The following estimates, forecasts, and projections are mainly taken from recent publications of the National Agricultural Statistics Service, Economic Research Service, and the World Agricultural Outlook Board of the USDA.

U.S. corn ending stocks for the 2005/06 marketing year are forecast by World Agricultural Outlook Board (WAOB) to total 2.40 billion bushels, down 25 million bushels from the previous forecast, but 287 million bushels above the 2004/05 marketing year. No changes were made to projected feed and residual use or exports, but projected use of corn to produce ethanol was up 25 million bushels from last month. The average price for the 2005 crop is expected to be between $1.75 and $2.05 per bushel, unchanged from last month.

Ending U.S. soybean stocks for the 2005/06 marketing year are forecast by WAOB to total 555 million bushels, up 50 million bushels from the previous forecast and 299 million bushels above the 2004/05 marketing year. If realized, this would be the highest ending stocks level on record. Projected U.S. exports were down 40 million from last month as record Brazilian exports reduced demand for U.S. soybeans. Crush prospects decreased by 10 million bushels, reflecting lower domestic soybean meal and oil consumption. The average price for the 2005 crop is expected to be between $5.20 and $5.80 per bushel.

U.S. wheat ending stocks for the 2005/06 marketing year are forecast by WAOB to total
542 million bushels, unchanged from the previous month. No changes were made to projected imports, domestic use, or exports. The average price for the 2005 crop is expected to be between $3.35 and $3.45 per bushel.

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