USDA SUPPLY & DEMAND REVIEW

August 12, 2022

SOYBEANS
SOYBEANS: US soybean ending stocks for 2022/23 USDA SUPPLY/DEMAND
came in at 245 million bushels versus an average US SOYBEANS Aug Aug Jul Aug
expectation of 225 million (range 151 to 285 million) and
USDA USDA USDA USDA
230 million in July. Ending stocks for 2021/22 came in at
225 million bushels versus 226 million expected (range 20-21 21-22 22-23 22-23
210 to 255 million) and 215 million in July. The USDA Area (M Acres)
lowered planted acreage by 300,000 acres and raised Planted 83.4 87.2 88.3 88.0
average yield to 51.9 bushels per acre from 51.5 last Harvested 82.6 86.3 87.5 87.2
month. They also raised exports by 20 million bushels to
help offset the increased production. World soybean Yield (Bu/Acre) 51.0 51.4 51.5 51.9
ending stocks for 2022/23 came in at 101.41 million
tonnes versus an average expectation of 99.50 million
Beginning Stocks (M Bu) 525 257 215 225
(range 97.50-103.10 million) and 99.61 million in June.
Brazil's 2021/22 production was left unchanged at 126.00 Production 4,216 4,435 4,505 4,531
million tonnes versus an average expectation of 126.10 Imports 20 15 15 15
million (range 126.00-127.00 million). Argentina's Supply,Total 4,761 4,707 4,735 4,771
production was left unchanged at 44 million tonnes as
expected. Crushings 2,141 2,205 2,245 2,245
Exports 2,266 2,160 2,135 2,155
Seed 101 102 102 102
Residual -4 15 23 24
Use, Total 4,504 4,482 4,505 4,526
Ending Stocks 257 225 230 245

Stocks/Use Ratio 5.7% 5.0% 5.1% 5.4%

USDA SUPPLY/DEMAND Aug Aug Jul Aug
WORLD SOYBEANS USDA USDA USDA USDA
(Million Metric Tons) 20-21 21-22 22-23 22-23
Supply
Beginning Stocks 94.66 99.88 88.73 89.73
Production 368.44 352.74 391.40 392.79
Imports 165.50 153.39 166.12 166.22
Use
Crush, Domestic 315.41 313.79 327.13 327.77
Total Domestic 364.02 363.03 377.75 378.25
Exports 164.70 153.25 168.89 169.08
Ending Stocks 99.88 89.73 99.61 101.41

Stocks/Use Ratio 27.4% 24.7% 26.4% 26.8%

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent
verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice.
This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or
commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully
consider the inherent risks of such an investment in light of their financial condition.
 USDA SUPPLY & DEMAND REVIEW
August 12, 2022

CORN
CORN: US corn ending stocks for 2022/23 came in at USDA SUPPLY/DEMAND
1.388 billion bushels versus an average trade expectation US CORN Aug Aug Jul Aug
of 1.407 billion (range 1.285 to 1.500 billion) and 1.470
USDA USDA USDA USDA
billion in the July report. Ending stocks for 2021/22 came
in at 1.530 billion bushels versus 1.520 billion expected 20-21 21-22 22-23 22-23
(range 1.363 to 1.610 billion) and 1.510 billion in June. Area (M Acres)
The USDA lowered yield to 175.4 bushels per acre from Planted 90.7 93.4 89.9 89.8
177 in last month's report. Exports were revised lower, Harvested 82.3 85.4 81.9 81.8
and so was feed usage, but the lower yield helped tighten
the ending stocks forecast. World ending stocks for Yield (Bu/Acre) 171.4 177.0 177.0 175.4
2022/23 came in at 306.68 million tonnes versus an
average expectation of 309.90 million (range 302.0-314.0 Beginning Stocks (M Bu) 1,919 1,235 1,510 1,530
million) and 312.9 million in July. Brazil's 2021/22 Production 14,111 15,115 14,505 14,359
production was left unchanged at 116 million tonnes as
Imports 24 25 25 25
expected. Argentina's production was also left unchanged
Supply, Total 16,055 16,375 16,040 15,913
at 53 million tonnes versus 52.70 million expected (range
50.00-53.50 million).
Feed & Residual 5,603 5,600 5,350 5,325
Food, Seed & Industry 6,471 6,795 6,820 6,825
Ethanol for Fuel 5,033 5,350 5,375 5,375
Domestic Total 12,074 12,395 12,170 12,150
Total Exports 2,747 2,450 2,400 2,375
Use, Total 14,821 14,845 14,570 14,525
Ending Stocks 1,235 1,530 1,470 1,388

Stocks/Use Ratio 8.3% 10.3% 10.1% 9.6%

USDA SUPPLY/DEMAND Aug Aug Jul Aug
WORLD CORN USDA USDA USDA USDA
(Million Metric Tons) 20-21 21-22 22-23 22-23
Supply
Beginning Stocks 307.46 292.89 312.28 311.84
Production 1,129.44 1,218.76 1,185.90 1,179.61
Imports 185.22 178.58 177.08 179.78
Use
Feed, Domestic 724.18 745.93 747.21 746.01
Total Domestic 1,144.02 1,199.80 1,185.24 1,184.77
Exports 182.61 200.44 182.57 185.62
Ending Stocks 292.89 311.84 312.94 306.68

Stocks/Use Ratio 25.6% 26.0% 26.4% 25.9%

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent
verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice.
This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or
commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully
consider the inherent risks of such an investment in light of their financial condition.
 USDA SUPPLY & DEMAND REVIEW
August 12, 2022

WHEAT
WHEAT: US 2022/23 all wheat production came in at USDA SUPPLY/DEMAND
1.783 billion bushels versus an average expectation of US WHEAT Aug Aug Jul Aug
1.796 billion and a range of expectations from 1.774 to
USDA USDA USDA USDA
1.881 billion. This was up from the July estimate of 1.781
20-21 21-22 22-23 22-23
billion. Ending stocks came in at 610 million bushels
versus 650 million expected (range 607 to 676 million) Area (M Acres)
and 639 million in June. World ending stocks came in at Planted 44.5 46.7 47.1 47.0
267.34 million tonnes versus an average expectation of Harvested 36.8 37.2 37.6 37.5
268.3 million (range 265.0-273.0 million) and 267.5 million
in July. Yield (Bu/Acre) 49.7 44.3 47.3 47.5

Beginning Stocks (M Bu) 1,028 845 660 660

Production 1,828 1,646 1,781 1,783
Imports 100 95 110 110
Total Supply 2,956 2,586 2,551 2,553

Food 961 972 964 970

Seed 64 60 68 68
Feed/Residual 93 94 80 80
Domestic Total 1,117 1,126 1,112 1,118
Total Exports 994 800 800 825
Use, Total 2,111 1,926 1,912 1,943
Ending Stocks 845 660 639 610

Stocks/Use Ratio 40.0% 34.3% 33.4% 31.4%

USDA SUPPLY/DEMAND Aug Aug Jul Aug
WORLD WHEAT USDA USDA USDA USDA
(Million Metric Tons) 20-21 21-22 22-23 22-23
Supply
Beginning Stocks 298.21 290.27 280.10 276.35
Production 774.28 779.24 771.64 779.60
Imports 195.37 197.83 202.74 203.89
Use
Feed, Domestic 157.97 159.93 151.31 152.79
Total Domestic 782.22 793.16 784.22 788.60
Exports 203.40 202.67 205.47 208.65
Ending Stocks 290.27 276.35 267.52 267.34

Stocks/Use Ratio 37.1% 34.8% 34.1% 33.9%

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent
verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice.
This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or
commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully
consider the inherent risks of such an investment in light of their financial condition.
 USDA SUPPLY & DEMAND REVIEW
August 12, 2022

COTTON
USDA SUPPLY/DEMAND USDA SUPPLY/DEMAND Aug Aug Jul Aug
COTTON Aug Aug Jul Aug WORLD COTTON USDA USDA USDA USDA
USDA USDA USDA USDA (Million 480-lb Bales) 20-21 21-22 22-23 22-23
20-21 21-22 22-23 22-23 Supply
Area (M Acres) Beginning Stocks 97.79 88.11 84.04 84.72
Planted 12.09 11.22 12.48 12.48 Production 111.37 115.96 120.07 117.01
Harvested 8.22 10.27 8.55 7.13 Imports 49.08 42.98 46.37 44.57
Use
Yield (Lb/Acre) 853 819 870 846 Domestic 121.68 119.22 119.92 119.09
Exports 48.49 43.29 46.38 44.58
Beginning Stocks (M Bales) 7.25 3.15 3.40 3.50 Loss -0.05 -0.18 -0.10 -0.13
Production 14.61 17.52 15.50 12.57 Ending Stocks 88.11 84.72 84.26 82.77
Imports 0.00 0.01 0.01 0.01
Stocks/Use Ratio 72.4% 71.1% 70.3% 69.5%
Supply, Total 21.86 20.68 18.91 16.08

Domestic Use 2.40 2.55 2.50 2.30

Exports 16.35 14.65 14.00 12.00
Use, Total 18.75 17.20 16.50 14.30
Unaccounted -0.04 -0.02 0.01 -0.03
Ending Stocks 3.15 3.50 2.40 1.80

Stocks/Use Ratio 16.8% 20.3% 14.5% 12.6%

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent
verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice.
This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or
commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully
consider the inherent risks of such an investment in light of their financial condition.