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USDA U.S.
SUPPLY/DEMAND PROJECTIONS

January 11, 2001

'99/'00 Est

'00/01 Projections
December

'00/01 Projections
January

Corn (in million bushels)
Beginning Stocks

1,787

 1,715 1,718
Production 9,431 10,054 9,968
Imports 15 10 10
Total Supply 11,232 11,779 11,696
Feed and Residual 5,664 5,850 5,775
Food/Seed/Ind. 1,913 1,975 1,965
Domestic Total

7,578

7,825

7,740
Exports 1,937 2,200 2,150
Total Use 9,515 10,025 9,890
Ending Stocks Total 1,718 1,754 1,806
CCC Inventory

14

15

15
Free Stocks

1,704

1,739

1,791
Outstanding Loans

392

400

400
Average Farm Price ($/bu)-X $1.82 $1.65-2.05 $1.65-2.05
X--Marketing-year weighted average price received by farmers.

Soybeans (in million bushels)
Beginning Stocks 348 288 290
Production 2,654 2,777 2,770
Imports 4 3 3
Total Supply 3,006 3,068 3,063
Crushings 1,579 1,605 1,600
Exports 973 975 975
Seed/Other 90 90 90
Residual 74 77 78
Total Use 2,716 2,747 2,743
Ending Stocks 290 320 320
Average Farm Price ($/bu)-X $4.63 $4.50-5.10 $4.50-5.00

Soybean Oil (in million pounds)
Beginning Stocks 1,520 1,995 1,995
Production 17,824 18,175 18,065
Imports 83 80 80
Total Supply 19,427 20,250 20,140
Domestic 16,055 16,450 16,450
Exports 1,376 1,550 1,400
Total Use 17,432 18,000 17,850
Ending Stocks 1,995 2,250 2,290
Average Farm Price (cents/bu)-X $15.60 $13.50-16.00 $13.25-15.25

Soybean Meal (in thousand short tons)
Beginning Stocks 330 293 293
Production 37,623 38,217 38,317
Imports 49 65 65
Total Supply 38,003 38,575 38,675
Domestic 30,378 31,000 31,200
Exports 7,331 7,300 7,200
Total Use 37,710 38,300 38,400
Ending Stocks 293 275 275
Average Farm Price ($/ST)-X $167.70 $170.00-195.00 $170.00-195.00
X--Soybeans: Marketing Year weighted average price received by farmers.
Oil: Simple average of crude soybean oil, Decatur
Meal: Simple average of 48 percent, Decatur.

--Wheat-- (in million bushels)
Beginning Stocks 946 950 950
Production 2,299 2,223 2,223
Imports 95 95 95
Total Supply 3,339 3,268 3,268
Food 925 945 945
Feed and Residual 284 250 300
Domestic Total 1,300 1,281 1,329
Exports 1,090 1,125 1,125
Total Use 2,390 2,406 2,454
Ending Stocks 950 862 814
CCC Inventory

104

120

105
Free Stocks

846

742

709
Average Farm Price ($/bu)-X $2.48 $2.50-2.70 $2.55-2.75
X--Marketing -year weighted average price received by farmers

January 11, 2001
World Agricultural Outlook Board, USDA

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