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World Agricultural Supply and

Demand Estimates
Report of May 10, 2016

Interagency Commodity Estimates Committee Forecasts
World Agricultural Outlook Board, Chair
Economic Research Service
Foreign Agricultural Service
Farm Service Agency
Agricultural Marketing Service

World Wheat Production
Country or Region

2015/16
estimate

2016/17
forecast

Million Tons

World
United States
Foreign
Argentina
Canada
Australia
European Union
Russia
Ukraine
Kazakhstan
China
India

734.1
55.8
678.2
11.3
27.6
24.5
160.0
61.0
27.3
13.7
130.2
86.5

727.0
54.4
672.6
14.5
28.5
25.0
156.5
63.0
24.0
13.0
130.0
88.0

Change from
2015/16
Percent

-1.0
-2.6
-0.8
28.3
3.3
2.0
-2.2
3.2
-12.0
-5.4
-0.1
1.7

May 10, 2016

May 10, 2016

 which shows  conditions mostly good to excellent. May 10. 2016 .This is reiterated by the latest  Vegetation Health Index.

Knowing last year was a record gives us pause…  but that aside. the VHI is currently better than  last year over most major wheat areas. May 10. 2016 .

Percent Change May 10. 2016 .

2016 .Total EU Wheat Production Change:  ‐3.51  (million metric tons) 7 May 10.

2016 .Source:   May 10.

2016 .May 10.

Winter Wheat May 10. most notably in  southern and eastern Ukraine.In particular. 2016 . one of the driest  Septembers on record impacted  wheat planting and  establishment.

2016 . Winter Wheat May 10.Drought was erased by  heavy November rainfall.

Spring to‐date has  featured more of the  same: near‐ to above‐ normal rainfall. 2016 . Winter Wheat May 10.

2016 . Winter Wheat Data Source: GPCC May 10. crop development  stage has been accelerated  by consistently warmer‐ than‐normal weather.  starting in the winter.However.

This year. Temp/Pcp Critical Temp/Pcp Critical May 10. we are entering the critical period  roughly two weeks ahead of normal due to  persistent warmer‐than‐normal weather. 2016 .

2016 .Russia’s winter wheat is also entering the critical period  well ahead of normal due to persistent warmth. Temp/Pcp Critical Temp/Pcp Critical May 10.

In short.  Autumn drought  would have most impacted planted area and  crop emergence. Winter Wheat May 10.   Winter wheat yield prospects in Ukraine have  improved with spring rain. excellent yield prospects for Russia  winter wheat are on par with favorable  autumn and spring precipitation and a lack of  bitter cold or extreme heat (to date).  Wheat that survived the  winter should be in excellent shape. 2016 .

9 727.9 242.6 133.7 166. 2016 .5 734.0 -2.9 707.9 242.World Wheat Supply and Use Country or Region 2015/16 estimate 2016/17 forecast Million Tons Beginning stocks Production Total Supply Feed use Total use Trade Ending Stocks 216.8 5.6 163.1 712.9 May 10.9 131.3 Change from 2015/16 Percent 12.0 969.0 2.2 -1.1 0.9 257.1 950.7 -1.

077 978 1. 2016 .5 Dollars per bushel 4.924 3.3 6.6 47.166 1.2 30.3 May 10.6 46.2 7.1 42.2 49.106 960 963 66 69 140 170 1.U.4 3.1 12.0 -2.998 120 130 2.3 -9.8 43.3 4.7 5.2 -16.2 0.S.946 2.1 21.7 Million bushels 752 978 2.202 780 875 1. Wheat Supply and Demand 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Planted area (million acres) Harvested area (million acres) Yield (bushels per acre) Beginning stocks Production Imports Total supply Food use Seed Feed and residual Domestic use Exports Total use Ending stocks Stocks to use ratio Average market price 54.6 8.2 6.052 1.50/3.029 Percent 50.90 4.70 -9.6 49.

8 28.4 145.0 3.4 May 10.2 20.0 28.0 34.1 464.4 8.4 15.1 2.6 12.1 480.8 0.0 36.7 146.5 4.6 1.9 11.5 8.5 Change from 2015/16 Percent 2.4 7.5 4.7 7.4 6.3 473.8 103. 2016 .4 3.3 6.5 6.7 0.2 4.5 1.7 3.0 34.7 3.1 1.9 12.7 11.7 7.9 3.3 7.6 4.5 12.0 35.0 0.World Rice Production Country or Region 2015/16 estimate 2016/17 forecast Million Tons World United States Foreign Brazil Egypt Bangladesh Burma Cambodia China India Indonesia Japan Sri Lanka Pakistan Philippines Thailand Vietnam 470.5 105.0 5.6 7.0 0.0 17.

4 470.4 0.2 0.5 584.4 41.4 106.World Rice Supply and Use Country or Region 2015/16 estimate 2016/17 forecast Million Tons Beginning stock Production Total Supply Total use Trade Ending Stocks 114.7 106.4 -1.0 2.2 May 10.7 0.6 Change from 2015/16 Percent -7.4 106.4 480.9 478.1 480. 2016 .5 40.7 587.

58 3.06 2.4 298.9 11.0 221.3 231.30 17.0 100.4 Percent 19.61 3.2 16.03 7.0 43.0 248.5 24.6 20.3 Dollars per cwt 12. Rice Supply and Demand Rough Equivalent of Rough and Milled Rice 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Planted area (million acres) Harvested area (million acres) Yield (pounds per acre) Beginning stocks Production Imports Total supply Domestic use Exports Total use Ending stocks Stocks to use ratio Average market price 2.2 17.0 23.1 2.4 192.1 12.6 20.0 264.30/12.4 121.8 May 10.4 50.8 2.618 Million cwt 48.S. 2016 .1 -4.60 11.470 7.0 12.5 43.0 113.0 -10.0 135.20/12.U.6 13.

9 9.0 82.1 10.0 11.9 16.0 81.0 14.1 3.3 7.0 23.0 23.5 644.5 623.7 10.5 13. 2016 .0 Change from 2015/16 Percent 4.5 34.4 27.4 25.4 6.0 1.0 13.0 44.3 13.5 224.World Corn Production Country or Region 2015/16 estimate 2016/17 forecast Million Tons World United States Foreign Argentina Brazil Mexico Canada European Union Serbia FSU-12 Ukraine Russia South Africa China India 968.0 40.011.1 1.8 345.6 58.1 23.2 6.0 218.4 6.6 21.7 64.5 May 10.3 100.0 6.0 -2.2 -2.1 366.9 1.2 26.0 13.0 24.

2016 .Soybean Production Brazil Para Maranhao Piaui Mato Grosso Rondonia Tocantins Bahia Soy: ~60% Goias Soybean Production Aw: Tropical wet and dry Mato Grosso do Sul Cr: Subtropical Rain *Average (2005-09) Minas Gerais Sao Paulo Paraguay Minor Soy: ~40% Major *Source: MINAG / IBGE Parana Santa Catarina Rio Grande do Sul Production Intensity Soybean crop calendar for most of Brazil & Paraguay Planting Flower Fill Harvesting JAN FEB Agricultural Weather Assessments World Agricultural Outlook Board MAR APR MAY JUN JUL AUG SEP OCT NOV DEC May 10.

2nd Corn Production
Brazil
Para

Maranhao

Piaui

Mato Grosso

Rondonia

Tocantins
Bahia

2nd Corn: ~60%
Goias

2nd Corn Production

Aw: Tropical wet and dry
Mato Grosso
do Sul

Cr: Subtropical Rain

Sao
Paulo

Paraguay

2nd

*Average (2005-09)

Minas
Gerais

Production
Intensity

Minor

Corn: ~40%

Major

*Source: MINAG / IBGE

Parana

Santa
Catarina

2nd Corn crop calendar for most of Center-South Brazil

Rio Grande
do Sul

Plant
Harvest
JAN

Agricultural Weather Assessments
World Agricultural Outlook Board

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

May 10, 2016

Cotton Production
Brazil
Para

Maranhao

Piaui

Mato Grosso

Rondonia

Tocantins
Bahia

Cotton: > 95%
Goias

Cotton Production

Aw: Tropical wet and dry
Mato Grosso
do Sul

Cr: Subtropical Rain

*Average (2005-09)

Minas
Gerais
Sao
Paulo

Paraguay

Minor

Cotton: < 5%

Production
Intensity

Major

*Source: MINAG / IBGE

Parana

Cotton crop calendar for most of Center-South Brazil
Santa
Catarina
Rio Grande
do Sul

Period of Highest Intensity

Planting

Harvesting
JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

NOV

DEC

Cotton crop calendar for most of Northeastern Brazil
Period of Highest Intensity

Planting

Harvesting
JAN

Agricultural Weather Assessments
World Agricultural Outlook Board

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

May 10, 2016

Brazil: Normal Daily Rainfall (mm)
Early May

9
8
7

Mato Grosso

Parana

6
5
4
3
2
1

Parana
Agricultural Weather Assessments
World Agricultural Outlook Board

Jun-18

May-27

May-05

Apr-13

Mar-22

Feb-28

Feb-06

Jan-15

Dec-24

Dec-02

Nov-10

Oct-19

Sep-27

Sep-05

Aug-14

Jul-23

Jul-01

0

MT
May 10, 2016

2014/15 Average 2015/16 Agricultural Weather Assessments World Agricultural Outlook Board May 10. 2016 .

2015/16 2014/15 Average Agricultural Weather Assessments World Agricultural Outlook Board May 10. 2016 .

2014/15 2015/16 Agricultural Weather Assessments World Agricultural Outlook Board Average May 10. 2016 .

2016 .2014/15 Average 2015/16 Agricultural Weather Assessments World Agricultural Outlook Board May 10.

May 10. 2016 .

700 1.Jan‐96 Jul‐96 Jan‐97 Jul‐97 Jan‐98 Jul‐98 Jan‐99 Jul‐99 Jan‐00 Jul‐00 Jan‐01 Jul‐01 Jan‐02 Jul‐02 Jan‐03 Jul‐03 Jan‐04 Jul‐04 Jan‐05 Jul‐05 Jan‐06 Jul‐06 Jan‐07 Jul‐07 Jan‐08 Jul‐08 Jan‐09 Jul‐09 Jan‐10 Jul‐10 Jan‐11 Jul‐11 Jan‐12 Jul‐12 Jan‐13 Jul‐13 Jan‐14 Jul‐14 Jan‐15 Jul‐15 Jan‐16 China’s Corn Prices Have Fallen With Support Removal yuan/mt 2.300 1.100 1. yuan/mt Support Price.100 900 700 500 Jilin.300 2. May 10. 2016 .900 1.500 2.500 1. yuan/mt Source: China National Grains and Oilseeds Information Center and USDA.

2016 .China’s 2016 corn area is forecast to drop for the first time since 2003. Foreign Agricultural Service Office of Global Analysis IPA Division May 10.

Foreign Agricultural Service Office of Global Analysis IPA Division May 10. 2016 .

Record Cropping Area Expected  in Argentina during 2016/17 Million hectares 34 32 32. rye. 31 30 29 2010/11 2012/13 2014/15 2016/17F Crops included for the 2016/17 crop area are:  barley.63 31. peanuts. corn.82 31.  sorghum. Large crop areas during 2012/13.94 33 31. rice.99 32.  millet. wheat. oats.19 Expected agronomic crop areas in 2016/17.30 31. rapeseed. soybeans. May 10.95 31. and durum wheat. cotton. sunflowers. 2016 .

 winter weed control.17 4. rotation crop.50 3 2 1 0 2010/11 2012/13 2014/15 2016/17F Free or cheap seed.77 3. no export tax.85 4 5.Argentina Wheat Harvested Area Million hectares 6 5 4.60 4. and  devalued Argentine peso will encourage more wheat plantings. May 10.80 3.96 3. 2016 .

00 3. no export tax. crop rotation.40 3.20 4. devalued Argentine peso. weed  control all encourage corn planting. 2016 .40 3 2 1 0 2010/11 2012/13 2014/15 2016/17F Pricing.60 3.Argentina Corn Harvested Area Million hectares 5 4 3.50 3.75 4. May 10.

Argentina Soybean Harvested Area Million hectares 21 19.25 19.34 19.75 20 19.30 18 17.40 19. 5 percent lower export tax again.45 19 18. 2016 . ease of planting keeps soy planted. May 10. devalued  Argentine peso.58 17 16 15 2010/11 2012/13 2014/15 2016/17F Free or reasonable seed.

9 132. 2016 .4 3.1 1.World Corn Supply and Use Country or Region 2015/16 estimate 2016/17 forecast Million Tons Beginning stocks Production Total Supply Feed use Total use Trade Ending Stocks 207.9 623.011.0 4.9 207.5 -0.8 1.9 1.9 207.176.0 Change from 2015/16 Percent 0.7 600.8 4.4 1.9 121.6 3.218.4 May 10.3 207.8 968.4 9.9 968.011.

Actual and Projected Bu.0 2016 May WASDE: 168. 2016 .0 150 140 130 120 110 100 90 2016 2014 2012 2010 2008 2006 2004 2002 2000 1998 1996 1994 1992 1990 1988 80 May 10./acre 180 Actual Yield Weather-Adjusted Trend May WASDE Projection 170 160 2016 Ag Outlook Forum: 168.Corn Weather-Adjusted Trend Yield vs.

U.05/3.70 3.550 6. seed.7 85.9 19.430 55 40 15.2 Dollars per bushel 3.0 10.65 6.4 -6.9 1. 2016 .3 15.4 6.1 3.585 14.900 13. Corn Supply and Demand 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Planted area (million acres) Harvested area (million acres) Yield (bushels per acre) Beginning stocks Production Imports Total supply Feed and residual Food.8 5.9 May 10.0 93.300 11.4 -0.3 4.9 168.S.387 16.0 3.731 1. and industrial Ethanol Domestic use Exports Total use Ending stocks Stocks to use ratio Average market price 88.7 0.4 168.601 14.803 2.725 1.153 Percent 13.1 -27.803 13.250 5.273 5.0 Million bushels 1.220 1.250 5.6 80.610 6.120 1.1 6.670 5.860 12.50/3.3 5.

World Soybean Production Country or Region 2015/16 estimate 2016/17 forecast Million Tons World United States Foreign Argentina Brazil Paraguay Ukraine India China 315.3 5.9 56.2 103.3 27.0 103.0 8.5 3.0 11.9 7. 2016 .4 May 10.8 57.9 106.8 3.2 Change from 2015/16 Percent 2.0 9.5 99.2 58.0 5.0 2.8 324.9 4.7 12.7 0.9 208.4 11.4 220.6 -3.

2016 .Argentina Soybeans Jujuy Salta Formosa Tucuman Santiago del Estero Catamarca Misiones Chaco Corrientes Santa Fe La Rioja * State-Level Production (as % of total) Cordoba Entre Rios San Luis Buenos Aires Cordoba Buenos Aires Santa Fe Entre Rios Santiago del Estero Salta Chaco Tucuman La Pampa 29 27 24 7 4 3 3 2 1 Other States ~1 La Pampa * 2005/06 to 2009/10 Average Source: SAGPyA Soybean Production *Average (2005/06-09/10) Soybean crop calendar for most of Argentina PLANT FLOWER FILL HARVEST JAN FEB MAR APR MAY Minor JUN JUL AUG SEP OCT NOV DEC 2nd soybean crop is double cropped after winter wheat (harvested May – Jun) Agricultural Weather Assessments World Agricultural Outlook Board Production Intensity Major *Source: SAGPyA May 10.

Vegetative Health Index (4km) April 1 (Week 13) 2016 .2015 Agricultural Weather Assessments World Agricultural Outlook Board Source: NOAA/NESDIS May 10. 2016 .

Form. 2016 . Tu. Santiago del Estero Santiago del Estero Corrientes HARVEST Corrientes Santa Fe Santa Fe Cordoba JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Cordoba Entre Rios Entre Rios San Luis San Luis Corn crop calendar for most of Argentina La Pampa SILK La Pampa Buenos Aires SILK FILL * Corn Yields HARVEST JAN Buenos Aires PLANT FEB MAR APR MAY * Soybean Yields Yields *Average (2005/06-09/10) JUN JUL AUG SEP OCT NOV DEC Stations in “Main Crop Area” Production Lower Agricultural Weather Assessments World Agricultural Outlook Board Intensity Higher *Source: SAGPyA May 10. Salta Salta Chaco FILL Chaco Tu.Percent of Normal Rainfall (%) April 2016 Temperature Departure from Normal (C) April 2016 % Normal Precip (°C) Soybean crop calendar for most of Argentina PLANT FLOWER Form.

2015/16 2014/15 Average Wetter than Last Year Agricultural Weather Assessments World Agricultural Outlook Board May 10. 2016 .

World Soybean Supply and Use Country or Region 2015/16 estimate 2016/17 forecast Million Tons Beginning stocks Production Total Supply Domestic crush Total use Trade Ending Stocks Addendum: Beginning stocks Argentina plus Brazil Imports* China *From all sources.5 288.2 3.1 3.8 83. Change from 2015/16 Percent 78.0 87.2 398.9 393.3 -8.1 -15.0 138.9 2.2 324.6 1.1 51.4 318.1 4.3 74.2 -4. 2016 .9 279.2 43.0 4.2 132.1 315.8 May 10.4 328.3 68.6 74.

2016 . Actual and Projected bu/acre 50 Actual Yield Weather-Adjusted Trend May WASDE Projection 46 2016 Ag Outlook Forum: 46.Soybean Weather-Adjusted Trend Yield vs.7 2016 May WASDE: 46.7 42 38 34 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 26 1988 30 May 10.

S. Exports  Change to Stocks. Supplies MMT 15 10 5 0 ‐5 ‐10 2013/14 2014/15 South America Oct 1 Stocks 2015/16 2016/17 US Supplies May 10. 2016 .Lower South American Soybean Stocks On Oct 1  Improve Prospects for U.

915 130 125 2.U.8 109.3 0.2 81.750 3.800 30 30 4.0 46.8 81.9 -3.S.5 -0. Soybean Supply and Demand 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Planted area (million acres) Harvested area (million acres) Yield (bushels per acre) Beginning stocks Production Imports Total supply Crush Seed and residual Domestic use Exports Total use Ending stocks Stocks to use ratio Average market price 82.85 -0.880 1.35/9.7 Million bushels 191 400 3.85 8.7 82.7 7.230 1.8 Dollars per bushel 8.9 1.150 4.010 2.925 400 305 Percent 10.040 1.3 1.7 -23. 2016 .9 -3.3 4.5 8.885 3.9 2.5 -2.0 1.4 48.929 3.740 1.8 May 10.

0 3.3 2.3 2.8 26.7 1.4 14.5 23.5 12.8 89.7 4.8 May 10.2 2.6 2.5 4.0 9.5 13.8 3.0 -5.0 0.6 Change from 2015/16 Percent 4.9 86.4 3.3 4.8 4.2 -27.8 7.0 6.7 0.7 1.6 22.5 104.World Cotton Production Country or Region 2015/16 estimate 2016/17 forecast Million Bales World United States Foreign Argentina Brazil Turkey Syria Australia China India Pakistan Uzbekistan African Franc Zone 99. 2016 .0 3.8 14.0 6.5 28.6 1.5 2.5 28.5 -1.

2016 .5 212.1 96.8 102.8 33.7 -10.3 56.2 63.World Cotton Supply and Use 2015/16 estimate 2016/17 forecast Million Bales Beginning stocks Production Total Supply Consumption Trade Ending Stocks Addendum: China Ending Stocks Change from 2015/16 Percent 112.4 May 10.5 -8.0 109.2 110.4 207.5 4.3 1.0 34.2 102.5 99.6 -3.8 -2.8 104.1 -6.

China Cotton Stocks Declining Slowly China stocks Other world stocks 140 China stocks‐to‐use 169%. May 10. 2016 .  world outside China 36% 120 Mil. bales 100 80 60 40 20 0 2011/12 2012/13 2013/14 2104/15 2015/16 2016/17 proj.

May 10. 2016 .

S.U./ acre 850 825 Projected yield: 807 lbs. May 10. 800 775 750 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 proj. Cotton Yields/Harvested Acre 2006‐2016 Projected 900 875 lbs. 2016 .

0 16.03 0.58 9.63 18.0/67.04 0.1 0.56 8. Cotton Supply and Demand 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Planted area (million acres) Harvested area (million acres) Yield (pounds per acre) Beginning stocks Imports Production Total supply Mill use Exports Total use Unaccounted Ending stocks Stocks/use Average market price 8.80 766 807 Million bales 3.80 16.7 11.60 3.0 17.3 Cents per pound 58.4 8.0 5.00 0.5 -1.70 4.01 4.07 8.4 9.0 14.8 13.50 12.0 47.1 -75.00 10.10 0.60 9.S.0 11.7 33.00 4.81 3.01 12.U.9 0.60 14.89 14. 2016 .70 Percent 31.7 May 10.

3 -50.4 7.0 0.978 100 12. Sugar Supply and Demand 2015/16 estimate 2016/17 forecast 1.617 300 1.4 0.275 1.0 -2.0 -0.620 3.299 15 13.5 -6.932 50 12. raw value Beginning Stocks Production Beets Cane Imports TRQ Re-export Mexico High-tier Total Supply Exports Domestic deliveries Total use Ending stocks 1.758 15 13.815 8.090 3. 2016 .5 0.064 3.710 5.531 175 1.235 1.9 Percent Stocks/use ratio 14.7 0.231 1.3 -41.7 -5.2 13.933 5.743 1.869 3.479 1.U.5 May 10.225 12.3 -4.135 12.7 35.743 8.000 short tons.657 Change from 2015/16 Percent -4.S.

raw value Beginning stocks Production Imports Total Supply Domestic use Exports Total Use Ending stocks 811 6.7 1.184 70 7.2 May 10.358 6.707 1.586 1.301 Change from 2015/16 Percent 67.7 5.358 1.167 1.100 10 7.121 5.652 1.515 6.1 -4.468 4.Mexico Sugar Supply and Demand 2015/16 estimate 2016/17 forecast Thousand MT.5 -1.4 35.1 8.4 -85. 2016 .065 4.

41 43.5 -7.40 Dollars/cwt 126.81 25.5 Change from 2016 Percent 4.S.13 97.64 41.8 115.4 May 10.6 2.25 47.5 2.05 5.U.04 42.9 115.7 -0. 2016 .45 123.79 24.99 25.75 Cents/lb 88.5 -0.0 2. Meat Production and Prices Production Beef Pork Broilers Turkey Total meat Prices Steers Hogs Broilers Turkey 2016 2017 forecast forecast Billion pounds 24.9 -2.96 6.2 87.58 100.8 2.

1 -11.893 2.136 15.905 605 670 138 140 15.300 6.0 2.U.7 10. Meat Trade Million Pounds 2016 forecast Beef Pork Broilers Turkey Mature Chickens Total meat Beef 2017 forecast Exports 2.7 2.550 Change from 2016 Percent 4.198 5.580 5.4 3.464 2.S. 2016 .723 6.9 May 10.605 Imports 2.7 1.

33 36.U. Milk Supply and Demand Production Fat Basis Imports Commercial use Exports Skim-solid Basis Imports Commercial use Exports 2016 2017 Change from forecast forecast 2016 Billion pounds Percent 212.24 6.20 37.0 3.1 -8.7 1.9 7.0 9.2 1.7 8.4 1.4 215.0 213.1 2. 2016 .7 210.S.57 -3.15 183.7 May 10.3 7.37 181.4 6.

70 14.03 1.0 0.89 16.25 0.9 Dollars/cwt 13.59 7. Dairy Product Prices Product prices Cheese Butter Nonfat dry milk Dry whey Class prices Class III Class IV All milk 2016 2017 Change from forecast forecast 2016 Dollars/pound Percent 1.40 14.95 13.48 1.6 5.5 2.8 6.76 0.U.95 -4.1 May 10.27 8. 2016 .9 0.S.55 12.75 8.85 15.

9 May 10.3 Meat (Billion lbs) Beef Pork Broilers Turkey Total Meat 24.0 14.998 231.13 100.04 5.79 25.89 8.052 192.64 42.6 20.t.6 2.1 -31.1 6.800 22.5 Milk (Billion lbs) 212.t.3 14.8 2.3 13.S.475 14..933 1.9 -24.40 4.0 2.929 21.430 407 193 68 3.81 24. Production Summary 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Crops and Products Wheat (Million bu) Rice (Million cwt) Corn (Million bu) Sorghum (Million bu) Barley (Million bu) Oats (Million bu) Soybeans (Million bu) Soybean oil (Million lbs) Soybean meal (Thousand s.05 6. raw value) 2.601 597 214 90 3.U.8 -2.900 44.710 -2.1 -3.440 12.96 97. 2016 .5 2.120 45.8 -9.3 1.99 41.4 215.2 1.80 8.0 2.) Cotton (Million bales) Sugar (Thousand s.58 25.

1 Meat (Billion lbs) Beef Pork Broilers Turkey Total meat 25.77 5.860 240 203 172 2.166 121.1 11.0 -16.5 0.6 3.300 33.t.60 12. raw value) 1.7 2.040 20.0 0.600 33.800 3.0 12.0 May 10.300 3.96 34.202 135.6 1.51 34.0 11.60 12.35 86. fat basis) 210.36 20.220 200 203 168 2.0 1.135 1.74 25.0 1.7 2.2 -2.7 213.Domestic Demand Summary 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Crops and Products Wheat (Million bu) Rice (Million cwt) Corn (Million bu) Sorghum (Million bu) Barley (Million bu) Oats (Million bu) Soybeans (Million bu) Soybean oil (Million lbs) Soybean meal (Thousand s.225 3.5 3.7 0..46 2. 2016 .010 19.7 Milk (Billion lbs.50 88.) Cotton (Million bales) Sugar (Thousand s.t.0 2.19 5.6 1.85 21.

4 8.723 605 138 15.500 9.905 670 140 15.136 2.198 6.4 3.000 10.725 315 13 1.300 6.0 2.0 1. Export Summary 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Crops and products Wheat (Million bu) Rice (Million cwt) Corn (Million bu) Sorghum (Million bu) Barley (Million bu) Soybeans (Million bu) Soybean oil (Million lbs) Soybean meal (Thousand s. 2016 .1 -30.2 13.885 2.7 Meat (Million lbs) Beef Pork Broilers Turkey Mature Chickens Total meat 2.400 12.900 220 15 1.2 15.) Cotton (Million bales) 780 100.3 16.605 4.7 1.U.100 11.50 12.S.464 5.3 14.0 1.580 5.00 875 113.740 2.7 2.0 10.3 4.1 May 10.t.7 10.

10 11.5 47.85 14.00 320.25 1.00 -16.70 15.0 -2.3 -4.10 32.8 -6.t.00 57.59 1.7 -0.8 87.40 3.60 8.0 16.8 6.27 7.9 123.3 43.4 88.00 58.8 6.80 3. 2016 .90 12.5 113.75 8.00 4.55 13.40 12.2 115.35 9.85 30.7 126.5 -7.95 14.9 8.5 1.6 5.4 15.5 -0.89 0.1 May 10.8 115.76 0.5 -4.9 2.9 13.2 -1.00 310.95 0.Price Summary 2015/16 estimate 2016/17 forecast Change from 2015/16 Percent Crops and products Wheat ($/bu) Rice ($/cwt) Corn ($/bu) Soybeans ($/bu) Soybean oil (¢/lb) Soybean meal ($/s.7 3.9 97.48 2.03 0.) Cotton (¢/lb) Livestock Steers ($/cwt) Hogs ($/cwt) Broilers (¢/lb) Turkeys (¢/lb) Eggs (¢/dozen) Dairy products Cheese Butter Nonfat dry milk Dry whey Milk classes Class III ($/cwt) Class IV ($/cwt) All milk ($/cwt) 4.