U.S. Wheat and Cotton Carryover Drop

Posted on Tue, 12/10/2019 - 10:58

USDA made hardly any changes to its U.S. balance sheet for either corn or soybeans. Also of note today, the department cut its cotton crop estimate a larger-than expected 611,000 bales from last month, for a production estimate of 20.206 million bales. 

 

U.S. Carryover

Corn – billion bushels

 

2019-20

USDA

1.910

Average est.

1.919

USDA November

1.910

 

Soybeans – million bushels

Marketing year

2019-20

 

475

Average est.

476

USDA November

475

 

Wheat – billion bushels

 

2019-20

USDA

974

Average est.

1.010

USDA November

1.014

 

Cotton – million bales

 

2019-20

USDA

5.50

Average est.*

6.01

USDA November

6.10

*Based on the results of a survey by Bloomberg News.

 

Global Carryover

Corn – MMT

 

2019-20

USDA

300.56

World less China

99.49

Average est.

295.52

USDA November

295.96

 

Soybeans – MMT

 

2019-20

USDA

96.40

World less China

76.23

Average est.

95.46

USDA November

95.42

 

Wheat – MMT

 

2018-19

USDA

289.50

World less China

142.04

Average est.

286.18

USDA November

288.28

 

Cotton – million bales

 

2018-19

USDA

80.32

World less China

47.08

Average est. *

80.62

USDA November

80.80

 

*Based on the results of a survey by Bloomberg news.

 

 

Global Production Highlights

Corn – MMT

 

2018-19

December (November)

2018-19

December (November)

U.S.

366.29 (366.29)

 347.01 (347.01)

Argentina

51.00 (51.00)

50.00 (50.00)

Brazil

 101.00 (101.00)

 101.00 (101.00)

South Africa

11.80 (11.75)

 14.00 (14.00)

Ukraine

35.81 (35.81)

35.50 (35.50)

China

257.33 (257.33)

 260.77 (254.00)

Soybeans – MMT

 

2018-19

December (November)

2019-20

December (November)

U.S.

 120.52 (120.52)

96.62 (96.62)

Argentina

         55.30 (55.30)

53.00 (53.00)

Brazil

117.00 (117.00)

 123.00 (123.00)

Paraguay

 8.85 (8.85)

10.20 (10.20)

China

15.90 (15.90)

18.10 (17.10)

Wheat – MMT

 

2018-19

December (November)

2019-20

December (November)

U.S.

51.31 (51.31)

52.26 (52.26)

Argentina

19.50 (19.50)

19.00 (20.00)

Australia

        17.30 (17.30)

16.10 (17.20)

Canada

32.20 (32.20)

 32.35 (33.00)

EU

136.86 (136.86)

153.50 (153.00)

Russia

71.69 (71.69)

 74.50 (74.00)

Ukraine

25.06 (25.06)

29.00 (29.00)

Cotton – million bales

 

2018-19

December (November)

2019-20

December (November)

U.S.

18.37 (18.37)

20.21 (20.82)

Australia

2.20 (2.20)

0.85 (1.20)

Brazil

12.52 (12.52)

12.50 (11.60)

India

25.80 (26.50)

29.50 (30.00)

China

27.75 (27.75)

 27.25 (27.25)