U.S. SUPPLY/DEMAND DETAILED BY USDA
The U.S. Agriculture Department made
the following supply/demand projections for the 1986/87
seasons, in mln bushels, with comparisons, unless noted --
    CORN --     1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
     Planted   76.7    76.7     83.4    83.4
   Harvested   69.2    69.2     75.2    75.2
  Yield (bu)  119.3   119.3    118.0   118.0
 Supply (mln bu) -- 
 Start Stock  4,040   4,040    1,648   1,648
  Production  8,253   8,253    8,877   8,877
     Total-X 12,295  12,295   10,536  10,536
  X-Includes imports.
    CORN (cont.)
                 1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Usage: Feed  4,500    4,300     4,095    4,126
       Other  1,180    1,150     1,160    1,129
  Ttl Domest  5,680    5,450     5,255    5,255
     Exports  1,375    1,250     1,241    1,241
   Total Use  7,055    6,700     6,496    6,496
  End Stocks  5,240    5,595     4,040    4,040
 Farmer Reser 1,400    1,300       564      564
  CCC Stocks  1,700    1,500       546      546
 Free Stocks  2,140    2,795     2,930    2,930
  AvgPrice  1.35-1.65  1.35-1.65  2.23     2.23
  Note - Price in dlrs per bu. Corn season begins Sept 1.
    ALL WHEAT -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
     Planted   72.0    72.0     75.6    75.6
   Harvested   60.7    60.7     64.7    64.7
       Yield   34.4    34.4     37.5    37.5
 Supply (mln bu) --
 Start Stcks  1,905   1,905    1,425   1,425
  Production  2,087   2,087    2,425   2,425
       Total
    Supply-X  4,007   4,007    3,865   3,865
 X - Includes imports.
    ALL WHEAT   1986/87            1985/86
 (cont.)   04/09/87 03/09/87  04/09/87 03/09/87
 Usage: Food    700    690       678    678
        Seed     84     90        93     93
        Feed    350    325       274    274
  Ttl Domest  1,134  1,105     1,045  1,045
     Exports  1,025  1,025       915    915
   Total Use  2,159  2,130     1,960  1,960
  End Stocks  1,848  1,877     1,905  1,905
 Farmer Reser   475    450       433    433
  CCC Stocks    950    950       602    602
 Free Stocks    423    477       870    870
  Avg Price  2.30-40  2.30-40   3.08   3.08
 Note - Price in dlrs per bushel. Wheat season begins June 1.
    SOYBEANS -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
      Planted   61.5   61.5     63.1   61.1
    Harvested   59.4   59.4     61.6   61.6
   Yield (bu)   33.8   33.8     34.1   34.1
 Supply (mln bu) --
 Start Stocks    536    536      316    316
   Production  2,007  2,007    2,099  2,099
        Total  2,543  2,543    2,415  2,415
    SOYBEANS (cont.)
               1986/87             1985/86
          04/09/87 03/09/87   04/09/87 03/09/87
      Usage --
  Crushings  1,130   1,115      1,053   1,053
    Exports    700     700        740     740
 Seed, Feed and
   Residual    103      93         86      86
  Total Use  1,933   1,908      1,879   1,879
 End Stocks    610     635        536     536
 Avg Price 4.60-4.80 4.60-4.80   5.05    5.05
 Note - Average price in dlrs per bushel. Soybean season begins
June 1.
    FEEDGRAINS - X
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
      Planted  119.8   119.8     128.1   128.1
    Harvested  102.0   102.0     111.8   111.8
 Yld (tonnes)   2.48    2.48      2.45    2.45
 Supply (mln tonnes) --
 Start Stocks  126.4   126.4      57.5    57.5
   Production  252.4   252.4     274.4   274.4
      Imports    0.6     0.6       0.9     0.9
        Total  379.4   379.4     332.7   332.7
 X - Includes corn, sorghum, barley, oats.
    FEEDGRAINS - X (cont.)
                 1986/87          1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Usage: Feed  140.6   136.2     134.8   135.5
       Other   35.8    35.0      35.0    34.3
  Ttl Domest  176.4   171.2     169.8   169.8
     Exports   43.9    40.8      36.6    36.6
   Total Use  220.3   211.9     206.4   206.4
  End Stocks  159.1   167.5     126.4   126.4
 Farmer Reser  39.0    36.5      16.6    16.6
  CCC Stocks   55.2    49.5      20.4    20.4
 Free Stocks   64.8    81.5      89.3    89.3
 X - Includes corn, sorghum, oats, barley. Seasons for oats,
barley began June 1, corn and sorghum Sept 1.
    SOYBEAN OIL -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Supply (mln lbs) --
 Start Stcks     947     947       632     632
  Production  12,263  12,103    11,617  11,617
     Imports     Nil     Nil         8       8
       Total  13,210  13,050    12,257  12,257
 Note - 1985/86 production estimates based on October year
crush of 1,060 mln bushels.
    SOYBEAN OIL (cont.) -
               1986/87             1985/86
          04/09/87  03/09/87  04/09/87  03/09/87
 Usage (mln lbs) --
  Domestic  10,500    10,500    10,053   10,053
   Exports   1,350     1,350     1,257    1,257
     Total  11,850    11,850    11,310   11,310
 End Stcks   1,360     1,200       947      947
 AvgPrice  14.5-16.0  15.0-17.0  18.00    18.00
 Note - Average price in cents per lb. Season for soybean oil
begins Oct 1.
    SOYBEAN CAKE/MEAL, in thousand short tons --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Start Stcks     212     212       387     387
  Production  26,558  26,203    24,951  24,951
       Total  26,770  26,415    25,338  25,338
 Note - 1985/86 production estimates based on October year
crush of 1,060 mln bushels.
    SOY CAKE/MEAL (cont.) -
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Usage (thous short tons) --
  Domestic   20,000  19,750    19,090  19,118
   Exports    6,500   6,350     6,036   6,008
     Total   26,500  26,100    25,126  25,126
 End Stcks      270     315       212     212
  AvgPrice  145-150  145-150   154.90  154.90
  Note - Price in dlrs per short ton. Season for soybean cake
and meal begins Oct 1.
    COTTON --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Area (mln acres) --
      Planted  10.06   10.06     10.68   10.68
    Harvested   8.49    8.49     10.23   10.23
  Yield (lbs)    549     553       630     630
 Supply (mln 480-lb bales) --
 Start Stks-X   9.35    9.35      4.10    4.10
   Production   9.70    9.79     13.43   13.43
 Ttl Supply-Y  19.06   19.14     17.57   17.57
  X - Based on Census Bureau data. Y - Includes imports.
    COTTON (cont.) -
               1986/87           1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
   Usage --
   Domestic   7.10    7.01     6.40    6.40
    Exports   6.66    6.76     1.96    1.96
      Total  13.76   13.77     8.36    8.36
 End Stocks   5.40    5.49     9.35    9.35
 Avge Price  51.7-X  51.7-X   56.50   56.50
 X - 1986/87 price is weighted average for first five months of
marketing year, not a projection for 1986/87. Average price in
cents per lb. Cotton season begins August 1.
    RICE
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
 Acreage (mln acres) --
     Planted   2.40    2.40      2.51    2.51
   Harvested   2.38    2.38      2.49    2.49
 Yield (lbs)  5,648   5,648     5,414   5,414
 Supply (mln cwts) --
 Start Stcks   77.3    77.3      64.7    64.7
  Production  134.4   134.4     134.9   134.9
     Imports    2.2     2.2       2.2     2.2
       Total  213.9   213.9     201.8   201.8
    RICE (cont.)
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
 Usage (mln cwts) --
    Domestic   67.0    67.0      65.8    65.8
     Exports   80.0    80.0      58.7    58.7
     Total-Y  147.0   147.0     124.5   124.5
  End Stocks   66.9    66.9      77.3    77.3
  CCC Stocks   42.9    42.9      41.5    41.5
 Free Stocks   24.0    24.0      35.8    35.8
   AvgPrice 3.45-4.25 3.45-4.25  6.53    6.53
 Note - Average price in dlrs per CWT. Y-Rough equivalent.
N.A.-Not Available, USDA revising price definition due to
marketing loan. Rice season begins August 1.
    SORGHUM
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
  Yield (bu)  67.7    67.7     66.8    66.8
 Supply (mln bu) --
 Start Stcks   551     551      300     300
  Production   942     942    1,120   1,120
       Total 1,493   1,493    1,420   1,420
  Usage (mln bu) --
        Feed   550     575      662     662
       Other    30      30       29      29
  Ttl Domest   580     605      691     691
    SORGHUM (cont.) -
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
    Exports     225     225       178     178
  Total Use     805     830       869     869
 End Stocks     688     663       551     551
 Avge Price  1.30-50  1.30-50    1.93    1.93
 Note - Price in dlrs per bushel. Sorghum season begins Sept 1.
    BARLEY
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Yield (bu)  50.8    50.8      51.0    51.0
 Start Stocks   325     325       247     247
   Production   610     610       591     591
      Imports     5       5         9       9
        Total   941     941       847     847
    BARLEY (cont.)
             1986/87            1985/86
        04/09/87 03/15/87  04/09/87 03/15/87
 Usage (mln bu) --
       Feed  300    300       333    333
      Other  175    175       167    167
 Ttl Domest  475    475       500    500
    Exports  150    150        22     22
  Total Use  625    625       522    522
 End Stocks  316    316       325    325
  AvgPrice 1.45-65  1.45-65  1.98   1.98
 Note - Average price in dlrs per bushel. Barley season begins
June 1.
    OATS - in mln bushels
               1986/87            1985/86
          04/09/87 03/09/87  04/09/87 03/09/87
  Yield (bu)  56.0   56.0      63.7   63.7
 Start Stcks   184    184       180    180
  Production   385    385       521    521
     Imports    30     30        28     28
       Total   598    598       729    729
    OATS, in mln bushels (cont.)
              1986/87             1985/86
         04/09/87 03/09/87   04/09/87 03/09/87
     Usage --
      Feed   400     400       460     460
     Other    85      85        83      83
 Ttl Domes   485     485       543     543
   Exports     2       2         2       2
     Total   487     487       545     545
 End Stcks   111     111       184     184
 AvgPrice 1.00-20  1.00-20    1.23    1.23
  Note - Average price in dlrs per bushel. Oats season begins
June 1.
    LONG GRAIN RICE, in mln CWTs (100 lbs) --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Harvested --
 Acres (mln)   1.83    1.83     1.94    1.94
 Yield (lbs)  5,358   5,358    5,168   5,168
  Start Stks   49.3    49.3     37.7    37.7
  Production   97.8    97.8    100.4   100.4
  Ttl Supply  148.6   148.6    140.1   140.1
 Note -- Starting Stocks does not include broken kernels --
Supply minus use does not equal ending stocks in breakdowns.
Total Supply includes imports but not broken kernels.
    LONG GRAIN RICE, in mln CWTs (100 lbs), cont. --
                 1986/87           1985/86
            04/09/87 03/09/87 04/09/87 03/09/87
 Domestic Use   43.0    43.0      48.8    48.8
      Exports   65.0    60.0      42.0    42.0
    Total Use  108.0   103.0      90.8    90.8
 End Stocks-X   40.6    45.6      49.3    49.3
    AvgPric 3.45-4.25 3.45-4.24   6.86    6.86
 Note - Average price in dlrs per cwt. X-Broken kernels not
included -- supply minus use does not equal ending stocks in
breakdowns. Rice season begins August 1.
    MEDIUM, SHORT GRAIN RICE - in mln CWTs (100 lbs) --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Harvested --
 Acres (mln)   0.55    0.55     0.55    0.55
 Yield (lbs)  6,651   6,651    6,258   6,258
  Start Stks   26.7    26.7     25.7    25.7
  Production   36.6    36.6     34.5    34.5
  Ttl Supply   65.3    65.3     61.7    61.7
 Note -- Starting Stocks does not include broken kernels --
Supply minus use does not equal ending stocks in breakdowns.
Total Supply includes imports but not broken kernels.
    MEDIUM, SHORT GRAIN RICE, in mln CWTs (100 lbs), cont. --
                 1986/87          1985/86
            04/09/87 03/09/87 04/09/87 03/09/87
 Domestic Use   24.0    24.0      17.0    17.0
      Exports   15.0    20.0      16.7    16.7
    Total Use   39.0    44.0      33.7    33.7
 End Stocks-X   24.5    19.5      26.7    26.7
    AvgPric 3.45-4.25  3.45-4.25  5.91    5.91
 Note - Average price in dlrs per CWT. X-Broken kernels not
included - supply minus use does not equal ending stocks in
breakdowns. Rice season begins August 1.
    NOTES ON U.S. SUPPLY/DEMAND TABLES
    -- N.A. - Not available.
    -- Totals may not add due to rounding.
    -- Figures for 1986/87 are midpoint of USDA range.
    -- Feed usage for corn, wheat, soybean, feedgrains,
sorghum, barley, oats includes residual amount.
    -- Residual amount included in rice and medium/short grain
rice domestic usage.
    -- Rice, long grain, and medium/short grain rice average
price for 1985/86 estimates and 1986/87 projections are market
prices and exclude cash retained under the marketing loan since
April, 1986.
 Reuter
