 163.8 163.8 Domestic & Residual 3/ : 61.9 62.5 71.6 72.1 Exports 7/ : 56.5 69.7 71.5 69.5 Use, total : 118.4 132.2 143.1 141.6 Ending stocks : 14.1 14.3 20.7 22.2 : : MEDIUM & SHORT GRAIN : Harvested acres (mil.) : 0.84 0.79 0.71 0.71 Yield (pounds/acre) : 6,926 7,369 6,548 6,548 Beginning stocks : 14.3 12.1 12.3 12.3 Production : 58.0 58.5 46.4 46.4 Supply, total 6/ : 73.1 71.8 59.9 59.9 Domestic & Residual 3/ : 39.1 44.0 37.1 37.1 Exports 7/ : 22.0 15.5 14.5 14.5 Use, total : 61.0 59.5 51.6 51.6 Ending stocks : 12.1 12.3 8.3 8.3 =============================================================================== 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): 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. WASDE-348-11 U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :=============================== : : Est. : February March =============================================================================== SOYBEANS: : Million acres Area : Planted : 64.2 70.0 72.4 72.4 Harvested : 63.3 69.1 70.8 70.8 : : Bushels Yield per harvested : acre : 37.6 38.9 38.9 38.9 : : Million bushels : Beginning stocks : 183 132 200 200 Production : 2,380 2,689 2,757 2,757 Imports : 9 5 6 6 Supply, total : 2,573 2,826 2,963 2,963 Crushings : 1,436 1,597 1,590 1,560 Exports : 882 870 810 780 Seed : 82 86 88 88 Residual : 41 72 65 65 Use, total : 2,441 2,626 2,553 2,493 Ending stocks : 132 200 410 470 Avg. farm price ($/bu) 2/ : 7.35 6.47 5.00- 5.40 4.95 - 5.15 : : : Million pounds SOYBEAN OIL: : Beginning stocks : 2,015 1,520 1,382 1,382 Production : 15,752 18,143 18,070 17,620 3/ Imports : 53 60 63 63 Supply, total : 17,821 19,724 19,515 19,065 Domestic : 14,263 15,264 15,600 15,650 Exports : 2,037 3,077 2,550 2,205 Use, total : 16,300 18,341 18,150 17,855 Ending stocks : 1,520 1,382 1,365 1,210 Average price (c/lb) 2/ : 22.50 25.84 23.50- 21.00- : 25.00 23.00 : : Thousand short tons SOYBEAN MEAL: : Beginning stocks : 212 210 218 218 Production : 34,210 38,171 37,757 36,807 3/ Imports : 102 55 50 50 Supply, total : 34,524 38,436 38,025 37,075 Domestic : 27,320 28,888 29,850 29,800 Exports : 6,994 9,330 7,900 7,000 Use, total : 34,314 38,218 37,750 36,800 Ending stocks : 210 218 275 275 Average price ($/s.t.) 2/ : 270.90 185.54 130.00- 125.00- : 145.00 135.00 =============================================================================== Note: Reliability calculations at end of report. 1/ Marketing year beginning September 1 for soybeans; October 1 for soybean oil and meal. 2/ Prices: soybeans, marketing year weighted average price received by farmers; for oil, simple average of crude soybean oil, Decatur; for meal, simple average of 48 percent, Decatur. 3/ Based on October year crush estimate of 1,555 million bushels. WASDE-348-12 U.S. Sugar Supply and Use 1/ ====================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :====================== : : Estimate : February March ====================================================================== : 1,000 short tons, raw value Beginning stocks 2/ : 1,492 1,488 1,679 1,679 Production 2/3/ : 7,205 8,020 8,157 8,037 Beet sugar : 4,013 4,389 4,400 4,225 Cane sugar 4/ : 3,192 3,631 3,757 3,812 Imports 2/ : 2,774 2,163 2,037 2,047 TRQ 5/ : 2,277 1,729 1,567 1,577 Other 6/ : 497 434 470 470 Total supply : 11,471 11,671 11,873 11,763 : Exports 2/7/ : 211 179 175 175 Domestic deliveries 2/ : 9,742 9,815 10,025 9,975 Domestic food use : 9,564 9,672 9,815 9,778 Other 8/ : 178 143 210 197 Miscellaneous 9/ : 30 (2) 0 0 Use, total : 9,983 9,992 10,200 10,150 Ending stocks 2/ : 1,488 1,679 1,673 1,613 : Stocks to use ratio : 14.9 16.8 16.4 15.9 ====================================================================== 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 March Crop Production report and analyses by the Interagency Commodity Estimates Committee for sugar. 4/ Production by state for 1997/98 (projected 1998/99): FL 1,924 (2,100); HI 350 (350); LA 1,262 (1,260); TX 80 (95); PR 16 (7). 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 1998/99 TRQ includes a forecast 65,000 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-348-13 U. S. Cotton Supply and Use 1/ =============================================================================== : : : 1998/99 Projections Item : 1996/97 : 1997/98 :=============================== : : Est. : February March =============================================================================== : Million acres Area : Planted : 14.65 13.90 13.42 13.42 Harvested : 12.89 13.41 10.72 10.72 : : Pounds Yield per harvested : acre : 705 673 618 618 : : Million 480 pound bales : Beginning stocks 2/ : 2.61 3.97 3.89 3.89 Production : 18.94 18.79 13.80 13.80 Imports : 0.40 0.01 0.35 0.35 Supply, total : 21.95 22.78 18.03 18.03 Domestic use : 11.13 11.35 10.40 10.40 Exports : 6.87 7.50 4.20 4.20 Use, total : 17.99 18.85 14.60 14.60 Unaccounted 3/ : -0.01 0.04 0.03 0.03 Ending stocks : 3.97 3.89 3.40 3.40 : Avg. farm price 4/ : 69.3 65.2 62.9 5/ =============================================================================== Note: Reliability calculations at end of report. 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. 5/ Weighted average for August 1998-January 1999. WASDE-348-14 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/ : 106.70 582.77 119.78 96.91 576.69 125.23 112.78 United States : 10.23 61.98 2.51 8.37 35.40 27.26 12.07 Total foreign : 96.47 520.79 117.26 88.53 541.30 97.98 100.71 Major exporters 4/ : 19.47 167.91 23.22 44.09 96.42 87.18 27.00 Argentina : 0.15 15.90 0.03 0.45 5.08 10.20 0.80 Australia : 1.48 23.70 0.05 1.18 3.60 19.23 2.40 Canada : 6.73 29.80 0.24 4.39 8.22 19.50 9.05 EU-15 : 11.12 98.51 22.90 38.07 79.51 38.26 14.76 Major importers 5/ : 38.02 173.26 37.06 15.93 205.92 2.95 39.46 Brazil : 0.22 3.20 5.57 0.05 8.41 0.00 0.58 China : 24.25 110.57 2.69 3.40 112.39 0.96 24.17 East. Europe : 7.78 26.13 5.13 10.67 31.13 1.49 6.41 N. Africa : 2.00 15.98 14.39 0.36 27.73 0.09 4.56 Pakistan : 2.90 16.91 3.01 0.45 20.12 0.00 2.70 Selected other : India : 12.00 62.10 1.45 0.35 66.84 1.70 7.00 FSU-12 6/ : 10.86 63.02 6.63 22.50 70.52 3.62 6.37 Russia : 2.95 34.90 2.55 14.34 38.07 0.67 1.65 Kazakstan : 0.73 7.70 0.01 1.50 5.12 2.25 1.07 : : 1997/98 (Estimated) : World 3/ : 112.78 609.99 123.03 103.47 584.90 122.53 137.88 United States : 12.07 67.53 2.58 6.75 34.21 28.32 19.66 Total foreign : 100.71 542.45 120.45 96.72 550.69 94.21 118.21 Major exporters 4/ : 27.00 152.71 25.97 48.00 99.66 82.18 23.84 Argentina : 0.80 14.80 0.03 0.35 4.54 10.67 0.42 Australia : 2.40 19.42 0.04 2.76 5.16 15.34 1.35 Canada : 9.05 24.28 0.13 3.33 7.33 20.13 5.99 EU-15 : 14.76 94.21 25.78 41.57 82.64 36.03 16.08 Major importers 5/ : 39.46 187.51 37.72 17.92 210.22 4.29 50.18 Brazil : 0.58 2.40 6.19 0.00 8.63 0.00 0.54 China : 24.17 123.30 1.91 5.00 114.88 1.14 33.37 East. Europe : 6.41 34.41 1.78 11.36 32.08 2.68 7.85 N. Africa : 4.56 10.18 17.50 0.31 28.16 0.09 3.99 Pakistan : 2.70 16.65 4.13 0.30 20.26 0.01 3.21 Selected other : India : 7.00 69.28 1.73 0.35 68.41 0.00 9.60 FSU-12 6/ : 6.37 80.31 5.78 24.50 72.07 4.60 15.79 Russia : 1.65 44.20 2.63 16.00 39.55 0.86 8.08 Kazakstan : 1.07 8.95 0.01 1.20 4.82 1.89 3.32 =============================================================================== 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-348-15 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/ : February : 137.48 586.20 111.42 108.21 595.77 111.84 127.91 March : 137.88 586.58 111.45 108.19 597.08 111.76 127.38 United States : February : 19.66 69.41 2.59 9.53 37.10 27.90 26.67 March : 19.66 69.41 2.59 9.53 37.10 28.58 25.99 Total foreign : February : 117.82 516.79 108.83 98.68 558.67 83.94 101.24 March : 118.21 517.17 108.86 98.67 559.99 83.19 101.39 Major exporters 4/ : February : 23.84 159.51 21.07 53.38 105.09 70.11 29.22 March : 23.84 159.63 21.07 53.37 105.08 69.11 30.35 Argentina Feb : 0.42 10.75 0.03 0.10 4.40 6.50 0.30 Mar : 0.42 10.75 0.03 0.10 4.40 6.50 0.30 Australia Feb : 1.35 21.00 0.03 3.00 5.30 14.00 3.08 Mar : 1.35 21.00 0.03 3.00 5.30 14.00 3.08 Canada Feb : 5.99 24.40 0.20 4.20 8.20 15.00 7.39 Mar : 5.99 24.40 0.20 4.20 8.20 14.50 7.89 EU-15 Feb : 16.08 103.36 20.81 46.08 87.20 34.61 18.45 Mar : 16.08 103.48 20.81 46.07 87.18 34.11 19.09 Major importers 5/ : February : 50.07 179.38 33.27 19.06 214.69 4.44 43.60 March : 50.18 179.57 33.37 19.06 215.71 4.69 42.73 Brazil Feb : 0.54 2.20 5.80 0.20 8.00 0.00 0.54 Mar : 0.54 2.20 5.80 0.20 8.00 0.00 0.54 China Feb : 33.37 110.00 2.00 5.00 116.00 1.00 28.37 Mar : 33.37 110.00 1.50 5.00 116.00 1.00 27.87 East. Europe Feb : 7.85 33.87 1.37 12.30 33.98 2.95 6.16 Mar : 7.85 34.10 1.37 12.30 34.20 3.20 5.91 N. Africa Feb : 3.89 14.01 15.30 0.31 28.76 0.09 4.35 Mar : 3.99 14.01 15.30 0.31 28.96 0.09 4.26 Pakistan Feb : 3.21 18.70 2.60 0.30 21.65 0.00 2.86 Mar : 3.21 18.70 3.20 0.30 22.25 0.00 2.86 Selected other : India Feb : 9.60 66.05 1.65 0.35 69.00 0.00 8.30 Mar : 9.60 66.05 1.65 0.35 69.00 0.00 8.30 FSU-12 6/ Feb : 15.77 56.50 6.58 19.27 67.54 5.10 6.20 Mar : 15.79 56.50 6.58 19.27 67.54 5.10 6.23 Russia Feb : 8.04 26.90 3.70 12.35 36.35 1.00 1.29 Mar : 8.08 26.90 3.70 12.35 36.35 1.00 1.33 Kazakstan Feb : 3.32 5.00 0.00 1.30 4.90 1.80 1.62 Mar : 3.32 5.00 0.00 1.30 4.90 1.80 1.62 =============================================================================== 1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted to reflect the differences in world imports and exports. 3/ World imports and exports may not balance due to differences in marketing years, grain in transit and reporting discrepancies in some countries. 4/ Argentina, Australia, Canada 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-348-16 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/ : 97.74 907.06 104.06 577.16 877.74 107.09 127.07 United States : 14.44 265.71 2.93 155.11 204.55 51.52 27.01 Total foreign : 83.31 641.35 101.13 422.05 673.19 55.57 100.06 Major exporters 4/ : 5.48 67.97 1.26 35.05 43.12 23.03 8.57 Argentina : 0.71 18.93 0.08 4.79 6.78 11.84 1.11 Australia : 0.66 10.15 0.01 4.50 5.74 4.41 0.67 Canada : 2.90 28.19 0.92 19.14 21.77 5.40 4.85 Major importers 5/ : 25.18 197.43 64.90 171.65 234.21 25.43 27.87 EU-15 : 9.83 103.75 16.90 72.58 95.52 22.79 12.17 East. Europe : 5.17 49.96 1.99 37.99 49.44 2.51 5.17 Japan : 2.18 0.24 20.66 16.44 20.85 0.00 2.22 Mexico : 3.43 26.49 5.37 15.87 31.55 0.04 3.70 Southeast Asia : 1.33 14.31 3.98 13.40 18.31 0.07 1.24 South Korea : 0.75 0.49 8.80 7.03 9.18 0.00 0.86 Selected other : China : 35.70 141.32 2.11 89.55 128.59 4.00 46.54 FSU-12 6/ : 4.25 52.02 1.72 33.69 53.39 1.40 3.21 Russia : 1.49 31.65 0.83 19.92 32.64 0.35 0.98 Ukraine : 1.74 9.51 0.04 5.70 9.89 0.28 1.13 : : 1997/98 (Estimated) : World 3/ : 127.07 880.88 99.99 581.89 872.75 101.00 135.19 United States : 27.01 260.43 2.94 154.98 206.97 45.25 38.15 Total foreign : 100.06 620.45 97.05 426.91 665.79 55.74 97.04 Major exporters 4/ : 8.57 67.29 1.79 35.80 46.11 22.34 9.21 Argentina : 1.11 24.67 0.01 6.94 9.12 14.26 2.41 Australia : 0.67 9.47 0.01 4.40 5.63 3.09 1.44 Canada : 4.85 25.12 1.52 19.88 23.44 3.75 4.30 Major importers 5/ : 27.87 206.93 63.03 174.48 235.37 22.31 40.14 EU-15 : 12.17 109.39 16.36 75.34 97.27 18.05 22.61 East. Europe : 5.17 58.58 1.10 41.92 53.30 3.08 8.47 Japan : 2.22 0.20 21.03 16.28 20.69 0.00 2.76 Mexico : 3.70 23.16 7.93 16.50 31.74 0.50 2.56 Southeast Asia : 1.24 13.18 3.39 11.50 16.19 0.69 0.93 South Korea : 0.86 0.35 7.60 6.06 8.31 0.00 0.50 Selected other : China : 46.54 114.65 1.76 93.83 129.55 6.20 27.20 FSU-12 6/ : 3.21 67.72 1.38 37.32 57.53 3.25 11.53 Russia : 0.98 40.85 0.61 20.99 33.84 1.55 7.05 Ukraine : 1.13 15.35 0.01 7.97 12.47 1.19 2.82 =============================================================================== 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-348-17 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/ : February : 135.27 880.84 100.80 575.40 874.85 103.79 141.26 March : 135.18 878.66 101.61 576.18 875.47 103.96 138.37 United States : February : 38.15 271.55 2.87 158.64 212.65 49.20 50.72 March : 38.15 271.55 2.87 158.64 212.65 51.10 48.82 Total foreign : February : 97.12 609.29 97.93 416.76 662.20 54.59 90.54 March : 97.03 607.11 98.74 417.54 662.82 52.86 89.55 Major exporters 4/ : February : 9.90 62.85 1.20 35.33 46.16 19.04 8.75 March : 9.21 60.75 1.45 35.91 46.02 17.29 8.10 Argentina Feb : 2.41 18.49 0.01 6.37 8.98 10.26 1.68 Mar : 2.41 18.49 0.01 6.87 8.98 10.26 1.68 Australia Feb : 1.44 8.31 0.01 4.46 5.64 3.23 0.89 Mar : 1.44 8.31 0.01 4.39 5.60 3.23 0.94 Canada Feb : 4.30 26.50 0.77 20.14 23.58 3.55 4.44 Mar : 4.30 26.50 0.77 20.14 23.58 3.55 4.44 Major importers 5/ : February : 40.30 198.68 60.84 169.46 231.83 27.93 40.06 March : 40.14 197.99 61.44 169.63 231.95 27.78 39.84 EU-15 Feb : 22.60 104.15 17.09 72.07 94.30 24.53 25.02 Mar : 22.60 104.35 17.09 72.14 94.38 24.53 25.12 East. Europe Feb : 8.55 50.76 0.64 39.66 50.93 2.95 6.06 Mar : 8.47 50.66 0.74 39.76 50.97 2.80 6.09 Japan Feb : 2.76 0.23 20.39 16.39 20.79 0.00 2.59 Mar : 2.76 0.15 20.39 16.39 20.79 0.00 2.51 Mexico Feb : 2.56 25.40 7.07 16.78 32.52 0.10 2.41 Mar : 2.56 24.70 7.57 16.78 32.52 0.10 2.21 Southeast Asia Feb : 1.04 15.65 2.75 12.09 17.64 0.35 1.46 Mar : 0.93 15.65 2.75 12.09 17.64 0.35 1.35 South Korea Feb : 0.50 0.49 7.30 5.60 7.81 0.00 0.49 Mar : 0.50 0.49 7.30 5.60 7.81 0.00 0.49 Selected other : China Feb : 27.20 135.65 2.70 95.60 131.15 4.10 30.30 Mar : 27.20 135.65 2.70 95.60 131.15 4.10 30.30 FSU-12 6/ Feb : 11.17 37.54 2.23 27.94 46.77 1.39 2.78 Mar : 11.53 37.54 2.00 27.90 46.94 1.44 2.69 Russia Feb : 7.05 18.95 1.35 14.65 26.55 0.20 0.60 Mar : 7.05 18.95 1.35 14.45 26.55 0.20 0.60 Ukraine Feb : 2.46 10.15 0.00 6.34 10.70 0.87 1.05 Mar : 2.82 10.15 0.00 6.74 11.10 0.92 0.96 =============================================================================== 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-348-18 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/ : 68.78 591.16 71.39 394.17 567.88 73.31 92.05 United States : 10.82 234.52 0.34 134.67 177.64 45.60 22.43 Total foreign : 57.96 356.64 71.05 259.50 390.24 27.71 69.62 Major exporters 4/ : 1.60 25.64 0.11 8.98 12.48 12.17 2.70 Argentina : 0.40 15.50 0.00 2.78 4.32 10.83 0.75 South Africa : 1.20 10.14 0.11 6.20 8.15 1.34 1.95 Major importers 5/ : 12.63 94.38 48.48 92.43 131.56 10.31 13.61 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 3.97 13.20 18.11 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/ : 1.58 5.02 0.45 3.55 5.63 0.30 1.11 Russia : 0.16 1.10 0.19 0.44 1.29 0.00 0.16 : : 1997/98 (Estimated) : World 3/ : 92.05 573.99 71.36 407.53 579.80 72.20 86.24 United States : 22.43 233.86 0.22 139.83 185.09 38.21 33.22 Total foreign : 69.62 340.13 71.13 267.70 394.71 33.99 53.03 Major exporters 4/ : 2.70 26.90 0.10 8.64 13.29 13.75 2.66 Argentina : 0.75 19.36 0.00 4.40 6.00 12.50 1.61 South Africa : 1.95 7.54 0.10 4.24 7.29 1.25 1.05 Major importers 5/ : 13.61 100.93 47.27 95.00 132.72 12.59 16.51 EU-15 : 3.28 38.60 10.22 31.09 38.82 8.91 4.38 Japan : 0.93 0.00 16.42 11.80 15.90 0.00 1.45 Mexico : 2.45 17.00 4.38 7.08 21.83 0.50 1.50 Southeast Asia : 1.24 12.98 3.39 11.31 15.99 0.69 0.93 South Korea : 0.86 0.09 7.53 6.05 7.98 0.00 0.50 Selected other : China : 45.00 104.30 0.28 91.00 117.41 6.17 26.00 FSU-12 6/ : 1.11 10.66 0.33 6.52 8.78 0.82 2.50 Russia : 0.16 2.70 0.19 1.55 2.49 0.00 0.56 =============================================================================== 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 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-348-19 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/ : February : 86.44 596.83 69.83 409.57 585.28 71.34 97.99 March : 86.24 593.73 70.46 410.28 584.72 71.30 95.26 United States : February : 33.22 247.94 0.31 144.79 192.29 43.82 45.36 March : 33.22 247.94 0.31 144.79 192.29 45.72 43.46 Total foreign : February : 53.22 348.89 69.52 264.78 393.00 27.52 52.63 March : 53.03 345.79 70.16 265.49 392.43 25.57 51.80 Major exporters 4/ : February : 3.36 23.50 0.25 7.90 13.25 11.00 2.86 March : 2.66 21.50 0.50 8.65 13.25 9.25 2.16 Argentina Feb : 1.61 14.50 0.00 3.90 6.00 9.00 1.11 Mar : 1.61 14.50 0.00 4.40 6.00 9.00 1.11 South Africa Feb : 1.75 9.00 0.25 4.00 7.25 2.00 1.75 Mar : 1.05 7.00 0.50 4.25 7.25 0.25 1.05 Major importers 5/ : February : 16.77 93.33 45.74 91.77 130.74 11.44 13.66 March : 16.51 92.92 46.24 91.77 130.75 11.19 13.73 EU-15 Feb : 4.38 34.06 10.63 29.32 37.18 8.61 3.28 Mar : 4.38 34.15 10.63 29.32 37.19 8.61 3.36 Japan Feb : 1.45 0.00 16.00 12.10 16.20 0.00 1.26 Mar : 1.45 0.00 16.00 12.10 16.20 0.00 1.26 Mexico Feb : 1.50 18.00 4.25 7.00 22.25 0.10 1.40 Mar : 1.50 17.50 4.75 7.00 22.25 0.10 1.40 Southeast Asia Feb : 1.04 15.45 2.75 11.90 17.44 0.35 1.46 Mar : 0.93 15.45 2.75 11.90 17.44 0.35 1.35 South Korea Feb : 0.50 0.09 7.00 5.40 7.10 0.00 0.49 Mar : 0.50 0.09 7.00 5.40 7.10 0.00 0.49 Selected other : China Feb : 26.00 124.00 0.35 93.00 117.35 4.00 29.00 Mar : 26.00 124.00 0.35 93.00 117.35 4.00 29.00 FSU-12 6/ Feb : 2.14 5.09 0.89 4.45 6.50 0.25 1.37 Mar : 2.50 5.09 0.76 4.71 6.77 0.30 1.28 Russia Feb : 0.56 0.80 0.65 1.15 1.85 0.00 0.16 Mar : 0.56 0.80 0.65 1.15 1.85 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 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-348-20 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/ : 49.82 380.32 16.83 379.76 20.12 50.37 United States : 0.81 5.46 0.32 3.23 2.50 0.87 Total foreign : 49.00 374.86 16.51 376.54 17.62 49.50 Major exporters 4/ : 12.37 117.28 0.00 106.54 12.46 10.65 Thailand : 0.85 13.66 0.00 8.55 5.26 0.71 Vietnam : 0.00 18.00 0.00 14.74 3.27 0.00 Major importers 5/ : 7.71 51.62 7.49 59.89 1.33 5.59 Indonesia : 2.62 32.08 0.81 33.98 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/ : 50.37 385.96 24.17 384.34 26.86 51.99 United States : 0.87 5.98 0.29 3.45 2.78 0.90 Total foreign : 49.50 379.98 23.87 380.89 24.08 51.08 Major exporters 4/ : 10.65 120.37 0.00 104.07 15.54 11.41 Thailand : 0.71 15.05 0.00 8.60 6.37 0.79 Vietnam : 0.00 18.87 0.00 15.10 3.78 0.00 Major importers 5/ : 5.59 49.53 13.74 62.66 1.30 4.90 Indonesia : 1.53 31.50 6.08 36.91 0.00 2.20 Selected other : China : 25.56 140.49 0.26 135.85 3.73 26.72 Japan : 3.05 9.12 0.46 9.20 0.57 2.85 : : 1998/99 (Projected) World 3/ : February : 51.16 377.69 21.25 385.04 22.79 43.80 March : 51.99 377.96 23.02 384.23 22.77 45.71 United States : February : 0.90 6.14 0.29 3.54 2.81 0.98 March : 0.90 6.14 0.29 3.56 2.74 1.03 Total foreign : February : 50.25 371.54 20.96 381.50 19.98 42.82 March : 51.08 371.82 22.73 380.67 20.02 44.69 Major exporters 4/ : February : 10.41 118.45 0.00 106.35 13.85 8.66 March : 11.41 118.45 0.00 105.45 13.85 10.56 Thailand Feb : 0.79 14.30 0.00 8.70 5.50 0.89 Mar : 0.79 14.30 0.00 8.70 5.50 0.89 Vietnam Feb : 0.00 18.50 0.00 15.00 3.50 0.00 Mar : 0.00 18.50 0.00 15.00 3.50 0.00 Major importers 5/ : February : 4.89 52.60 9.97 61.19 1.21 5.06 March : 4.90 52.87 10.57 61.83 1.12 5.39 Indonesia Feb : 2.20 33.00 2.00 35.20 0.00 2.00 Mar : 2.20 33.00 2.50 35.70 0.00 2.00 Selected other : China Feb : 26.71 133.00 0.30 137.00 1.25 21.76 Mar : 26.72 133.00 0.30 136.75 1.50 21.77 Japan Feb : 2.97 8.10 0.70 9.20 0.40 2.17 Mar : 2.85 8.15 0.75 9.20 0.40 2.15 =============================================================================== 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-348-21 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/ : 17.51 132.18 36.39 115.48 135.70 36.90 13.48 United States : 4.99 64.78 0.24 39.08 42.43 24.00 3.59 Total foreign : 12.51 67.40 36.15 76.40 93.27 12.90 9.89 Major exporters 3/ : 10.02 41.27 1.20 31.49 33.82 11.26 7.40 Argentina : 4.22 11.20 0.30 11.05 11.56 0.75 3.40 Brazil : 5.80 27.30 0.90 19.90 21.64 8.36 4.00 Major importers 4/ : 1.76 16.40 27.43 31.32 43.24 0.56 1.80 EU-15 : 0.82 1.14 15.31 14.67 16.09 0.35 0.84 Japan : 0.55 0.15 5.04 3.81 5.11 0.00 0.64 China : 0.00 13.22 2.27 8.69 15.30 0.20 0.00 : : 1997/98 (Estimated) World 2/ : 13.48 156.96 40.30 127.06 149.49 40.44 20.80 United States : 3.59 73.18 0.14 43.46 47.78 23.69 5.44 Total foreign : 9.89 83.78 40.16 83.60 101.72 16.76 15.36 Major exporters 3/ : 7.40 53.69 2.80 33.40 36.52 14.37 13.00 Argentina : 3.40 19.20 1.45 13.00 13.77 3.23 7.05 Brazil : 4.00 31.50 1.35 19.90 22.15 8.75 5.95 Major importers 4/ : 1.80 18.26 29.90 35.37 47.34 0.94 1.68 EU-15 : 0.84 1.57 16.87 16.34 17.71 0.75 0.82 Japan : 0.64 0.15 4.87 3.72 5.02 0.00 0.63 China : 0.00 14.73 2.94 10.73 17.50 0.17 0.00 : : 1998/99 (Projected) World 2/ : February : 19.44 156.31 38.95 129.75 151.68 38.81 24.20 March : 20.80 158.06 38.59 130.03 151.36 38.60 27.49 United States : February : 5.44 75.03 0.16 43.27 47.43 22.04 11.16 March : 5.44 75.03 0.16 42.46 46.61 21.23 12.79 Total foreign : February : 14.00 81.28 38.78 86.48 104.26 16.77 13.04 March : 15.36 83.04 38.42 87.57 104.75 17.37 14.70 Major exporters 3/ : February : 11.68 51.60 1.40 36.30 39.38 14.60 10.70 March : 13.00 53.30 1.75 37.90 40.50 15.20 12.35 Argentina Feb : 6.08 18.00 0.40 15.00 16.08 3.00 5.40 Mar : 7.05 19.20 0.75 16.00 16.77 3.30 6.93 Brazil Feb : 5.60 30.50 1.00 20.70 22.60 9.20 5.30 Mar : 5.95 31.00 1.00 21.30 23.03 9.50 5.42 Major importers 4/ : February : 1.68 17.45 29.58 34.51 46.33 0.70 1.68 March : 1.68 17.52 29.18 34.34 46.00 0.70 1.68 EU-15 Feb : 0.82 1.74 16.00 15.90 17.15 0.52 0.88 Mar : 0.82 1.74 15.75 15.65 16.90 0.52 0.88 Japan Feb : 0.63 0.18 4.60 3.54 4.85 0.00 0.56 Mar : 0.63 0.18 4.60 3.54 4.85 0.00 0.56 China Feb : 0.00 13.50 3.60 10.13 16.92 0.18 0.00 Mar : 0.00 13.80 3.45 10.30 17.07 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, Mexico, and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand). WASDE-348-22 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 91.78 34.35 92.72 33.96 3.77 United States : 0.19 31.04 0.09 24.78 6.34 0.19 Total foreign : 4.12 60.75 34.26 67.93 27.61 3.58 Major exporters 3/ : 1.39 27.65 0.20 6.36 21.79 1.08 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 0.58 2.45 0.00 Major importers 4/ : 1.43 19.63 23.32 38.65 4.54 1.20 EU-15 : 1.12 11.62 14.71 22.08 4.49 0.88 China : 0.00 6.95 3.60 10.53 0.02 0.00 : : 1997/98 (Estimated) World 2/ : 3.77 101.01 36.62 101.07 36.86 3.47 United States : 0.19 34.63 0.05 26.21 8.46 0.20 Total foreign : 3.58 66.38 36.57 74.86 28.39 3.28 Major exporters 3/ : 1.08 30.12 0.10 7.59 22.58 1.14 Argentina : 0.25 10.60 0.00 0.39 10.23 0.23 Brazil : 0.84 15.73 0.10 5.90 9.85 0.91 India : 0.00 3.80 0.00 1.30 2.50 0.00 Major importers 4/ : 1.20 22.43 24.95 43.06 4.50 1.02 EU-15 : 0.88 12.75 16.34 24.65 4.46 0.86 China : 0.00 8.58 4.20 12.76 0.02 0.00 : : 1998/99 (Projected) World 2/ : February : 3.69 102.76 38.57 102.53 38.59 3.90 March : 3.47 102.86 38.37 102.25 38.44 4.03 United States : February : 0.20 34.25 0.05 27.08 7.17 0.25 March : 0.20 33.39 0.05 27.04 6.35 0.25 Total foreign : February : 3.50 68.51 38.52 75.45 31.43 3.66 March : 3.28 69.47 38.33 75.21 32.09 3.78 Major exporters 3/ : February : 1.41 32.34 0.10 6.86 25.50 1.49 March : 1.14 33.71 0.10 7.22 26.15 1.58 Argentina Feb : 0.60 12.22 0.00 0.43 11.75 0.65 Mar : 0.23 13.04 0.00 0.43 12.20 0.64 Brazil Feb : 0.81 16.28 0.10 5.55 10.80 0.84 Mar : 0.91 16.83 0.10 5.90 11.00 0.94 India Feb : 0.00 3.84 0.00 0.89 2.95 0.00 Mar : 0.00 3.84 0.00 0.89 2.95 0.00 Major importers 4/ : February : 1.02 21.68 25.96 43.16 4.44 1.07 March : 1.02 21.61 25.90 43.01 4.45 1.07 EU-15 Feb : 0.86 12.38 17.64 25.66 4.29 0.93 Mar : 0.86 12.19 17.83 25.66 4.29 0.93 China Feb : 0.00 8.10 3.90 12.00 0.00 0.00 Mar : 0.00 8.22 3.50 11.70 0.02 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-348-23 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 20.67 5.88 20.71 5.92 2.55 United States : 0.91 7.14 0.02 6.47 0.92 0.69 Total foreign : 1.72 13.52 5.85 14.24 5.00 1.86 Major exporters 3/ : 0.85 8.27 0.64 4.50 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 0.46 1.80 1.32 0.17 Major importers 4/ : 0.37 2.05 1.93 3.80 0.08 0.47 China : 0.35 1.39 1.67 2.89 0.08 0.45 Pakistan : 0.02 0.01 0.21 0.21 0.00 0.02 : : 1997/98 (Estimated) World 2/ : 2.55 23.06 6.80 22.93 6.90 2.58 United States : 0.69 8.23 0.03 6.92 1.40 0.63 Total foreign : 1.86 14.83 6.77 16.00 5.50 1.96 Major exporters 3/ : 0.85 8.93 0.69 4.67 4.94 0.86 Argentina : 0.30 2.25 0.00 0.10 2.17 0.28 Brazil : 0.38 3.74 0.20 2.72 1.18 0.42 EU-15 : 0.17 2.94 0.49 1.84 1.60 0.16 Major importers 4/ : 0.47 2.64 2.11 4.54 0.08 0.60 China : 0.45 1.78 1.65 3.22 0.08 0.58 Pakistan : 0.02 0.00 0.23 0.23 0.00 0.02 : : 1998/99 (Projected) World 2/ : February : 2.64 23.48 7.10 23.77 7.10 2.36 March : 2.58 23.57 7.02 23.68 7.11 2.38 United States : February : 0.63 8.20 0.03 7.08 1.16 0.62 March : 0.63 7.99 0.03 7.10 1.00 0.55 Total foreign : February : 2.01 15.29 7.07 16.69 5.94 1.74 March : 1.96 15.58 6.99 16.58 6.11 1.83 Major exporters 3/ : February : 0.92 9.32 0.71 4.70 5.36 0.88 March : 0.86 9.57 0.71 4.68 5.50 0.94 Argentina Feb : 0.34 2.60 0.00 0.11 2.48 0.35 Mar : 0.28 2.77 0.00 0.11 2.59 0.35 Brazil Feb : 0.42 3.86 0.21 2.73 1.37 0.39 Mar : 0.42 3.98 0.21 2.72 1.45 0.44 EU-15 Feb : 0.16 2.86 0.50 1.86 1.51 0.15 Mar : 0.16 2.81 0.50 1.85 1.46 0.15 Major importers 4/ : February : 0.60 2.50 2.28 4.91 0.05 0.42 March : 0.60 2.60 2.22 4.87 0.08 0.47 China Feb : 0.58 1.62 1.75 3.50 0.05 0.40 Mar : 0.58 1.72 1.65 3.42 0.08 0.45 Pakistan Feb : 0.02 0.01 0.28 0.28 0.00 0.02 Mar : 0.02 0.01 0.28 0.28 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-348-24 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 : 35.82 89.56 29.01 89.08 26.83 0.25 38.25 United States : 2.61 18.94 0.40 11.13 6.87 -0.01 3.97 Total foreign : 33.22 70.61 28.61 77.95 19.96 0.25 34.28 Major exporters 5/ : 11.83 39.56 0.57 24.09 15.94 0.07 11.87 Pakistan : 1.36 7.32 0.28 7.00 0.12 0.02 1.82 India : 5.05 13.92 0.02 13.12 1.19 0.00 4.68 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 : 19.55 27.26 22.83 46.39 2.45 0.18 20.61 Brazil : 1.49 1.29 2.39 3.90 0.00 0.00 1.26 Mexico : 0.34 1.08 0.95 1.60 0.45 0.04 0.28 China : 13.20 19.30 3.61 21.35 0.01 0.00 14.76 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 : 38.25 91.60 26.68 88.21 26.57 0.25 41.51 United States : 3.97 18.79 0.01 11.35 7.50 0.04 3.89 Total foreign : 34.28 72.80 26.67 76.86 19.07 0.21 37.62 Major exporters 5/ : 11.87 39.86 0.52 23.79 15.86 0.07 12.53 Pakistan : 1.82 7.18 0.12 7.10 0.38 0.03 1.61 India : 4.68 12.26 0.15 12.58 0.34 0.00 4.16 Central Asia 6/ : 1.47 7.21 0.01 1.09 5.68 0.00 1.92 Afr. Fr. Zone 7/ : 0.49 4.32 4/ 0.31 3.59 0.00 0.91 S. Hemis. 8/ : 2.33 5.70 0.23 1.30 4.50 0.02 2.44 Australia : 0.95 3.06 4/ 0.21 2.71 0.00 1.09 Argentina : 1.04 1.35 0.03 0.45 1.00 0.00 0.97 Major importers : 20.61 29.71 20.62 45.63 1.90 0.14 23.28 Brazil : 1.26 1.75 1.88 3.40 0.00 0.00 1.49 Mexico : 0.28 0.98 1.60 1.95 0.25 0.04 0.63 China : 14.76 21.10 1.83 20.80 0.03 0.00 16.86 Europe : 1.88 2.13 6.19 6.75 1.36 0.05 2.04 Turkey : 0.56 3.70 1.45 5.00 0.10 0.00 0.61 Selected Asia 9/ : 1.88 0.05 7.66 7.73 0.16 0.05 1.65 Indonesia : 0.10 0.02 1.92 1.85 0.00 0.05 0.14 South Korea : 0.51 4/ 1.32 1.38 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-348-25 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 : February : 41.12 84.86 24.50 84.61 23.95 0.32 41.60 March : 41.51 85.29 24.64 85.01 23.93 0.32 42.17 United States : February : 3.89 13.80 0.35 10.40 4.20 0.03 3.40 March : 3.89 13.80 0.35 10.40 4.20 0.03 3.40 Total foreign : February : 37.24 71.07 24.15 74.21 19.75 0.29 38.20 March : 37.62 71.49 24.29 74.61 19.73 0.29 38.77 Major exporters 5/ : February : 12.56 39.10 0.94 23.36 15.70 0.07 13.47 March : 12.53 39.02 1.04 23.36 15.79 0.07 13.37 Pakistan Feb : 1.61 6.90 0.30 7.20 0.10 0.03 1.48 Mar : 1.61 6.90 0.40 7.20 0.10 0.03 1.58 India Feb : 4.19 13.00 0.40 12.00 0.20 0.00 5.39 Mar : 4.16 13.00 0.40 12.00 0.20 0.00 5.36 Central Asia 6/Feb : 1.92 6.62 0.01 1.06 5.53 0.00 1.96 Mar : 1.92 6.62 0.01 1.06 5.63 0.00 1.86 Afr. Fr. Zn. 7/Feb : 0.91 4.04 4/ 0.33 3.67 0.00 0.95 Mar : 0.91 4.04 4/ 0.33 3.67 0.00 0.95 S. Hemis 8/ Feb : 2.44 5.99 0.18 1.31 4.81 0.02 2.47 Mar : 2.44 5.91 0.18 1.31 4.75 0.02 2.45 Australia Feb : 1.09 3.40 4/ 0.23 3.10 0.00 1.17 Mar : 1.09 3.40 4/ 0.23 3.10 0.00 1.17 Argentina Feb : 0.97 1.40 0.01 0.45 1.00 0.00 0.92 Mar : 0.97 1.40 0.01 0.45 1.00 0.00 0.92 Major importers Feb : 22.87 28.76 17.88 43.63 2.85 0.21 22.81 Mar : 23.28 29.26 17.92 44.03 2.73 0.21 23.48 Brazil Feb : 1.16 1.80 1.45 3.25 0.00 0.00 1.16 Mar : 1.49 1.90 1.45 3.25 0.00 0.00 1.59 Mexico Feb : 0.51 1.00 1.45 2.20 0.20 0.04 0.52 Mar : 0.63 1.00 1.45 2.20 0.20 0.04 0.65 China Feb : 16.86 19.80 0.65 19.80 0.90 0.00 16.61 Mar : 16.86 20.20 0.50 20.00 0.70 0.00 16.86 Europe Feb : 2.05 2.16 6.17 6.68 1.40 0.13 2.18 Mar : 2.04 2.16 6.04 6.61 1.38 0.13 2.13 Turkey Feb : 0.61 3.94 0.35 4.00 0.20 0.00 0.70 Mar : 0.61 3.94 0.35 4.00 0.30 0.00 0.60 Sel. Asia 9/ Feb : 1.69 0.05 7.81 7.70 0.15 0.05 1.64 Mar : 1.65 0.05 8.13 7.98 0.15 0.05 1.65 Indonesia Feb : 0.14 0.02 2.00 1.95 0.00 0.05 0.16 Mar : 0.14 0.02 2.10 2.05 0.00 0.05 0.16 S. Korea Feb : 0.41 4/ 1.33 1.33 0.05 0.00 0.36 Mar : 0.41 4/ 1.40 1.40 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 1.65 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-348-26 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 : Annual : 25384 17244 43209 27271 5478 33258 76467 6473 156.1 : 1998 : I : 6215 4688 11039 6845 1290 8258 19297 1645 39.2 II : 6461 4429 11013 6991 1321 8453 19466 1644 40.8 III : 6638 4625 11380 6942 1302 8375 19755 1658 38.5 IV : 6339 5239 11702 7080 1367 8575 20277 1712 38.9 Annual : Feb Est : 25656 18981 45136 27824 5279 33626 78762 6657 157.9 Mar Est : 25653 18981 45134 27858 5280 33661 78795 6659 157.4 : 1999 : I *: 6350 4900 11372 7200 1225 8555 19927 1690 40.0 II *: 6450 4650 11213 7400 1325 8870 20083 1685 41.7 III *: 6425 4600 11136 7400 1375 8910 20046 1705 39.6 IV *: 6075 4725 10920 7400 1375 8905 19825 1750 39.6 Annual : Feb Proj : 24975 18875 44316 29375 5250 35170 79486 6820 160.6 Mar Proj : 25300 18875 44641 29400 5300 35240 79881 6830 160.8 =============================================================================== * 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 : Annual : 66.32 54.30 58.8 64.9 81.2 13.34 : 1998 : I : 61.73 37.34 56.4 55.1 79.0 14.60 II : 64.16 42.87 61.0 59.1 66.5 13.73 III : 58.97 36.61 70.4 63.4 76.0 15.37 IV : 61.06 22.06 64.5 71.2 81.7 17.83 Annual : Feb Est : 61.48 31.67** 63.1 62.2 75.8 15.38 Mar Est : 61.48 34.72 63.1 62.2 75.8 15.38 1999 : I *: 62-63 28-29 58-59 57-58 76-77 16.20-16.40 II *: 62-66 35-37 58-60 59-62 63-67 12.40-12.90 III *: 61-67 38-42 58-62 61-67 67-73 12.50-13.30 IV *: 63-69 39-43 56-60 69-75 77-83 13.75-14.75 Annual : Feb Proj : 63-68 33-35** 57-61 61-65 70-75 14.05-14.75 Mar Proj : 62-66 35-37 57-61 62-65 71-75 13.75-14.35 =============================================================================== *Projection. **February barrow and gilt prices estimates were based on IA/So. Minn, No. 1-3 price series and are not directly comparable to the March price estimates. 1/ Nebraska, Direct, 1100-1300 lbs. 2/ Iowa/So. Minn., Live equiv. 51-52% lean,plant del. 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-348-27 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. Feb : 465 25762 2611 28838 2158 395 26285 68.1 Mar : 465 25760 2642 28867 2171 393 26303 68.1 1999 Proj. Feb : 395 25081 2705 28181 2340 370 25471 65.4 Mar : 393 25406 2705 28504 2380 370 25754 66.1 : PORK : 1997 : 366 17274 633 18273 1044 408 16821 48.7 1998 Proj. Feb : 408 19011 695 20114 1232 586 18296 52.5 Mar : 408 19011 704 20123 1229 586 18308 52.6 1999 Proj. Feb : 586 18905 700 20191 1355 475 18361 52.2 Mar : 586 18905 700 20191 1335 475 18381 52.3 : TOTAL RED MEAT 4/ : 1997 : 759 43358 3059 47176 3185 895 43096 117.8 1998 Proj. Feb : 895 45285 3413 49593 3395 998 45200 122.6 Mar : 895 45284 3458 49637 3406 996 45235 122.7 1999 Proj. Feb : 998 44465 3518 48981 3700 862 44419 119.4 Mar : 996 44790 3520 49306 3720 862 44724 120.2 : BROILERS : 1997 : 641 27041 5 27687 4664 607 22416 72.7 1998 Proj. Feb : 607 27584 5 28196 4516 712 22968 73.9 Mar : 607 27618 5 28230 4672 711 22847 73.5 1999 Proj. Feb : 712 29116 4 29832 4425 750 24657 78.5 Mar : 711 29141 4 29856 4425 750 24681 78.6 : TURKEYS : 1997 : 328 5412 1 5741 598 415 4727 17.6 1998 Proj. Feb : 415 5215 1 5631 438 309 4883 18.1 Mar : 415 5216 0 5631 445 304 4882 18.1 1999 Proj. Feb : 309 5186 1 5496 430 250 4815 17.6 Mar : 304 5235 1 5540 430 250 4859 17.8 : TOTAL POULTRY 5/ : 1997 : 975 32964 6 33944 5646 1029 27268 90.8 1998 Proj. Feb : 1029 33323 6 34358 5384 1027 27946 92.3 Mar : 1029 33358 5 34393 5543 1021 27829 91.9 1999 Proj. Feb : 1027 34848 5 35880 5267 1005 29607 96.7 Mar : 1021 34917 5 35943 5267 1005 29670 96.9 : RED MEAT & POULTRY: 1997 : 1734 76322 3065 81120 8831 1924 70364 208.6 1998 Proj. Feb : 1924 78608 3419 83951 8779 2025 73147 214.9 Mar : 1924 78642 3463 84030 8949 2017 73065 214.6 1999 Proj. Feb : 2025 79313 3523 84861 8967 1867 74026 216.1 Mar : 2017 79707 3525 85249 8987 1867 74394 217.1 ============================================================================ 1/ Total including farm production for red meats and, for poultry, federally inspected plus non-federally inspected, less condemnations. 2/ Pounds, retail-weight basis. 3/ Carcass weight for red meats and certified ready-to-cook weight for poultry. 4/ Beef, pork, veal, lamb and mutton. 5/ Broilers, turkeys and mature chicken. WASDE-348-28 U.S. Egg Supply and Use =============================================================================== : : : 1998 Projected : 1999 Projected : : :-----------------:----------------- Commodity : 1996 : 1997 : Feb : Mar : Feb : Mar =============================================================================== EGGS : Million dozen Supply : Beginning stocks : 11.2 8.5 7.4 7.4 8.4 8.4 Production : 6350.7 6473.1 6657.0 6658.7 6820.0 6830.0 Imports : 5.4 6.9 5.6 5.8 4.0 4.0 Total supply : 6367.3 6488.5 6670.0 6672.0 6832.4 6842.4 : Use : Exports : 253.1 227.8 221.5 218.8 231.0 220.0 Hatching use : 863.8 894.8 921.6 922.7 970.0 970.0 Ending stocks : 8.5 7.4 8.4 8.4 5.0 5.0 Consumption : Total : 5241.8 5358.6 5518.5 5522.1 5626.4 5647.4 Per capita (number) : 236.8 240.0 245.1 245.2 247.5 248.4 =============================================================================== U.S. Milk Supply, Use and Prices =============================================================================== : : : 1997/98 Proj 1/: 1998/99 Proj 1/ Commodity :1995/96:1996/97:-----------------:----------------- : 1/ : 1/ : Feb : Mar : Feb : Mar =============================================================================== MILK : Billion pounds Supply : Beg. commercial stocks 2/ : 4.6 4.9 5.9 5.9 5.8 5.8 Production : 153.8 155.9 156.9 156.5 159.9 160.1 Farm use : 1.5 1.4 1.4 1.4 1.3 1.3 Marketings : 152.3 154.5 155.5 155.2 158.6 158.8 Imports 2/ : 2.8 2.8 4.0 4.0 3.8 3.8 Total cml. supply 2/ : 159.7 162.2 165.5 165.1 168.1 168.4 Use : Commercial use 2/ 3/ : 154.7 155.6 159.0 158.6 162.0 162.3 Ending commercial stks. 2/: 4.9 5.9 5.8 5.8 5.8 5.8 CCC net removals: : Milkfat basis 4/ : 0.1 0.7 0.7 0.7 0.3 0.3 Skim-solids basis 4/ : 1.1 2.7 4.5 4.5 3.3 3.6 : : Dollars per cwt Prices rec'd. by farmers : Basic Formula (BFP) : 13.50 11.88 13.28 13.28 13.35- 13.00- : 13.85 13.40 All milk 5/ : 14.49 13.53 14.56 14.56 14.95- 14.70- : 15.45 15.10 : : Million pounds CCC product net removals 4/: Butter : 1 24 21 21 5 5 Cheese : 5 10 8 8 7 7 Nonfat dry milk : 84 222 368 368 275 295 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-348-29 Note: Tables on pages 29-31 present a 17-year record of the differences between the March projection and the final estimate. Using world wheat production as an example, changes between the March projection and the final estimate have averaged 3.0 million tons (0.6%) ranging from -8.0 to 6.9 million tons. The March projection has been below the estimate 11 times and above 6 times. Reliability of March Projections ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-97/98 1/ Commodity and :------------------------------------------------------------- region : Avg. : Avg. : Difference : Below final : Above final ------------------------------------------------------------------------------- WHEAT :Percent Million metric tons Number of years 2/ Production : World : 0.6 3.0 -8.0 6.9 11 6 U.S. : 0.1 0.0 0.1 0.1 8 3 Foreign : 0.7 3.0 -8.0 6.9 11 6 Exports : World : 2.1 2.3 -9.0 3.4 13 4 U.S. : 2.7 0.9 -1.4 2.4 8 9 Foreign : 3.0 2.4 -7.7 2.5 11 6 Domestic use : World : 0.9 4.4 -9.4 8.1 8 9 U.S. : 3.7 1.1 -2.4 2.4 6 11 Foreign : 0.8 4.0 -7.9 7.6 9 8 Ending stocks : World : 3.0 3.8 -7.7 5.4 10 7 U.S. : 6.7 1.3 -4.4 2.5 9 8 Foreign : 3.0 2.9 -7.3 4.9 9 7 : COARSE GRAINS 3/ : Production : World : 0.9 7.0 -17.3 10.9 12 5 U.S. : 0.1 0.1 -0.2 1.3 9 3 Foreign : 1.2 7.0 -17.3 10.9 12 5 Exports : World : 3.0 3.0 -7.5 9.9 8 9 U.S. : 6.7 3.3 -5.5 9.1 8 9 Foreign : 4.8 2.4 -7.5 6.7 7 10 Domestic use : World : 1.0 7.8 -12.8 24.2 9 8 U.S. : 2.9 5.1 -17.3 11.5 6 11 Foreign : 0.9 6.0 -11.5 17.5 11 6 Ending stocks : World : 6.8 9.0 -20.0 13.9 15 2 U.S. : 9.1 5.5 -13.8 15.3 10 7 Foreign : 8.2 5.4 -12.2 10.5 15 2 : RICE, milled : Production : World : 1.1 3.6 -10.0 2.3 14 3 U.S. : 0.8 0.0 -0.2 0.1 5 1 Foreign : 1.1 3.6 -9.9 2.3 14 3 Exports : World : 7.4 1.2 -4.5 1.2 15 2 U.S. : 5.4 0.1 -0.4 0.3 8 6 Foreign : 8.6 1.2 -4.4 1.1 15 2 Domestic use : World : 0.9 3.0 -9.8 2.9 12 5 U.S. : 5.3 0.1 -0.3 0.4 7 9 Foreign : 1.0 3.0 -10.0 3.1 12 5 Ending stocks : World : 6.4 2.3 -6.4 4.0 11 6 U.S. : 14.3 0.2 -0.3 0.4 10 7 Foreign : 6.7 2.4 -6.2 3.9 11 6 ------------------------------------------------------------------------------- 1/ Footnotes at end of table. CONTINUED WASDE-348-30 Reliability of March Projections (Continued) ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-97/98 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 -3.9 2.6 9 8 U.S. : 1.1 0.6 -1.6 1.8 7 7 Foreign : 2.4 1.3 -4.6 2.6 10 7 Exports : World : 2.8 0.8 -2.1 1.4 10 6 U.S. : 5.4 1.1 -2.2 3.0 10 7 Foreign : 13.5 1.1 -2.9 2.4 7 10 Domestic use : World : 1.7 1.8 -4.4 2.4 10 7 U.S. : 2.3 0.9 -3.0 1.0 11 5 Foreign : 1.8 1.3 -2.6 2.2 10 7 Ending stocks : World : 11.6 2.0 -3.7 5.7 9 8 U.S. : 20.8 1.6 -2.7 5.4 5 12 Foreign : 11.8 1.3 -2.7 3.5 10 7 : COTTON : Million 480-pound bales Production : World : 1.3 1.1 -2.9 3.0 9 7 U.S. : 0.6 0.1 0.1 0.3 3 13 Foreign : 1.6 1.1 -3.2 2.9 9 7 Exports : World : 3.6 0.9 -2.7 1.4 8 9 U.S. : 4.9 0.3 -0.7 0.9 4 12 Foreign : 4.9 0.9 -3.6 1.3 9 8 Mill use : World : 1.7 1.4 -6.0 1.3 8 9 U.S. : 3.0 0.3 -0.7 0.2 12 4 Foreign : 1.8 1.3 -5.5 1.4 8 9 Ending stocks : World : 7.7 2.5 -3.9 8.4 9 8 U.S. : 9.2 0.4 -0.6 1.6 6 11 Foreign : 8.3 2.4 -4.2 7.9 9 8 ------------------------------------------------------------------------------- 1/ Final estimate for 1981/82-97/98 is defined as the first November estimate following the marketing year. 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-348-31 Reliability of United States March Projections 1/ ------------------------------------------------------------------------------- :Differences between proj. & final estimate, 1981/82-97/98 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 : 6.7 113 -254 284 8 9 Domestic use : 3.0 173 -474 345 7 10 Ending stocks : 11.1 217 -535 713 11 6 : SORGHUM : Production : 0.1 0 0 4 0 2 Exports : 13.4 32 -90 72 10 6 Domestic use : 9.3 45 -178 100 9 8 Ending stocks : 34.2 41 -69 148 8 9 : BARLEY : Production : 0.4 2 -3 11 8 2 Exports : 10.1 8 -20 13 5 11 Domestic use : 5.2 21 -30 70 9 7 Ending stocks : 10.4 19 -53 24 10 7 : OATS : Production : 0.1 0 -2 1 3 1 Exports : 25.1 1 -1 3 3 4 Domestic use : 3.2 13 -26 36 7 10 Ending stocks : 11.1 15 -47 21 10 7 : : Thousand short tons SOYBEAN MEAL : Production : 2.4 721 -2328 717 13 4 Exports : 7.6 511 -1750 941 13 4 Domestic use : 1.9 428 -1100 525 14 3 Ending stocks : 35.4 85 -214 208 6 10 : : Million pounds SOYBEAN OIL : Production : 2.3 326 -1173 365 13 4 Exports : 17.0 260 -700 664 7 10 Domestic use : 1.8 222 -685 200 13 4 Ending stocks : 16.7 239 -692 350 10 7 ------------------------------------------------------------------------------- : ANIMAL PROD. 4/ : Million pounds Beef : 2.4 580 -666 1613 10 5 Pork : 3.0 480 -1265 1667 9 6 Broilers : 1.6 303 -579 496 9 6 Turkeys : 2.3 97 -177 161 9 6 : : Million dozen Eggs : 1.4 86 -130 169 10 5 : : Billion pounds Milk : 1.0 1.5 -3.2 3.1 8 7 ------------------------------------------------------------------------------- 1/ See pages 29 and 30 for record of reliability for U.S. wheat, rice, soybeans and cotton. 2/ Final estimate for 1981/82-97/98 is defined as the first November estimate following the marketing year. 3/ May not total 17 for crops and 15 for animal production if projection was the same as the final estimate. 4/ Calendar years 1983 thru 1997 for meats and eggs; October-September years 1982/83 thru 1996/97 for milk. Final for animal products is defined as latest annual production estimate published by NASS. ----- END OF FILE -----