USDA 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

millions of hectares
Area Harvested 6.51 5.97 6.24 6.45 5.08 5.17
MT per hectare
Yield 3.38 3.14 3.21 2.8 3 3.15
million MT
Beginning Stocks 1.98 1.49 0.84 1.85 1.69 1.11
Production 22.00 18.76 20.02 18.05 15.24 16.25
Imports 3.22 4.14 4.16 4.33 6.21 6.30
Total Supply 27.20 24.40 25.01 24.23 23.14 23.66
Crushings 24.30 22.30 22.05 21.45 21.10 22.00
Total Domestic Use 25.25 23.13 22.84 22.25 21.70 22.60
Exports 0.34 0.43 0.32 0.29 0.33 0.25
Total Use 25.59 23.56 23.16 22.54 22.03 22.85
Ending Stocks 1.61 0.84 1.85 1.69 1.11 0.81
Stocks to Use 6.3% 3.6% 8.0% 7.5% 5.0% 3.5%

Platts Analytics 2020/21

millions of hectares
Area Harvested
MT per hectare
Yield
million MT
Beginning Stocks
Production
Imports
Total Supply
Crushings
Total Domestic Use
Exports
Total Use
Ending Stocks
Stocks to Use
2021/22

5.36

3.24

0.23
17.35
5.0+
22.60
21.20
21.80
0.30
22.10
0.40
1.8%

2021/22 2022/23 2023/24 2024/25

5.3 5.1 5.0 4.9

3.23 3.21 3.21 3.21

0.5 0.3 0.6 0.6

17.1 16.3 16.0 15.7
5.5 6.7 6.8 6.9
23.1 23.3 23.4 23.2
22.0 22.0 22.1 22.2
22.6 22.4 22.5 22.6
0.10 0.25 0.25 0.25
22.7 22.7 22.8 22.9
0.3 0.6 0.6 0.3
1.32% 2.6% 2.6% 1.3%
USDA Feb May June July August Sept
millions of hectares USDA Outlook Harvest Harvest
Area Harvested 5.2 5.2 5.2 5.2 5.2
tons per hectare
Yield per Harvested Area 3.19 3.31 3.27 3.25 3.25
millions of tons
Beginning Stocks 0.9 0.9 0.8 0.7 0.7
Production 16.6 17.2 17.0 17.0 17.0
Imports 6.4 6.3 6.5 5.2 5.2
Total Supply 23.9 24.4 24.3 22.9 22.9
Crushings 22.0 22.2 22.2 21.3 21.3
Food, Seed & Industrial 0.6 0.7 0.7 0.6 0.6
Total Domestic Use 22.6 22.9 22.9 22.0 22.0
Exports 0.30 0.30 0.30 0.2 0.2
Total Use 22.9 23.2 23.2 22.1 22.1
Ending Stocks 1.0 1.3 1.1 0.8 0.8
Stocks to Use 4.5% 5.4% 4.8% 3.43% 3.43%

Platts Analytics Feb May June July August Sept

millions of hectares
Area Harvested 5.3 5.2 5.2 5.2 5.2
tons per hectare
Yield per Harvested Area 3.03 3.20 3.20 3.23 3.23
millions of tons
Beginning Stocks 1.0 1.0 1.0 1.0 1.0
Production 16.1 16.6 16.6 16.8 16.8
Imports 6.6 6.6 6.6 6.0 6.0
Total Supply 23.7 24.2 24.2 23.7 23.7
Crushings 21.5 21.8 21.8 22.0 22.0
Feed Waste 0.6 0.6 0.6 0.6 0.6
Total Domestic Use 22.1 22.4 22.4 22.6 22.6
Exports 0.25 0.25 0.25 .0.1 .0.1
Total Use 22.4 22.7 22.7 22.7 22.7
Ending Stocks 1.3 1.6 1.6 1.1 1.1
Stocks to Use 5.9% 7.0% 7.0% 4.74% 4.74%
Oct Nov Dec Jan
"Final"
5.3 5.3 5.3 5.36 NOTES: From May through July, the USDA's World Agricultu
forecasts production based on data gathered from
3.25 3.25 3.25 3.24 USDA’s Foreign Agricultural Service (FAS) attaché re
released by foreign governments, satellite imagery,
0.4 0.4 0.4 0.23 July and August are typically the heaviest harvest m
17.3 17.3 17.3 17.35
5.0 5.0 5.0 5.0
22.7 22.7 22.7 22.6
21.0 21.0 21.0 21.2
0.6 0.6 0.6 0.6
21.6 21.6 21.6 21.8
0.2 0.2 0.2 0.3
21.8 21.8 21.8 22.1
0.8 0.8 0.8 0.4
3.57% 3.57% 3.57% 1.80%

Oct Nov Dec Jan

5.3 5.3 5.3 5.3

3.23 3.23 3.23 3.23

0.5 0.5 0.5 0.5

17.1 17.1 17.1 17.1
5.5 5.5 5.5 5.5
23.0 23.0 23.0 23.0
22.0 22.0 22.0 22.0
0.6 0.6 0.6 0.6
22.6 22.6 22.6 22.6
0.1 0.1 0.1 0.1
22.7 22.7 22.7 22.7
0.3 0.3 0.3 0.3
1.32% 1.32% 1.32% 1.32%
uly, the USDA's World Agricultural Outlook Board
based on data gathered from many sources including
cultural Service (FAS) attaché reports, official data
governments, satellite imagery, and weather data.
typically the heaviest harvest months.
January 3, 2024

© 2022 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

The names “S&P Global Platts” and “Platts” and the S&P Global Platts logo are trademarks of S&P Global Inc. Permission for any commercial
use of the S&P Global Platts logo must be granted in writing by S&P Global Inc.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables and images (“Data”) in
this publication only for your personal use or, if you or your company has a license for the Data from S&P Global Platts and you are an authorized
user, for your company’s internal business use only. You may not publish, reproduce, extract, distribute, retransmit, resell, create any derivative
work from and/or otherwise provide access to the Data or any portion thereof to any person (either within or outside your company, including as
part of or via any internal electronic system or intranet), firm or entity, including any subsidiary, parent, or other entity that is affiliated with your
company, without S&P Global Platts’ prior written consent or as otherwise authorized under license from S&P Global Platts. Any use or
distribution of the Data beyond the express uses authorized in this paragraph above is subject to the payment of additional fees to S&P Global
Platts.

S&P Global Platts, its affiliates and all of their third-party licensors disclaim any and all warranties, express or implied, including, but not limited to,
any warranties of merchantability or fitness for a particular purpose or use as to the Data, or the results obtained by its use or as to the
performance thereof. Data in this publication includes independent and verifiable data collected from actual market participants. Any user of the
Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other
decision. S&P Global Platts, its affiliates and their third-party licensors do not guarantee the adequacy, accuracy, timeliness and/or completeness
of the Data or any component thereof or any communications (whether written, oral, electronic or in other format), and shall not be subject to any
damages or liability, including but not limited to any indirect, special, incidental, punitive or consequential damages (including but not limited to,
loss of profits, trading losses and loss of goodwill).
ICE index data and NYMEX futures data used herein are provided under S&P Global Platts’ commercial licensing agreements with ICE and with
NYMEX. You acknowledge that the ICE index data and NYMEX futures data herein are confidential and are proprietary trade secrets and data of
ICE and NYMEX or its licensors/suppliers, and you shall use best efforts to prevent the unauthorized publication, disclosure or copying of the ICE
index data and/or NYMEX futures data.

Permission is granted for those registered with the Copyright Clearance Center (CCC) to copy material herein for internal reference or personal
use only, provided that appropriate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone +1-978-750-8400.
Reproduction in any other form, or for any other purpose, is forbidden without the express prior permission of S&P Global Inc. For article reprints
contact: The YGS Group, phone +1-717-505-9701 x105 (800-501-9571 from the U.S.).

For all other queries or requests pursuant to this notice, please contact S&P Global Inc. via email at support@platts.com.

agsanalytics@spglobal.com