WORLD SUPPLY/DEMAND ESTIMATES ISSUED BY USDA The U.S. Agriculture Department made the following 1986/87 projections in its world Supply/Demand report, with comparisons, in mln tonnes, except where noted -- Total World Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Produc 1,682.31 1,686.11 1,663.69 1,663.70 Total Supply 2,025.71 2,028.45 1,919.18 1,920.13 Trade-X 212.15 211.89 204.42 203.92 Usage 1,635.01 1,630.40 1,575.78 1,577.79 End Stks 390.70 398.05 343.40 342.34 X-Based on export estimate. All Wheat 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stks 137.05 136.48 125.54 125.87 Production 529.20 528.40 498.97 498.81 Imports 97.57 98.27 94.56 94.36 Feed Use 101.79 100.82 90.19 90.56 Total Domes 517.26 514.89 487.45 488.20 Exports 101.08 101.20 95.92 95.76 End Stocks 148.99 149.99 137.05 136.48 Note - World imports/exports may not balance due to differing marketing years, grains in transit and reporting discrepancies. Coarse Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 181.64 181.10 107.80 108.40 Production 835.21 838.82 844.60 844.84 Imports 95.66 93.77 95.70 95.18 Feed Use 514.07 510.20 510.20 510.80 Total Domes 796.33 793.64 770.76 772.14 Exports 98.97 98.47 96.02 95.76 End Stocks 220.52 226.28 181.64 181.10 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Corn (Mln Tonnes) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 123.08 123.11 61.09 61.75 Production 477.26 480.29 481.86 481.92 Imports 61.03 58.59 62.12 62.08 Feed Use 295.49 289.47 286.53 287.42 Ttl Domes 444.78 439.80 419.88 420.55 Exports 62.80 62.10 62.53 62.15 End Stocks 155.56 163.61 123.08 123.11 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Soybeans 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 23.03 22.84 17.59 17.58 Production 99.98 99.43 96.74 96.53 Imports 26.21 26.27 27.08 27.08 Crushings 79.69 79.33 76.16 76.15 Ttl Domes 97.53 96.40 92.36 92.34 Exports 26.45 26.43 26.02 26.01 End Stocks 25.23 25.71 23.03 22.84 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Soybean Meal 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.55 2.47 2.79 2.74 Production 62.71 62.40 60.09 60.09 Imports 23.47 23.49 23.48 23.47 Consumption 62.69 62.49 61.06 61.10 Exports 23.51 23.39 22.76 22.74 End Stocks 2.52 2.47 2.55 2.47 Note - Imports and exports may not balance due to differing marketing years and time lags between reported exports and imports. Soybean Oil 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.61 1.51 1.37 1.36 Production 14.20 14.13 13.65 13.66 Imports 3.31 3.29 3.08 3.05 Consumption 14.02 14.03 13.33 13.40 Exports 3.33 3.35 3.15 3.16 End Stocks 1.78 1.54 1.61 1.51 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Cotton (Mln Bales) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 45.87 48.14 42.70 43.11 Production 69.53 69.66 78.94 78.92 Imports 23.07 23.07 21.49 21.45 Mill Use 80.72 77.08 76.84 74.79 Exports 23.37 23.50 20.25 20.28 End Stocks 34.16 39.99 45.87 48.14 Note - Imports and exports may not balance due to cotton in transit and reporting discrepancies in some countries. Rice (Milled Basis) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 24.71 24.75 22.16 22.16 Production 317.90 318.90 320.12 320.05 Imports 10.56 10.63 11.68 11.70 Dom. Use 321.41 321.87 317.58 317.46 Exports 12.11 12.22 12.49 12.39 End Stocks 21.19 21.78 24.71 24.75