ISSN:1554-9089      

WASDE-466 January 12, 2009

WHEAT:  Projected U.S. wheat ending stocks for 2008/09 are
raised 32 million bushels this month with lower projected
domestic use.  Feed and residual use is projected 30 million
bushels lower as December 1 stocks, reported in the January
Grain Stocks, indicate lower-than-expected feed and residual
use during September-November.  Seed use is reduced 2 million
bushels based on lower-than-expected winter wheat planted
area as reported in Winter Wheat Seedings.  The projected
season-average farm price is narrowed 10 cents on both ends of
the range to $6.50 to $6.90 per bushel.

Small supply and use changes for wheat in 2007/08 and earlier
years are made based on revisions in the Field Crops Final
Estimates 2002-2007, released December 31, 2008.  A 16-
million-bushel reduction in 2007/08 production and an offsetting
reduction in feed and residual use are the most significant
changes.
                       
Global 2008/09 wheat production is projected at 682.9 million
tons, down 1.1 million from last month.  Lower production in
Argentina and EU-27 more than offset an increase for Turkey. 
Production is lowered 1.0 million tons for Argentina as extended
drought reduced yields.  Production is lowered 0.4 million tons
for EU-27 reflecting a downward revision in official government
statistics by France.  Production is raised 0.3 million tons for
Turkey as drought impacts were less than expected in some
areas and higher quality seed boosted yields in others.

World wheat imports and exports for 2008/09 are both raised
this month.  Imports are increased 1.0 million tons for the EU-27
as member countries import low-priced, low-quality wheat from
Ukraine.  Imports are raised for Saudi Arabia based on recently
announced tenders and for Turkey based on the pace of
shipments to date.  Imports are lowered 0.5 million tons for
South Korea as increased use of alternative feeds, including
distillers grains and cassava, reduce demand for feed quality
wheat.  Exports are raised 1.0 million tons for Russia as
burdensome supplies of wheat make Russia the low-cost
competitor in many markets.  Exports are also raised for Mexico
and Turkey.  Partly offsetting is a 1.0-million-ton reduction for
Argentina as lower production and restrictive government
policies limit exports.

World wheat consumption for 2008/09 is lowered this month. 
World wheat feeding is lowered 1.3 million tons on reduced
feeding for the United States and South Korea.  Global ending
stocks are increased 1.0 million tons mostly reflecting the
increase in U.S. ending stocks.  Increases in projected ending
stocks for EU-27, Saudi Arabia, and Turkey are mostly offset by
reductions for Russia and Mexico.

COARSE GRAINS:  U.S. corn ending stocks for 2008/09 are
projected 316 million bushels higher this month on higher
estimated production and lower expected use.  Corn production
for 2008/09 is estimated 81 million bushels higher.  Feed and
residual use is reduced 50 million bushels reflecting lower
animal numbers and September-November disappearance as
indicated by December 1 stocks.  Ethanol corn use is lowered
100 million bushels as sustained negative ethanol production
margins since early December have reduced incentives for
ethanol output.  Recent increases in trading values for
Renewable Identification Numbers (RINs) that can be used in
lieu of ethanol to meet mandated levels also indicate reduced
demand for ethanol.  Projected food, seed, and industrial use is
lowered an additional 35 million bushels on lower-than-expected
use for sweeteners and starch during September-November. 
Exports are projected 50 million bushels lower based on the
slow pace of sales and shipments to date.  The projected
season-average farm price for corn is lowered 10 cents on each
end of the range to $3.55 to $4.25 per bushel.

Sorghum ending stocks for 2008/09 are increased 27 million
bushels on higher estimated production and lower expected feed
and residual use.  Projected sorghum feed and residual use is
reduced 20 million bushels on lower-than-expected September-
November disappearance as indicated by December 1 stocks. 
The sorghum season-average farm price range is lowered 10
cents on both ends of the range to $2.90 to $3.50 per bushel. 
The barley farm price is narrowed 10 cents on each end of the
range to $4.95 to $5.35 per bushel.  The oats price is raised 10
cents on each end of the range to $2.90 to $3.10 per bushel
based on producer prices to date. 

Small supply and use changes for feed grains in 2007/08 and
earlier years are made based on revisions in Field Crops Final
Estimates 2002-2007.  A 36-million-bushel reduction in 2007/08
corn production and an offsetting reduction in feed and residual
use are the most significant changes.

Global coarse grain supplies for 2008/09 are projected 5.5
million tons higher with global corn production raised 5.1 million
tons.  Increased corn production in China, the United States,
Mexico, Russia, and EU-27 more than offset reductions for
Brazil and Argentina.  Corn production for China is raised 5.5
million tons on higher area and yields as indicated by available
national and provincial government data.  Mexico production is
raised 1.0 million tons as favorable weather is reflected in the
latest indications of yields.  Production for Russia is raised 0.3
million tons on higher harvested area and higher yields
consistent with late-season harvest results.  EU-27 production is
raised 0.3 million tons reflecting official government statistics by
France.  Brazil corn production is lowered 2 million tons as
extended dryness and heat during December sharply reduced
yield prospects for southern Brazil.  Argentina production is
lowered 1.5 million tons as continued drought and extended heat
during December reduced prospects for harvested area and
yields in eastern Argentina.

World coarse grain imports and exports for 2008/09 are both
lowered this month mostly on lower expected corn trade.  Corn
imports are lowered 1.0 million tons for Mexico with part of this
reduction offset by a 0.3-million-ton increase in sorghum imports. 
Smaller reductions in imports are projected for a number of other
countries where feeding is projected lower.  Corn exports are
lowered 1.5 million tons for Argentina and 0.8 million tons for
India.  Global corn consumption is lowered with lower expected
feeding and food, seed, and industrial use, much of this
reduction coming from changes to the U.S. balance sheet. 
Global corn ending stocks for 2008/09 are projected 12.2 million
tons higher with the United States and China accounting for
most of the increase.

RICE:  The U.S. 2008/09 rice crop is estimated at 203.7 million
cwt, up slightly from the previous estimate as an increase in area
more than offsets a reduction in yield.  Average yield is
estimated at 6,846 pounds per acre, down 113 pounds per acre
from last month, and 373 pounds per acre below record
2007/08.  Harvested area is estimated at 2.98 million acres, up
52,000 acres from the previous estimate.  Combined medium-
and short-grain production is increased 1.7 million cwt to 50.5
million and more than offsets a reduction of 1.5 million cwt for
long-grain rice to 153.3 million.  

U.S. rice imports for 2008/09 are projected at 18.0 million cwt,
down 4.5 million from last month with imports of combined
medium- and short-grain rice reduced 2.5 million and long-grain
imports down 2.0 million.  The reduction in the import projection
is due to a slower-than-expected pace of imports early in the
marketing year from key suppliers including China, India, and
Thailand, and the expectation that the pace will stay depressed
the remainder of the marketing year.  Domestic and residual use
is raised 1 million cwt to 127 million based in part on food,
industrial, and residual use implied by December 1 rice stocks. 
All rice exports are lowered 5 million cwt to 101 million, with
long-grain down 6 million and combined medium- and short-
grain up 1 million.  Rough rice exports are lowered 1 million cwt
to 38 million, while combined milled and brown exports (on a
rough-equivalent basis) are lowered 4 million cwt to 63.0 million. 
All rice ending stocks are projected at 23.2 million cwt, slightly
below last month, with the reduction all in long-grain. 

The all rice season-average farm price for 2008/09 is forecast at
$16.50 to $17.50 per cwt, up $1.35 per cwt on both ends of the
range.  The long-grain season-average farm price range is
projected at $15.50 to $16.50 per cwt, up $1.00 per cwt on each
end of the range.  The combined medium- and short-grain farm
price range is projected at $21.50 to $22.50 per cwt, up $3.50
per cwt on each end.  Although global rice prices have trended
downward since the beginning of the marketing year, they are
declining at a slower rate than expected and recently Thailand's
nominal export quotes have risen.  Government policies in
Thailand (intervention program) combined with continued export
bans by India and Egypt have supported global prices. 
Additionally, monthly farm prices reported by the National
Agricultural Statistics Service (NASS) through December
(preliminary) indicate that the season-average price will be
higher than projected a month ago, particularly for combined
medium- and short-grain rice.

Global 2008/09 rice production, consumption, and ending stocks
are raised slightly from a month ago, while trade is little
changed.  The increase in global rice production is due primarily
to a larger 2008/09 rice crop in China, which is up 4.2 million
tons to 135.1 million, and the largest crop since 1999/00.  The
increase in China's crop is due to an increase in both area
harvested and yield and is based in part on national and
provincial government information.  Global ending stocks are
projected at 82.7 million tons, up 1.8 million from last month, up
4.0 million from 2007/08, and the largest stocks since 2002/03. 

OILSEEDS:  U.S. oilseed production for 2008/09 is estimated at
89.1 million tons, up 0.9 million tons from last month.  Increases
for soybeans and peanuts are only partly offset by decreases for
cottonseed, canola, and sunflowerseed.  Soybean production is
estimated at 2.959 billion bushels, up 39 million bushels from
last month based on both higher yields and harvested area.  The
soybean yield is estimated at 39.6 bushels per acre.  Soybean
exports are raised 50 million bushels to 1.1 billion due to strong
sales and shipments to China.  Projected soybean crush is
reduced 30 million bushels to 1.685 billion bushels reflecting
sharply reduced domestic soybean meal consumption.  Soybean
ending stocks are projected at 225 million bushels, up 20 million. 
Lower soybean oil production is more than offset by reduced
domestic consumption and exports, leaving projected soybean
oil stocks at 2.1 billion pounds, up 110 million from last month.

The U.S. season-average soybean price range for 2008/09 is
projected at $8.50 to $9.50 per bushel compared with $8.25 to
$9.75 per bushel last month.  Soybean oil prices are forecast at
32 to 35 cents per pound, up 1 cent on the bottom of the range. 
Soybean meal prices are projected at $250 to $310 per short
ton, up $10 on both ends of the range.

Global oilseed production for 2008/09 is projected at 416.3
million tons, down 2 million from last month.  Foreign production
is projected at 327.2 million tons, down 2.9 million.  Global
soybean production accounts for most of the change, projected
at 233.2 million tons, down 1.5 million.  Argentina's soybean
crop is projected at 49.5 million tons, down 1 million.  The
reduction is mainly due to lower projected area reflecting the
impact of dry weather on soybean planting.  Soybean production
for Paraguay is reduced 0.9 million tons to 5.6 million tons as
unusually dry, hot weather has reduced yield potential
throughout much of the country.  Dry conditions also have
resulted in reduced soybean production for Bolivia and Uruguay,
and reduced sunflowerseed production for Argentina.  Other
changes include lower cottonseed production estimates for India
and increased sunflowerseed production for EU-27 and Russia. 
The Russia crop is projected record high at 7.4 million tons, up
0.4 million from last month.

SUGAR:  Projected 2008/09 U.S. sugar supply is increased
111,000 short tons, raw value, from last month, due to higher
production more than offsetting revised lower beginning stocks. 
Cane sugar production is raised 119,000 tons based on
increased production of sugarcane.  Beet sugar production is
unchanged and consistent with processors' projections.  Sugar
use is unchanged.

LIVESTOCK, POULTRY, AND DAIRY:  Total U.S. meat
production forecasts for 2008 and 2009 are reduced from last
month.  Estimates for 2008 reflect lower reported production
during the last part of fourth-quarter 2008.  The production
forecasts for 2009 reflect lower pork and broiler production. 
Sows farrowing and broiler hatchery data point toward lower
numbers of hogs and broilers available for slaughter.  Current
slaughter data indicates that animal weights are lagging last
year, and these lower weights are expected to continue through
the early part of 2009 as producers adjust to earlier poor returns. 
Beef production forecasts for 2009 are unchanged.  USDA's
Cattle report, to be released January 30, will provide an
indication of cattle supplies outside feedlots and breeding herd
retention plans.  Turkey production forecasts are unchanged. 
Egg production forecasts are reduced on lower hatching egg
output; table eggs are unchanged.

Beef exports are raised slightly for 2008, but are unchanged for
2009.  Export forecasts for other meats are unchanged from last
month.  Beef import forecasts are raised for 2008 and 2009,
based on stronger imports from Oceania and South America.

Livestock and poultry price estimates for 2008 are adjusted
based on year-end data.  Price forecasts for 2009 cattle and
hogs are lowered.  Weak demand is expected to offset smaller
expected red meat supplies.  Broiler price forecasts are raised
on lower production forecasts.  Turkey and egg prices are
reduced reflecting expected weaker demand.

Milk production forecasts for 2008 are lowered from last month. 
Based on monthly milk production data through November,
higher expected cow numbers are more than offset by lower
expected milk per cow.  Production forecasts for 2009 are
reduced from last month as poor returns are expected to
manifest themselves in a more rapid decline in cow numbers
and slower growth in milk per cow.  Commercial export forecasts
for 2008 and 2009 are unchanged from last month.  Exports for
2009 remain below last year as global demand reflects
economic weakness.  Ending stocks for both 2008 and 2009 are
expected to be above levels forecast last month as weak
demand is expected to slow domestic use.  Sales of nonfat dry
milk (NDM) to CCC during 2009 are forecast higher and small
sales of cheese and butter to CCC are now forecast for the year.

Milk and dairy product prices for 2008 are adjusted from last
month reflecting December data.  Class III and Class IV prices
for 2009 are reduced from last month as product price forecasts
are lowered.  Economic uncertainties have reduced demand for
dairy products and prices have declined sharply for cheese, with
lesser declines in butter, NDM, and whey.  Price forecasts for
cheese and butter in 2009 are reduced, with the sharpest
declines in the first half of the year as supplies of these products
are large.  However, the reduction is less later in the year as
lower forecast milk production results in declines in stocks of fat-
based products.  Although forecast weaker than last month,
tightening supplies of NDM later in the year are expected to help
support NDM prices.  The all milk price is also forecast lower,
$11.80 to $12.60 per cwt in 2009.

COTTON:  This month's U.S. cotton 2008/09 supply and
demand estimates include lower production, domestic mill use,
and exports, resulting in ending stocks of 6.9 million bales,
slightly below last month's estimate.  Production is lowered
577,000 bales, due mainly to a reduction in Texas.  Domestic
mill use is reduced 100,000 bales to 4.2 million, reflecting lower
activity in November.  The export forecast also is reduced
250,000 bales to 12.0 million due to lower world import demand. 
The forecast marketing year average price received by
producers of 44 to 52 cents per pound is raised 1 cent on the
upper end and 3 cents on the lower end of the range, as market
prices have improved during the past month.

The world cotton estimates for 2008/09 show lower production,
consumption, and trade compared with last month.  Beginning
stocks are raised nearly 1.0 million bales due to prior-year
adjustments in China, India, and Turkey.  Production is reduced
1.7 million bales, mainly in India, the United States, and
Argentina.  Consumption is lowered in China, India, Pakistan,
and the United States, reflecting a continued slowdown in global
textile demand, but is raised in Thailand.  World imports are
reduced sharply, due mainly to lower consumption and imports
by China.  Exports are lowered in several countries, notably
India, which accounts for over half of the reduction in world
exports.  India's adoption of a minimum support price has
resulted in sharply lower export commitments compared with last
season.  World ending stocks are raised 1 percent from last
month's level.

Approved by the Secretary of Agriculture and the Chairperson of
the World Agricultural Outlook Board, Gerald A. Bange, (202) 720-
6030.  This report was prepared by the Interagency Commodity
Estimates Committees.

                              APPROVED BY:

     
               

     
                    
                              CHARLES F. CONNER
                              ACTING SECRETARY OF AGRICULTURE

               INTERAGENCY COMMODITY ESTIMATES COMMITTEES
                      
                      
                      
                      
Note:  The World Agricultural Outlook Board reviews and
approves the World Agricultural Supply and Demand
Estimates (WASDE) report.  The Board's analysts chair the
Interagency Commodity Estimates Committees (ICECs) that
        prepare the monthly report. 
                      
Wheat:  Jerry Norton, ICEC Chair, WAOB, E-mail: 
           jnorton@oce.usda.gov
Gary Vocke, ERS; Teresa McKeivier, FAS; Tom Tice,
                   FSA.
                     
Rice:  Andrew C. Aaronson, ICEC Chair, WAOB, E-mail: 
          aaaronson@oce.usda.gov
Nathan Childs, ERS; Ryan Scott, FAS; William Chambers,
                   FSA.
                     
Feed Grains:  Jerry Norton, ICEC Chair, WAOB, E-mail: 
           jnorton@oce.usda.gov
Allen Baker, ERS; Richard O'Meara, FAS; Pete Riley,
                   FSA.
                     
Oilseeds:  Keith Menzie, ICEC Chair, WAOB, E-mail: 
           kmenzie@oce.usda.gov
Mark Ash, ERS; Bill George, FAS; Max Fisher, FSA.
                     
Cotton:  Carol Skelly, ICEC Chair, WAOB, E-mail: 
           cskelly@oce.usda.gov
Darryl Earnest, AMS; Leslie Meyer, ERS; James Johnson,
          FAS; Steven Neff, FSA.
                     
Sugar:  John Love, ICEC Chair, WAOB, E-mail: 
            jlove@oce.usda.gov 
Stephen Haley, ERS; Ron Lord, FAS; Barbara Fecso,
                   FSA.
                     
Meat Animals:  Shayle Shagam, ICEC Chair, WAOB, E-
        mail:  sshagam@oce.usda.gov
Warren Preston, AMS; Mildred M. Haley, ERS; Claire
     Mezoughem, FAS; Dale Leuck, FSA.
                     
Poultry:  Shayle Shagam, ICEC Chair, WAOB, E-mail: 
           sshagam@oce.usda.gov
Larry Haller, AMS; David Harvey, ERS; Michelle DeGraaf,
        FAS; Milton Madison, FSA. 
                     
Dairy:  Shayle Shagam, ICEC Chair, WAOB, E-mail: 
           sshagam@oce.usda.gov
Jerry Cessna, AMS; Roger Hoskin, ERS; Paul Kiendl,
         FAS; Milton Madison, FSA.
                     
                     
                     
             In 2009, the WASDE report will be released on Feb. 10,
          Mar. 11, Apr. 9, May 12, Jun. 10, Jul. 10, Aug. 12, Sep. 11,
                          Oct. 9, Nov. 10, and Dec. 10.

                                        
                   T A B L E   OF   C O N T E N T S
                               
                               
                               
                                                            Page
 Highlights . . . . . . . . . . . . . . . . . . . . . . . . . .1
 Interagency Commodity Estimates Committees . . . . . . . . . .6
 World & U.S. Supply & Use for Grains . . . . . . . . . . . . .8
 World & U.S. Supply & Use for Cotton . . . . . . . . . . . . .9
 World & U.S. Supply & Use for Oilseeds . . . . . . . . . . . 10
 U.S. Wheat Supply & Use. . . . . . . . . . . . . . . . . . . 11
 U.S. Wheat Supply & Use by Class . . . . . . . . . . . . . . 11
 U.S. Feed Grain & Corn Supply & Use. . . . . . . . . . . . . 12
 U.S. Sorghum, Barley, & Oats Supply & Use. . . . . . . . . . 13
 U.S. Rice Supply & Use . . . . . . . . . . . . . . . . . . . 14
 U.S. Soybeans & Products Supply & Use. . . . . . . . . . . . 15
 U.S. Sugar Supply & Use. . . . . . . . . . . . . . . . . . . 16
 Mexico Sugar Supply and Use. . . . . . . . . . . . . . . . . 16
 U.S. Cotton Supply & Use . . . . . . . . . . . . . . . . . . 17
 World Wheat Supply & Use . . . . . . . . . . . . . . . . . . 18
 World Coarse Grains Supply & Use . . . . . . . . . . . . . . 20
 World Corn Supply & Use. . . . . . . . . . . . . . . . . . . 22
 World Rice Supply & Use. . . . . . . . . . . . . . . . . . . 24
 World Cotton Supply & Use  . . . . . . . . . . . . . . . . . 26
 World Soybean Supply & Use . . . . . . . . . . . . . . . . . 28
 World Soybean Meal Supply & Use. . . . . . . . . . . . . . . 29
 World Soybean Oil Supply & Use . . . . . . . . . . . . . . . 30
 U.S. Quarterly Animal Product Production . . . . . . . . . . 31
 U.S. Quarterly Prices for Animal Products. . . . . . . . . . 31
 U.S. Meats Supply and Use. . . . . . . . . . . . . . . . . . 32
 U.S. Egg Supply & Use. . . . . . . . . . . . . . . . . . . . 33
 U.S. Milk Supply and Use . . . . . . . . . . . . . . . . . . 33
 U.S. Dairy Prices. . . . . . . . . . . . . . . . . . . . . . 34
 Reliability Tables . . . . . . . . . . . . . . . . . . . . . 35
 Related USDA Reports . . . . . . . . . . . . . . . . . . . . 38
 Metric Conversion Factors. . . . . . . . . . . . . . . . . . 38
 Electronic Access and Subscriptions. . . . . . . . . . . . . 40

                                 WASDE-466-8
 
                 World and U.S. Supply and Use for Grains 1/
                              Million Metric Tons
===============================================================================
                      :           :   Total   :          :  Total   :  Ending
     Commodity        :   Output  :   Supply  : Trade 2/ :   Use    :  Stocks
===============================================================================
                      :
                      :                         World
Total grains 3/       :
      2006/07         :  2,005.30   2,393.91     259.96    2,052.85    341.06
      2007/08 (Est.)  :  2,119.08   2,460.14     269.59    2,105.91    354.22
      2008/09 (Proj.) :
          December    :  2,215.97   2,569.64     261.38    2,175.89    393.75
           January    :  2,224.36   2,578.58     258.46    2,169.12    409.46
Wheat                 :
      2006/07         :    596.10     743.74     111.20      616.73    127.01
      2007/08 (Est.)  :    610.19     737.20     115.38      617.83    119.37
      2008/09 (Proj.) :
          December    :    683.98     803.34     123.38      655.99    147.35
           January    :    682.86     802.24     123.88      653.87    148.36
Coarse grains 4/      :
      2006/07         :    988.57   1,153.86     117.41    1,015.20    138.66
      2007/08 (Est.)  :  1,077.58   1,216.24     123.80    1,060.07    156.16
      2008/09 (Proj.) :
          December    :  1,097.41   1,253.12     108.12    1,087.58    165.55
           January    :  1,102.41   1,258.58     104.82    1,080.13    178.44
Rice, milled          :
      2006/07         :    420.63     496.31      31.35      420.92     75.39
      2007/08 (Est.)  :    431.31     506.70      30.42      428.01     78.69
      2008/09 (Proj.) :
          December    :    434.59     513.18      29.88      432.33     80.85
           January    :    439.08     517.77      29.77      435.11     82.66
                      :
                      :                     United States
Total grains 3/       :
      2006/07         :    335.48     413.69      85.99      277.84     49.85
      2007/08 (Est.)  :    412.02     469.20     107.73      307.15     54.32
      2008/09 (Proj.) :
          December    :    398.37     459.51      80.11      319.84     59.56
           January    :    400.63     461.63      78.69      313.79     69.15
Wheat                 :
      2006/07         :     49.22      68.08      24.73       30.94     12.41
      2007/08 (Est.)  :     55.82      71.30      34.40       28.57      8.32
      2008/09 (Proj.) :
          December    :     68.03      79.34      27.22       35.16     16.97
           January    :     68.03      79.34      27.22       34.29     17.84
Coarse grains 4/      :
      2006/07         :    280.00     337.32      58.34      242.80     36.17
      2007/08 (Est.)  :    349.86     389.54      69.88      274.60     45.06
      2008/09 (Proj.) :
          December    :    323.84     372.01      49.51      280.65     41.85
           January    :    326.09     374.25      48.24      275.44     50.57
Rice, milled          :
      2006/07         :      6.27       8.29       2.92        4.10      1.27
      2007/08 (Est.)  :      6.34       8.37       3.45        3.97      0.94
      2008/09 (Proj.) :
          December    :      6.51       8.16       3.39        4.02      0.75
           January    :      6.52       8.03       3.23        4.06      0.74
===============================================================================
1/ Aggregate of local marketing years.  2/ Based on export estimate.  See
individual commodity tables for treatment of export/import imbalances.  3/
Wheat, coarse grains and milled rice.  4/ Corn, sorghum, barley, oats, rye,
millet and mixed grains (for U.S. excludes millet and mixed grains).

                                 WASDE-466-9
 
              World and U.S. Supply and Use for Grains, Continued 1/
                              Million Metric Tons
===============================================================================
                      :           :   Total   :          :  Total   :  Ending
     Commodity        :   Output  :   Supply  : Trade 2/ :   Use    :  Stocks
===============================================================================
                      :
                      :                         Foreign 3/
Total grains 4/       :
      2006/07         :  1,669.82   1,980.22     173.97    1,775.01    291.20
      2007/08 (Est.)  :  1,707.05   1,990.93     161.86    1,798.76    299.90
      2008/09 (Proj.) :
          December    :  1,817.60   2,110.12     181.27    1,856.05    334.18
           January    :  1,823.73   2,116.95     179.77    1,855.33    340.31
Wheat                 :
      2006/07         :    546.88     675.66      86.48      585.79    114.60
      2007/08 (Est.)  :    554.37     665.90      80.97      589.25    111.05
      2008/09 (Proj.) :
          December    :    615.95     723.99      96.17      620.82    130.38
           January    :    614.84     722.89      96.67      619.58    130.53
Coarse grains 5/      :
      2006/07         :    708.57     816.54      59.07      772.40    102.48
      2007/08 (Est.)  :    727.72     826.70      53.92      785.47    111.11
      2008/09 (Proj.) :
          December    :    773.56     881.12      58.62      806.93    123.70
           January    :    776.32     884.32      56.58      804.70    127.87
Rice, milled          :
      2006/07         :    414.37     488.02      28.42      416.82     74.12
      2007/08 (Est.)  :    424.97     498.33      26.97      424.04     77.74
      2008/09 (Proj.) :
          December    :    428.08     505.01      26.49      428.30     80.10
           January    :    432.57     509.74      26.54      431.05     81.92
===============================================================================
1/ Aggregate of local marketing years.  2/ Based on export estimate.  See
individual commodity tables for treatment of export/import imbalances.   3/
Total foreign is equal to world minus United States.   4/ Wheat, coarse grains
and milled rice.  5/ Corn, sorghum, barley, oats, rye, millet and mixed
grains.

 
                     World and U.S. Supply and Use for Cotton 1/
                                 Million 480-lb. bales
===============================================================================
                      :           :   Total   :          :  Total   :  Ending
     Commodity        :   Output  :   Supply  : Trade 2/ :   Use    :  Stocks
===============================================================================
                      :
                      :                         World
      2006/07         :    121.99     184.20      37.10      123.45     62.81
      2007/08 (Est.)  :    120.54     183.34      38.44      122.69     62.31
      2008/09 (Proj.) :
          December    :    111.56     172.91      32.80      116.59     58.77
           January    :    109.84     172.15      31.07      115.24     59.40
                      :                     United States
      2006/07         :     21.59      27.68      13.01        4.94      9.48
      2007/08 (Est.)  :     19.21      28.70      13.65        4.61     10.04
      2008/09 (Proj.) :
          December    :     13.61      23.67      12.25        4.30      7.10
           January    :     13.04      23.09      12.00        4.20      6.90
                      :                        Foreign 3/
      2006/07         :    100.40     156.53      24.09      118.51     53.33
      2007/08 (Est.)  :    101.33     154.65      24.79      118.08     52.27
      2008/09 (Proj.) :
          December    :     97.94     149.24      20.55      112.29     51.67
           January    :     96.80     149.06      19.07      111.04     52.50
===============================================================================
1/ Marketing year beginning August 1.  2/ Based on export estimate.  3/  Total
Foreign is equal to world minus United States. See global cotton tables for
treatment of export/import imbalances.
                                 WASDE-466-10
 
                 World and U.S. Supply and Use for Oilseeds 1/
                             (Million Metric Tons)
===============================================================================
                      :           :   Total   :        :   Total   :  Ending
     Commodity        :   Output  :   Supply  :  Trade :    Use 2/ :  Stocks
===============================================================================
                      :
                      :                         World
Oilseeds              :
      2006/07         :    404.47     469.19     83.60      328.98     72.73
      2007/08 (Est.)  :    391.34     464.07     92.56      338.33     61.51
      2008/09 (Proj.) :
          December    :    418.27     479.77     92.50      348.02     65.41
           January    :    416.30     477.81     92.53      345.56     65.39
Oilmeals              :
      2006/07         :    224.66     232.58     68.35      223.13      7.72
      2007/08 (Est.)  :    230.89     238.61     71.43      229.75      7.37
      2008/09 (Proj.) :
          December    :    236.17     243.55     72.37      234.98      7.30
           January    :    234.78     242.15     72.01      234.16      7.07
Vegetable Oils        :
      2006/07         :    121.39     131.98     48.53      121.14      9.92
      2007/08 (Est.)  :    127.96     137.88     52.11      125.24      9.75
      2008/09 (Proj.) :
          December    :    133.86     143.62     53.40      130.90     10.64
           January    :    133.49     143.24     53.17      130.66     10.67
                      :
                      :                     United States
Oilseeds              :
      2006/07         :     96.84     112.08     31.65       53.48     17.02
      2007/08 (Est.)  :     82.45     100.74     33.11       53.43      6.91
      2008/09 (Proj.) :
          December    :     88.19      96.21     29.80       51.00      7.03
           January    :     89.10      97.23     31.12       50.04      7.70
Oilmeals              :
      2006/07         :     41.52      43.58      8.26       34.93      0.39
      2007/08 (Est.)  :     40.84      43.22      8.76       34.12      0.33
      2008/09 (Proj.) :
          December    :     39.44      41.93      7.95       33.64      0.33
           January    :     38.58      41.07      7.95       32.79      0.33
Vegetable Oils        :
      2006/07         :     10.41      14.76      1.33       11.67      1.75
      2007/08 (Est.)  :     10.51      15.37      1.68       12.21      1.49
      2008/09 (Proj.) :
          December    :     10.03      14.87      1.21       12.41      1.25
           January    :      9.88      14.73      1.09       12.34      1.30
                      :
                      :                      Foreign 3/
Oilseeds              :
      2006/07         :    307.62     357.11     51.95      275.50     55.71
      2007/08 (Est.)  :    308.88     363.33     59.44      284.91     54.60
      2008/09 (Proj.) :
          December    :    330.07     383.56     62.70      297.03     58.38
           January    :    327.20     380.58     61.41      295.53     57.69
Oilmeals              :
      2006/07         :    183.14     189.00     60.08      188.20      7.33
      2007/08 (Est.)  :    190.05     195.40     62.67      195.62      7.04
      2008/09 (Proj.) :
          December    :    196.73     201.62     64.42      201.34      6.97
           January    :    196.20     201.08     64.05      201.37      6.74
Vegetable Oils        :
      2006/07         :    110.97     117.22     47.20      109.47      8.17
      2007/08 (Est.)  :    117.45     122.51     50.44      113.04      8.26
      2008/09 (Proj.) :
          December    :    123.83     128.74     52.19      118.49      9.39
           January    :    123.60     128.51     52.08      118.32      9.37
===============================================================================
1/ Aggregate of local marketing years with Brazil and Argentina on an
Oct.-Sept. year.  2/ Crush only for oilseeds.  3/ Total foreign is equal to
world minus United States.
                                  WASDE-466-11
 
                           U.S. Wheat Supply and Use 1/
===============================================================================
                            :         :         :      2008/09  Projections
        Item                : 2006/07 : 2007/08 :==============================
                            :         :   Est.  :    December         January
===============================================================================
Area                        :               Million acres
 Planted                    :   57.3       60.5          63.0            63.1
 Harvested                  :   46.8       51.0          55.7            55.7
Yield per harvested         :                   Bushels
    acre                    :   38.6       40.2          44.9            44.9
                            :             Million bushels
Beginning stocks            :    571        456           306             306
Production                  :  1,808      2,051         2,500           2,500
Imports                     :    122        113           110             110
  Supply, total             :  2,501      2,620         2,915           2,915
Food                        :    938        947           950             950
Seed                        :     82         88            82              80
Feed and residual           :    117         15           260             230
  Domestic, total           :  1,137      1,050         1,292           1,260
Exports                     :    908      1,264         1,000           1,000
  Use, total                :  2,045      2,314         2,292           2,260
Ending stocks               :    456        306           623             655
  CCC inventory             :     41          0             0               0
  Free stocks               :    415        306           623             655
    Outstanding loans       :     14          1            10              10
Avg. farm price ($/bu) 2/   :   4.26       6.48    6.40- 7.00      6.50- 6.90
===============================================================================
                            
                       U.S. Wheat by Class: Supply and Use
===============================================================================
   Year beginning           :  Hard  :   Hard  :  Soft  :       :       :      
     June 1                 : Winter :  Spring :  Red   : White : Durum : Total
===============================================================================
2007/08 (estimated)         :                Million bushels
Beginning stocks            :    165       117     109       44      21     456
Production                  :    956       450     352      221      72   2,051
  Supply, total 3/          :  1,121       615     475      275     134   2,620
Domestic use                :    446       242     211       68      84   1,050
Exports                     :    538       305     209      170      42   1,264
  Use, total                :    984       547     420      238     126   2,314
Ending stocks, total        :    138        68      55       37       8     306
                            :
2008/09 (projected)         :
Beginning stocks            :    138        68      55       37       8     306
Production                  :  1,035       512     614      254      85   2,500
  Supply, total 3/          :  1,174       620     694      300     128   2,915
Domestic use                :    466       250     351      106      87   1,260
Exports                     :    460       210     190      120      20   1,000
  Use, total                :    926       460     541      226     107   2,260
  Ending stocks, total      :
                   January  :    248       160     153       74      21     655
                  December  :    205       160     153       84      21     623
===============================================================================
Note: Totals may not add due to rounding.  1/ Marketing year beginning June 1.
2/ Marketing-year weighted average price received by farmers. 3/ Includes
imports. 
                                 WASDE-466-12
 
                 U.S. Feed Grain and Corn Supply and Use 1/
===============================================================================
                            :         :         :      2008/09  Projections
        Item                : 2006/07 : 2007/08 :==============================
                            :         :   Est.  :    December         January
===============================================================================
FEED GRAINS                 :
Area                        :               Million acres
 Planted                    :   92.5      109.0         101.7           101.7
 Harvested                  :   80.1       98.3          90.7            91.1
Yield per harvested         :                Metric tons
     acre                   :   3.49       3.56          3.57            3.58
                            :             Million metric tons
Beginning stocks            :   54.7       36.2          45.1            45.1
Production                  :  279.8      349.7         323.6           325.9
Imports                     :    2.4        3.3           2.9             2.9
  Supply, total             :  337.0      389.2         371.6           373.9
Feed and residual           :  148.1      157.8         146.0           144.3
Food, seed & industrial     :   94.4      116.5         134.2           130.8
  Domestic, total           :  242.5      274.3         280.3           275.1
Exports                     :   58.3       69.9          49.5            48.2
  Use, total                :  300.8      344.1         329.8           323.3
Ending stocks, total        :   36.2       45.1          41.8            50.6
  CCC inventory             :    0.0        0.0           0.0             0.0
  Free stocks               :   36.2       45.1          41.8            50.6
    Outstanding loans       :    3.0        2.7           5.1             5.1
                            :
CORN                        :
Area                        :               Million acres
 Planted                    :   78.3       93.5          85.9            86.0
 Harvested                  :   70.6       86.5          78.2            78.6
Yield per harvested         :                  Bushels
    acre                    :  149.1      150.7         153.8           153.9
                            :               Million bushels
Beginning stocks            :  1,967      1,304         1,624           1,624
Production                  : 10,531     13,038        12,020          12,101
Imports                     :     12         20            15              15
  Supply, total             : 12,510     14,362        13,659          13,740
Feed and residual           :  5,591      5,938         5,350           5,300
Food, seed & industrial     :  3,490      4,363         5,035           4,900
 Ethanol for fuel 2/        :  2,119      3,026         3,700           3,600
  Domestic, total           :  9,081     10,302        10,385          10,200
Exports                     :  2,125      2,436         1,800           1,750
  Use, total                : 11,207     12,737        12,185          11,950
Ending stocks, total        :  1,304      1,624         1,474           1,790
  CCC inventory             :      0          0             0               0
  Free stocks               :  1,304      1,624         1,474           1,790
    Outstanding loans       :    116        106           200             200
Avg. farm price ($/bu) 3/   :   3.04       4.20    3.65- 4.35      3.55- 4.25
===============================================================================
Note: Totals may not add due to rounding.  1/ Marketing year beginning
September 1 for corn and sorghum; June 1 for barley and oats.  2/ For a further
breakout of FSI corn uses including ethanol, see the ERS Feed Outlook table 5, 
or Feed Grains Database at "www.ers.usda.gov/db/feedgrains." 3/ Marketing-year 
weighted average price received by farmers.

                                 WASDE-466-13
 
               U.S. Sorghum, Barley and Oats Supply and Use 1/
===============================================================================
                            :         :         :      2008/09  Projections
         Item               : 2006/07 : 2007/08 :==============================
                            :         :   Est.  :    December         January
===============================================================================
                            :               Million bushels
SORGHUM                     :
Area planted (mil. acres)   :    6.5        7.7           8.3             8.3
Area harv. (mil. acres)     :    4.9        6.8           7.4             7.3
Yield (bushels/acre)        :   56.1       73.2          63.0            65.0
Beginning stocks            :     66         32            53              53
Production                  :    277        497           465             472
Imports                     :      0          0             0               0
   Supply, total            :    343        530           518             525
Feed and residual           :    113        164           250             230
Food, seed & industrial     :     45         35            70              70
   Total domestic           :    158        199           320             300
Exports                     :    153        278           130             130
   Use, total               :    311        477           450             430
Ending stocks, total        :     32         53            68              95
Avg. farm price ($/bu) 2/   :   3.29       4.08    3.00- 3.60      2.90- 3.50
                            :
BARLEY                      :
Area planted (mil. acres)   :    3.5        4.0           4.2             4.2
Area harv. (mil. acres)     :    3.0        3.5           3.8             3.8
Yield (bushels/acre)        :   61.1       60.0          63.6            63.6
Beginning stocks            :    108         69            68              68
Production                  :    180        210           239             239
Imports                     :     12         32            30              30
   Supply, total            :    300        311           338             338
Feed and residual           :     49         32            80              80
Food, seed & industrial     :    162        169           160             160
   Total domestic           :    211        201           240             240
Exports                     :     20         41            20              20
   Use, total               :    231        242           260             260
Ending stocks, total        :     69         68            78              78
Avg. farm price ($/bu) 2/   :   2.85       4.02    4.85- 5.45      4.95- 5.35
                            :
OATS                        :
Area planted (mil. acres)   :    4.2        3.8           3.2             3.2
Area harv. (mil. acres)     :    1.6        1.5           1.4             1.4
Yield (bushels/acre)        :   59.8       60.1          63.5            63.5
Beginning stocks            :     53         51            67              67
Production                  :     94         90            89              89
Imports                     :    106        123           110             110
   Supply, total            :    252        264           265             265
Feed and residual           :    125        120           120             120
Food, seed & industrial     :     74         74            75              75
   Total domestic           :    199        195           195             195
Exports                     :      3          3             3               3
   Use, total               :    202        198           198             198
Ending stocks, total        :     51         67            67              67
Avg. farm price ($/bu) 2/   :   1.87       2.63    2.80- 3.00      2.90- 3.10
===============================================================================
Note: Totals may not add due to rounding.  1/ Marketing year beginning
September 1 for sorghum, June 1 for barley and oats.  2/ Marketing-year
weighted average price received by farmers.
                                  WASDE-466-14
 
                          U.S. Rice Supply and Use 1/
                 (Rough Equivalent of Rough and Milled Rice)
===============================================================================
                            :         :         :      2008/09  Projections
        Item                : 2006/07 : 2007/08 :==============================
                            :         :   Est.  :    December         January
===============================================================================
TOTAL                       :
Area                        :               Million acres
 Planted                    :   2.84       2.76          2.94            3.00
 Harvested                  :   2.82       2.75          2.92            2.98
Yield per harvested         :                    Pounds
   acre                     :  6,898      7,219         6,959           6,846
                            :
                            :            Million hundredweight
 Beginning stocks 2/        :   43.0       39.3          29.4            29.4
 Production                 :  194.6      198.4         203.5           203.7
 Imports                    :   20.6       23.9          22.5            18.0
   Supply, total            :  258.2      261.6         255.4           251.2
 Domestic & residual 3/     :  128.1      124.2         126.0           127.0
 Exports, total 4/          :   90.8      107.9         106.0           101.0
  Rough                     :   32.1       40.2          39.0            38.0
  Milled (rough equiv.)     :   58.7       67.8          67.0            63.0
   Use, total               :  218.8      232.1         232.0           228.0
 Ending stocks              :   39.3       29.4          23.4            23.2
Avg. milling yield (%) 5/   :   71.0       70.5          70.5            70.5
Avg. farm price ($/cwt) 6/  :   9.96      12.80   15.15-16.15     16.50-17.50
                            :
LONG GRAIN                  :
 Harvested acres (mil.)     :   2.19       2.05                          2.35
 Yield (pounds/acre)        :  6,727      6,980                         6,522
 Beginning stocks           :   32.7       28.5          19.0            19.0
 Production                 :  147.1      143.2         154.7           153.3
   Supply, total 7/         :  194.0      189.4         190.8           187.3
 Domestic & Residual 3/     :   93.4       88.5          92.0            95.0
 Exports 8/                 :   72.0       81.9          83.0            77.0
   Use, total               :  165.4      170.4         175.0           172.0
 Ending stocks              :   28.5       19.0          15.8            15.3
 Avg. farm price ($/cwt) 6/ :   9.47      12.50   14.50-15.50     15.50-16.50
                            :
MEDIUM & SHORT GRAIN        :
 Harvested acres (mil.)     :   0.64       0.70                          0.63
 Yield (pounds/acre)        :  7,484      7,921                         8,063
 Beginning stocks           :    9.4       10.0           9.1             9.1
 Production                 :   47.5       55.1          48.7            50.5
   Supply, total 7/         :   63.4       70.8          63.3            62.6
 Domestic & Residual 3/     :   34.6       35.7          34.0            32.0
 Exports 8/                 :   18.8       26.1          23.0            24.0
   Use, total               :   53.4       61.7          57.0            56.0
 Ending stocks              :   10.0        9.1           6.3             6.6
 Avg. farm price ($/cwt) 6/ :  12.10      13.80   18.00-19.00     21.50-22.50
===============================================================================
Note: Totals may not add due to rounding.  1/ Marketing year beginning August
1.    2/ Includes the following quantities of broken kernel rice (type
undetermined) not included in estimates of beginning stocks by type (in mil.
cwt): 2006/07-0.9; 2007/08-0.8; 2008/09-1.3. 3/ Residual includes unreported
use, processing losses, and estimating errors.  Use by type may not add to
total rice use because of the difference in brokens between beginning and
ending stocks.  4/ Includes rough rice and milled rice exports.  Milled rice
exports are converted to an equivalent rough basis.  5/ Expressed as a percent,
i.e., the total quantity of whole kernel and broken rice produced divided by
the quantity of rough rice milled.  6/ Marketing-year weighted average price
received by farmers.  7/ Includes imports.  8/ Exports by type of rice are
estimated.

                                 WASDE-466-15
 
        U.S. Soybeans and Products Supply and Use (Domestic Measure) 1/
===============================================================================
                           :         :         :      2008/09  Projections
        Item               : 2006/07 : 2007/08 :===============================
                           :         :   Est.  :    December         January
===============================================================================
SOYBEANS:                  :               Million acres
Area                       :                            
  Planted                  :   75.5       64.7          75.9            75.7
  Harvested                :   74.6       64.1          74.4            74.6
                           :
                           :                   Bushels
Yield per harvested        :
    acre                   :   42.9       41.7          39.3            39.6
                           :
                           :             Million bushels
                           :
Beginning stocks           :    449        574           205             205
Production                 :  3,197      2,677         2,921           2,959
Imports                    :      9         10             7               9
  Supply, total            :  3,655      3,261         3,133           3,173
Crushings                  :  1,808      1,801         1,715           1,685
Exports                    :  1,116      1,161         1,050           1,100
Seed                       :     80         93            90              90
Residual                   :     77          0            72              73
  Use, total               :  3,081      3,056         2,927           2,948
Ending stocks              :    574        205           205             225
Avg. farm price ($/bu) 2/  :   6.43      10.10    8.25- 9.75     8.50 - 9.50
                           :
                           :
                           :               Million pounds
SOYBEAN OIL:               :
Beginning stocks           :  3,010      3,085         2,483           2,483
Production                 : 20,489     20,568        19,550          19,210
Imports                    :     37         65            50              50
  Supply, total            : 23,536     23,718        22,083          21,743
Domestic                   : 18,575     18,327        18,000          17,850
  For methyl ester         :  2,762      2,981         3,100           3,100
Exports                    :  1,877      2,908         2,050           1,750
  Use, total               : 20,451     21,235        20,050          19,600
Ending stocks              :  3,085      2,483         2,033           2,143
Average price (c/lb) 2/    :  31.02      52.03         31.00-          32.00-
                           :                            35.00           35.00
                           :
                           :           Thousand short tons
SOYBEAN MEAL:              :
Beginning stocks           :    314        346           294             294
Production                 : 43,054     42,242        40,741          39,841
Imports                    :    156        141           165             165
  Supply, total            : 43,524     42,729        41,200          40,300
Domestic                   : 34,374     33,155        32,500          31,600
Exports                    :  8,804      9,280         8,400           8,400
  Use, total               : 43,178     42,435        40,900          40,000
Ending stocks              :    346        294           300             300
Average price ($/s.t.) 2/  : 205.44     335.94        240.00-         250.00-
                           :                           300.00          310.00
===============================================================================
Note: Reliability calculations at end of report.  1/ Marketing year beginning
September 1 for soybeans; October 1 for soybean oil and meal.  2/ Prices:
Soybeans, marketing year weighted average price received by farmers; for Oil,
simple average of crude soybean oil, Decatur; for Meal, simple average of 48
percent, Decatur.

                              WASDE-466-16
                       U.S. Sugar Supply and Use 1/
======================================================================
                        :           :          : 2008/09 Projection
      Item              : 2006/07   : 2007/08  :======================
                        :           :   Est.   :  December   January 
======================================================================
                        :           1,000 short tons, raw value
                        :
Beginning stocks        :   1,698       1,799      1,664       1,656 
Production              :   8,446       8,150      7,681       7,800   
  Beet sugar            :   5,008       4,721      4,225       4,225   
  Cane sugar            :   3,438       3,429      3,456       3,575    
   Florida              :   1,719       1,643      1,747       1,766   
   Hawaii               :     222         182        225         225   
   Louisiana            :   1,320       1,446      1,300       1,400   
   Texas                :     177         158        184         184  
Imports                 :   2,080       2,620      2,496       2,496    
  TRQ 2/                :   1,624       1,354      1,511       1,511   
  Other program 3/      :     390         565        345         345  
  Other 4/              :      66         701        640         640   
    Mexico              :      60         694        630         630   
     Total supply       :  12,224      12,569     11,841      11,952  
                        :
Exports                 :     422         203        170         170  
Deliveries              :  10,135      10,773     10,710      10,710    
  Food                  :   9,913      10,571     10,500      10,500   
  Other 5/              :     222         202        210         210   
Miscellaneous 6/        :    -132         -63          0           0    
     Total use          :  10,425      10,913     10,880      10,880  
Ending stocks           :   1,799       1,656        961       1,072           
                        :
Stocks to use ratio     :    17.3        15.2        8.8         9.9   
======================================================================
1/ Fiscal years beginning Oct 1.  Historical data are from "Sweetener Market
Data" (SMD) except imports (U.S. Customs Service, Census Bureau).  2/ For
2008/09, includes tariff rate quota shortfall of 130,000 tons.  3/ Includes
sugar under the re-export and polyhydric alcohol programs. 4/ Does not include
Mexico TRQ imports.  For 2006/07, other high-tier (0) and other (6). For
2007/08, other high-tier (7) and other (0).  For 2008/09, other high-tier (10)
and other (0).  5/ Transfers to sugar-containing products for reexport, and
for nonedible alcohol and feed. 6/ Includes SMD miscellaneous uses and the
difference between SMD imports and WASDE imports.

                     Mexico Sugar Supply and Use 1/
==========================================================================
            :               Supply            :        Use       :             
   Fiscal   :====================================================: Ending
    year    : Beginning : Production: Imports : Domestic: Exports: stocks
            :  stocks   :           :         :         :        :
==========================================================================
                           1,000 metric tons, raw value
Sugar
2007/08 est.
        Dec      1,718        5,852      226       5,731      677    1,388
        Jan      1,718        5,852      226       5,731      677    1,388
2008/09 proj.
        Dec      1,388        5,850      150       5,780      575    1,033`
        Jan      1,388        5,850      150       5,780      575    1,033 
==========================================================================
1/ U.S. HFCS exports to Mexico (metric tons, dry-weight basis): Oct-Sep
2007/08 = 427,705; October 2007 = 25,907; October 2008 = 35,392.  Footnote
source: U.S. Census Bureau.
                                 WASDE-466-17
 
                          U. S. Cotton Supply and Use 1/
===============================================================================
                           :         :         :      2008/09  Projections
        Item               : 2006/07 : 2007/08 :===============================
                           :         :   Est.  :    December         January
===============================================================================
                           :               Million acres
Area                       :                            
  Planted                  :  15.27      10.83          9.41            9.47
  Harvested                :  12.73      10.49          7.76            7.73
                           :
                           :                   Pounds 
Yield per harvested        :
    acre                   :    814        879           843             810
                           :
                           :             Million 480 pound bales
                           :
Beginning stocks 2/        :   6.07       9.48         10.04           10.04
Production                 :  21.59      19.21         13.61           13.04
Imports                    :   0.02       0.01          0.01            0.01
  Supply, total            :  27.68      28.70         23.67           23.09
Domestic use               :   4.94       4.61          4.30            4.20
Exports                    :  13.01      13.65         12.25           12.00
  Use, total               :  17.95      18.26         16.55           16.20
Unaccounted 3/             :   0.25       0.39          0.02           -0.01
Ending stocks              :   9.48      10.04          7.10            6.90
                           :
Avg. farm price 4/         :   46.5       59.3     41.0-51.0       44.0-52.0
===============================================================================
Note: Reliability calculations at end of report.
1/ Upland and extra-long staple; marketing year beginning August 1.  Totals may
not add due to rounding.  2/ Based on Bureau of Census data.  3/ Reflects the
difference between the previous season's supply less total use and ending
stocks based on Bureau of Census data.  4/ Cents per pound for upland cotton.
===============================================================================

                                 WASDE-466-18
 
                         World Wheat Supply and Use 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
        Region        :         :       :       :  Domestic 2/  :       :stocks
                      :Beginning:Produc-:       :===============:       :
                      :  stocks : tion  :Imports: Feed : Total  :Exports:
===============================================================================
                      :
                      :                      2006/07
                      :
World 3/              :  147.64  596.10  113.60  106.16  616.73  111.20  127.01
United States         :   15.55   49.22    3.32    3.19   30.94   24.73   12.41
Total foreign         :  132.09  546.88  110.28  102.98  585.79   86.48  114.60
  Major exporters 4/  :   43.21  176.16    5.56   69.82  146.85   52.54   25.54
   Argentina          :    0.50   15.20    0.01    0.08    4.90   10.50    0.31
   Australia          :    9.62   10.82    0.09    4.70    7.40    8.73    4.41
   Canada             :    9.70   25.27    0.32    4.84    9.05   19.43    6.80
   EU-27 5/           :   23.39  124.87    5.14   60.20  125.50   13.87   14.03
  Major importers 6/  :   59.73  174.73   54.89    7.70  220.68    5.68   62.99
   Brazil             :    1.18    2.23    7.62    0.20   10.40    0.00    0.63
   China              :   34.39  108.47    0.38    4.00  102.00    2.78   38.45
   Select. Mideast 7/ :    6.82   20.10   10.52    1.55   30.31    0.55    6.58
   N. Africa 8/       :   10.51   18.58   16.30    0.25   33.90    0.26   11.23
   Pakistan           :    3.25   21.28    0.07    0.40   21.90    0.70    1.99
   Southeast Asia 9/  :    2.20    0.00   10.65    0.90    9.98    0.42    2.46
  Selected other      :
   India              :    2.00   69.35    6.72    0.30   73.36    0.20    4.50
   FSU-12             :   13.00   84.98    5.96   21.65   72.53   22.54    8.86
    Russia            :    3.81   44.90    0.86   14.10   36.40   10.79    2.38
    Kazakhstan        :    3.01   13.50    0.03    2.70    7.50    8.09    0.95
    Ukraine           :    2.41   14.00    0.08    2.10   11.70    3.37    1.43
                      :
                      :                 2007/08 (Estimated)
                      :
World 3/              :  127.01  610.19  112.42   94.53  617.83  115.38  119.37
United States         :   12.41   55.82    3.07    0.41   28.57   34.40    8.32
Total foreign         :  114.60  554.37  109.35   94.12  589.25   80.97  111.05
  Major exporters 4/  :   25.54  168.83    7.44   58.10  135.68   46.35   19.78
   Argentina          :    0.31   16.30    0.00    0.08    5.43   10.50    0.68
   Australia          :    4.41   13.04    0.11    3.50    6.20    7.50    3.85
   Canada             :    6.80   20.05    0.39    2.08    6.31   16.12    4.82
   EU-27 5/           :   14.03  119.44    6.93   52.44  117.74   12.23   10.44
  Major importers 6/  :   62.99  175.04   58.14    8.92  223.33    8.81   64.04
   Brazil             :    0.63    3.83    7.00    0.20   10.40    0.77    0.29
   China              :   38.45  109.30    0.05    6.00  104.00    2.84   40.96
   Select. Mideast 7/ :    6.58   20.29    9.23    1.00   29.25    0.55    6.30
   N. Africa 8/       :   11.23   13.82   21.67    0.20   35.47    0.28   10.97
   Pakistan           :    1.99   23.30    1.49    0.40   22.40    2.20    2.18
   Southeast Asia 9/  :    2.46    0.00    9.86    0.72   10.13    0.57    1.61
  Selected other      :
   India              :    4.50   75.81    1.88    0.20   75.73    0.05    6.41
   FSU-12             :    8.86   92.69    5.89   23.63   75.56   21.88   10.00
    Russia            :    2.38   49.40    0.34   15.05   37.70   12.22    2.20
    Kazakhstan        :    0.95   16.60    0.04    2.70    7.50    8.18    1.91
    Ukraine           :    1.43   13.90    0.33    3.10   12.90    1.24    1.53
===============================================================================
1/ Aggregate of local marketing years.  2/ Total foreign and world use
adjusted to reflect the differences in world imports and exports.  3/ World
imports and exports may not balance due to differences in marketing years,
grain in transit, and reporting discrepancies in some countries. 4/ Argentina,
Australia, Canada, and the EU-27. 5/ Trade excludes intra-trade. 6/ Brazil,
China, Japan, Mexico, N. Africa, Pakistan, selected Middle East, and Southeast
Asia. 7/ Lebanon, Iraq, Iran, Israel, Jordan, Kuwait, Saudi Arabia, Yemen,
United Arab Emirates, and Oman. 8/ Algeria, Egypt, Libya, Morocco, and
Tunisia. 9/ Indonesia, Malaysia, Philippines, Thailand, and Vietnam. 
                                 WASDE-466-19
 
                   World Wheat Supply and Use 1/ (Cont'd.)
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
        Region        :         :       :       :  Domestic 2/  :       :stocks
                      :Beginning:Produc-:       :===============:       :
                      :  stocks : tion  :Imports: Feed : Total  :Exports:
===============================================================================
                      :
                      :                 2008/09 (Projected)
World 3/              :
        December      :  119.36  683.98  121.70  124.40  655.99  123.38  147.35
         January      :  119.37  682.86  122.95  123.08  653.87  123.88  148.36
United States         :
        December      :    8.32   68.03    2.99    7.08   35.16   27.22   16.97
         January      :    8.32   68.03    2.99    6.26   34.29   27.22   17.84
Total foreign         :
        December      :  111.03  615.95  118.71  117.32  620.82   96.17  130.38
         January      :  111.05  614.84  119.96  116.82  619.58   96.67  130.53
  Major exporters 4/  :
        December      :   19.77  210.01    5.38   71.03  151.23   56.30   27.63
         January      :   19.78  208.62    6.38   71.03  151.23   55.30   28.26
   Argentina      Dec :    0.68   10.50    0.01    0.08    5.48    5.30    0.40
                  Jan :    0.68    9.50    0.01    0.08    5.48    4.30    0.40
   Australia      Dec :    3.85   20.00    0.08    3.75    6.45   13.00    4.48
                  Jan :    3.85   20.00    0.08    3.75    6.45   13.00    4.48
   Canada         Dec :    4.82   28.61    0.30    3.20    7.80   19.00    6.93
                  Jan :    4.82   28.61    0.30    3.20    7.80   19.00    6.93
   EU-27 5/       Dec :   10.42  150.90    5.00   64.00  131.50   19.00   15.82
                  Jan :   10.44  150.51    6.00   64.00  131.50   19.00   16.45
  Major importers 6/  :
        December      :   64.04  174.71   65.13   12.65  229.23    8.03   66.64
         January      :   64.04  174.71   65.53   12.65  229.23    8.23   66.84
   Brazil         Dec :    0.29    5.80    7.00    0.40   10.75    1.20    1.14
                  Jan :    0.29    5.80    7.00    0.40   10.75    1.20    1.14
   China          Dec :   40.96  113.00    0.03    9.00  107.00    2.00   44.99
                  Jan :   40.96  113.00    0.03    9.00  107.00    2.00   44.99
   Sel. Mideast 7/Dec :    6.30   13.91   15.45    1.55   30.50    0.55    4.60
                  Jan :    6.30   13.91   15.85    1.55   30.50    0.55    5.00
   N. Africa 8/   Dec :   10.97   15.78   20.20    0.20   35.93    0.23   10.80
                  Jan :   10.97   15.78   20.20    0.20   35.93    0.23   10.80
   Pakistan       Dec :    2.18   21.50    2.50    0.40   22.60    2.40    1.18
                  Jan :    2.18   21.50    2.50    0.40   22.60    2.40    1.18
   SE Asia 9/     Dec :    1.61    0.00   10.85    0.85   10.35    0.38    1.74
                  Jan :    1.61    0.00   10.85    0.85   10.35    0.38    1.74
  Selected other      :
   India          Dec :    6.41   78.40    0.00    0.10   77.60    0.05    7.16
                  Jan :    6.41   78.40    0.00    0.10   77.60    0.05    7.16
   FSU-12         Dec :   10.00  114.74    5.81   29.33   83.33   28.64   18.58
                  Jan :   10.00  114.74    5.81   29.33   83.33   29.64   17.58
    Russia        Dec :    2.20   63.00    0.40   19.50   43.50   14.00    8.10
                  Jan :    2.20   63.00    0.40   19.50   43.50   15.00    7.10
    Kazakhstan    Dec :    1.91   12.50    0.03    2.70    7.50    5.20    1.74
                  Jan :    1.91   12.50    0.03    2.70    7.50    5.20    1.74
    Ukraine       Dec :    1.53   25.50    0.10    4.00   14.00    9.00    4.13
                  Jan :    1.53   25.50    0.10    4.00   14.00    9.00    4.13
===============================================================================
1/ Aggregate of local marketing years.  2/ Total foreign and world use
adjusted to reflect the differences in world imports and exports.  3/ World
imports and exports may not balance due to differences in marketing years,
grain in transit, and reporting discrepancies in some countries. 4/ Argentina,
Australia, Canada, and the EU-27. 5/ Trade excludes intra-trade. 6/ Brazil,
China, Japan, Mexico, N. Africa, Pakistan, selected Middle East, and Southeast
Asia. 7/ Lebanon, Iraq, Iran, Israel, Jordan, Kuwait, Saudi Arabia, Yemen,
United Arab Emirates, and Oman. 8/ Algeria, Egypt, Libya, Morocco, and
Tunisia. 9/ Indonesia, Malaysia, Philippines, Thailand, and Vietnam. 
                                 WASDE-466-20
 
                      World Coarse Grain Supply and Use 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
        Region        :         :       :       :  Domestic 2/  :       :stocks
                      :Beginning:Produc-:       :===============:       :
                      :  stocks : tion  :Imports: Feed : Total  :Exports:
===============================================================================
                      :
                      :                      2006/07
                      :
World 3/              :  165.29  988.57  113.29  634.87 1015.20  117.41  138.66
United States         :   54.77  280.00    2.55  148.16  242.80   58.34   36.17
Total foreign         :  110.52  708.57  110.74  486.71  772.40   59.07  102.48
  Major exporters 4/  :   13.12   65.03    3.39   35.82   49.41   23.09    9.03
   Argentina          :    1.46   27.54    0.01    7.16    9.82   16.93    2.26
   Australia          :    2.90    6.58    0.02    4.74    5.99    2.02    1.51
   Canada             :    6.30   23.15    2.17   19.47   24.47    3.65    3.49
  Major importers 5/  :   42.51  212.11   84.93  223.85  298.70    5.68   35.17
   EU-27 6/           :   22.27  137.44    7.99  110.23  147.87    4.69   15.13
   Japan              :    1.74    0.18   19.67   14.88   19.82    0.00    1.76
   Mexico             :    3.34   29.14   11.06   23.40   39.92    0.22    3.40
   N. Afr & Mideast 7/:    8.11   27.77   20.77   40.58   47.86    0.31    8.49
   Saudi Arabia       :    2.77    0.34    8.28    8.53    8.75    0.00    2.63
   Southeast Asia 8/  :    2.12   16.88    3.97   15.01   20.77    0.46    1.73
   South Korea        :    1.38    0.33    8.80    6.96    9.16    0.00    1.35
  Selected other      :
   Brazil             :    3.17   53.18    1.66   36.25   43.30   10.95    3.75
   China              :   35.96  159.10    1.16  105.22  153.61    5.46   37.13
   FSU-12             :    5.55   58.70    0.95   35.49   51.45    8.46    5.28
    Russia            :    1.33   30.20    0.36   18.60   28.60    1.62    1.67
    Ukraine           :    2.40   19.18    0.05    9.95   13.38    6.13    2.12
                      :
                      :                 2007/08 (Estimated)
                      :
World 3/              :  138.66 1077.58  124.46  654.23 1060.07  123.80  156.16
United States         :   36.17  349.86    3.50  157.89  274.60   69.88   45.06
Total foreign         :  102.48  727.72  120.96  496.34  785.47   53.92  111.11
  Major exporters 4/  :    9.03   77.59    3.62   36.49   51.24   29.72    9.27
   Argentina          :    2.26   25.79    0.05    7.57   10.23   17.01    0.87
   Australia          :    1.51   10.28    0.00    5.42    6.73    4.19    0.87
   Canada             :    3.49   27.82    3.25   18.46   24.02    6.51    4.04
  Major importers 5/  :   35.17  211.04   96.06  229.98  304.12    5.39   32.76
   EU-27 6/           :   15.13  136.52   20.28  117.30  154.20    4.69   13.04
   Japan              :    1.76    0.20   19.21   14.31   19.34    0.00    1.83
   Mexico             :    3.40   29.73   10.97   23.56   40.34    0.11    3.65
   N. Afr & Mideast 7/:    8.49   25.08   19.68   39.04   46.15    0.01    7.08
   Saudi Arabia       :    2.63    0.32    9.00    9.03    9.25    0.00    2.70
   Southeast Asia 8/  :    1.73   18.76    3.18   15.42   21.38    0.57    1.72
   South Korea        :    1.35    0.35    9.39    7.10    8.98    0.00    2.11
  Selected other      :
   Brazil             :    3.75   61.34    0.86   38.25   45.39    7.14   13.43
   China              :   37.13  159.49    1.16  106.17  157.06    0.85   39.86
   FSU-12             :    5.28   53.91    0.92   34.60   50.40    5.36    4.36
    Russia            :    1.67   29.33    0.52   18.78   28.93    1.21    1.38
    Ukraine           :    2.12   14.59    0.07    9.06   12.16    3.15    1.46
===============================================================================
1/ Aggregate of local marketing years. Coarse grains include corn, sorghum,
barley, oats, rye, millet, and mixed grains (for U.S. excludes millet and
mixed grains).  2/ Total foreign and world use adjusted to reflect the
differences in world imports and exports. 3/ World imports and exports may not
balance due to differences in marketing years, grain in transit, and reporting
discrepancies in some countries. 4/ Argentina, Australia, Canada, and South
Africa. 5/ The EU-27, Mexico, Japan, selected North Africa and Middle East,
South Korea, Southeast Asia, and Taiwan. 6/ Trade excludes intra-trade. 7/
Algeria, Egypt, Iran, Israel, Jordan, Libya, Morocco, Syria, Tunisia, and
Turkey. 8/ Indonesia, Malaysia, Philippines, Thailand, and Vietnam.
                                 WASDE-466-21
 
                  World Coarse Grain Supply and Use 1/ (Cont'd.)
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
        Region        :         :       :       :  Domestic 2/  :       :stocks
                      :Beginning:Produc-:       :===============:       :
                      :  stocks : tion  :Imports: Feed : Total  :Exports:
===============================================================================
                      :
                      :                 2008/09 (Projected)
World 3/              :
        December      :  155.72 1097.41  106.47  651.99 1087.58  108.12  165.55
         January      :  156.16 1102.41  103.92  648.50 1080.13  104.82  178.44
United States         :
        December      :   45.06  323.84    3.11  146.17  280.65   49.51   41.85
         January      :   45.06  326.09    3.11  144.39  275.44   48.24   50.57
Total foreign         :
        December      :  110.66  773.56  103.36  505.82  806.93   58.62  123.70
         January      :  111.11  776.32  100.81  504.11  804.70   56.58  127.87
  Major exporters 4/  :
        December      :    9.19   72.79    2.05   37.18   52.23   22.61    9.19
         January      :    9.27   71.29    2.05   37.02   52.22   21.31    9.08
   Argentina      Dec :    0.87   24.47    0.00    8.96   11.62   12.06    1.67
                  Jan :    0.87   22.97    0.00    8.96   11.62   10.76    1.47
   Australia      Dec :    0.87   10.16    0.00    5.32    6.63    3.38    1.02
                  Jan :    0.87   10.16    0.00    5.32    6.63    3.38    1.02
   Canada         Dec :    4.00   27.19    1.73   17.69   23.81    4.65    4.46
                  Jan :    4.04   27.19    1.73   17.69   23.81    4.65    4.50
  Major importers 5/  :
        December      :   32.38  235.30   80.24  223.36  300.33    8.06   39.53
         January      :   32.76  236.42   78.14  222.06  298.96    8.07   40.30
   EU-27 6/       Dec :   13.05  159.69    2.76  109.25  148.02    7.40   20.07
                  Jan :   13.04  160.06    2.76  109.25  147.95    7.40   20.51
   Japan          Dec :    1.83    0.18   19.54   14.61   19.74    0.00    1.80
                  Jan :    1.83    0.18   19.54   14.61   19.74    0.00    1.80
   Mexico         Dec :    3.66   31.18   10.88   24.51   41.46    0.10    4.16
                  Jan :    3.65   32.18   10.18   24.81   41.76    0.10    4.15
   N Afr/M.East 7/Dec :    6.68   24.90   22.10   40.11   47.58    0.00    6.10
                  Jan :    7.08   24.65   21.20   39.01   46.48    0.01    6.44
   Saudi Arabia   Dec :    2.70    0.33    9.50    9.23    9.46    0.00    3.06
                  Jan :    2.70    0.33    9.30    9.03    9.26    0.00    3.06
   S.-east Asia 8/Dec :    1.72   18.52    3.83   15.97   21.95    0.56    1.56
                  Jan :    1.72   18.52    3.73   15.87   21.85    0.56    1.56
   South Korea    Dec :    2.11    0.34    7.27    5.45    7.63    0.00    2.09
                  Jan :    2.11    0.34    7.27    5.45    7.63    0.00    2.09
  Selected other      :
   Brazil         Dec :   13.43   56.21    0.76   42.25   50.33    9.70   10.36
                  Jan :   13.43   54.21    0.76   42.25   50.33    9.70    8.36
   China          Dec :   39.83  167.60    1.43  112.23  166.73    0.68   41.45
                  Jan :   39.86  173.10    1.43  112.23  166.73    0.68   46.98
   FSU-12         Dec :    4.37   75.20    0.69   38.98   56.08   12.69   11.49
                  Jan :    4.36   75.50    0.64   38.98   56.08   12.69   11.74
    Russia        Dec :    1.38   39.50    0.35   21.45   32.53    2.90    5.81
                  Jan :    1.38   39.80    0.30   21.45   32.53    2.90    6.05
    Ukraine       Dec :    1.46   24.48    0.05   10.00   13.43    9.10    3.46
                  Jan :    1.46   24.48    0.05   10.00   13.43    9.10    3.46
===============================================================================
1/ Aggregate of local marketing years. Coarse grains include corn, sorghum,
barley, oats, rye, millet, and mixed grains (for U.S. excludes millet and
mixed grains).  2/ Total foreign and world use adjusted to reflect the
differences in world imports and exports. 3/ World imports and exports may not
balance due to differences in marketing years, grain in transit, and reporting
discrepancies in some countries. 4/ Argentina, Australia, Canada, and South
Africa. 5/ The EU-27, Mexico, Japan, selected North Africa and Middle East,
South Korea, Southeast Asia, and Taiwan. 6/ Trade excludes intra-trade. 7/
Algeria, Egypt, Iran, Israel, Jordan, Libya, Morocco, Syria, Tunisia, and
Turkey. 8/ Indonesia, Malaysia, Philippines, Thailand, and Vietnam.
                                 WASDE-466-22
 
                          World Corn Supply and Use 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
        Region        :         :       :       :  Domestic 2/  :       :stocks
                      :Beginning:Produc-:       :===============:       :
                      :  stocks : tion  :Imports: Feed : Total  :Exports:
===============================================================================
                      :
                      :                      2006/07
                      :
World 3/              :  124.62  712.38   91.01  478.00  728.15   93.80  108.85
United States         :   49.97  267.50    0.30  142.02  230.67   53.99   33.11
Total foreign         :   74.66  444.87   90.70  335.98  497.48   39.81   75.73
  Major exporters 4/  :    3.46   29.80    1.13    9.20   15.30   15.78    3.32
   Argentina          :    1.16   22.50    0.01    4.80    6.70   15.31    1.66
   South Africa       :    2.31    7.30    1.12    4.40    8.60    0.47    1.66
  Major importers 5/  :   18.01   99.24   54.52  110.86  154.16    1.33   16.29
   Egypt              :    0.65    6.15    4.83    8.60   10.70    0.00    0.92
   EU-27 6/           :    9.46   53.83    7.06   49.20   62.30    0.66    7.38
   Japan              :    0.94    0.00   16.71   11.90   16.50    0.00    1.15
   Mexico             :    2.71   22.35    8.94   15.10   30.70    0.22    3.08
   Southeast Asia 7/  :    2.10   16.81    3.96   14.95   20.70    0.44    1.73
   South Korea        :    1.38    0.07    8.74    6.91    8.83    0.00    1.35
  Selected other      :
   Brazil             :    3.02   51.00    1.41   34.50   41.00   10.84    3.59
   Canada             :    1.97    8.99    2.10    8.43   11.41    0.31    1.34
   China              :   35.26  151.60    0.02  104.00  145.00    5.27   36.60
   FSU-12             :    1.66   12.85    0.52   10.51   12.14    1.12    1.77
    Ukraine           :    0.92    6.40    0.02    4.50    5.25    1.03    1.07
                      :
                      :                 2007/08 (Estimated)
                      :
World 3/              :  108.85  791.49   96.58  496.48  772.12   95.47  128.22
United States         :   33.11  331.18    0.51  150.83  261.67   61.87   41.26
Total foreign         :   75.73  460.31   96.07  345.65  510.45   33.59   86.96
  Major exporters 4/  :    3.32   34.01    0.25   10.10   16.70   17.00    3.88
   Argentina          :    1.66   20.85    0.05    5.10    7.00   15.00    0.56
   South Africa       :    1.66   13.16    0.20    5.00    9.70    2.00    3.33
  Major importers 5/  :   16.29   95.33   61.01  113.30  156.64    1.25   14.72
   Egypt              :    0.92    6.17    4.15    8.30   10.40    0.00    0.85
   EU-27 6/           :    7.38   47.67   14.02   50.50   63.50    0.59    4.97
   Japan              :    1.15    0.00   16.61   11.80   16.50    0.00    1.26
   Mexico             :    3.08   22.65    9.56   16.20   32.00    0.11    3.18
   Southeast Asia 7/  :    1.73   18.69    3.15   15.35   21.30    0.55    1.72
   South Korea        :    1.35    0.08    9.32    7.05    8.64    0.00    2.11
  Selected other      :
   Brazil             :    3.59   58.60    0.55   36.00   42.50    7.00   13.24
   Canada             :    1.34   11.65    3.18   10.26   13.83    0.89    1.46
   China              :   36.60  152.30    0.04  105.00  149.00    0.55   39.39
   FSU-12             :    1.77   13.79    0.54   11.09   12.78    2.15    1.17
    Ukraine           :    1.07    7.40    0.02    5.00    5.70    2.07    0.72
===============================================================================
1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted
to reflect the differences in world imports and exports. 3/ World imports and 
exports may not balance due to differences in marketing years, grain in
transit, and reporting discrepancies in some countries. 4/ Argentina and South
Africa. 5/ Egypt, the EU-27, Mexico, Japan, South Korea, Taiwan, and Southeast
Asia. 6/ Trade excludes intra-trade. 7/ Indonesia, Malaysia, Philippines,
Thailand, and Vietnam.
                                 WASDE-466-23
 
                      World Corn Supply and Use 1/ (Cont'd.)
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
        Region        :         :       :       :  Domestic 2/  :       :stocks
                      :Beginning:Produc-:       :===============:       :
                      :  stocks : tion  :Imports: Feed : Total  :Exports:
===============================================================================
                      :
                      :                 2008/09 (Projected)
World 3/              :
        December      :  127.80  785.90   79.69  488.13  789.87   80.39  123.83
         January      :  128.22  791.04   76.94  485.51  783.22   76.88  136.03
United States         :
        December      :   41.26  305.32    0.38  135.90  263.79   45.72   37.44
         January      :   41.26  307.39    0.38  134.63  259.09   44.45   45.48
Total foreign         :
        December      :   86.54  480.58   79.31  352.24  526.08   34.67   86.38
         January      :   86.96  483.65   76.56  350.89  524.13   32.43   90.56
  Major exporters 4/  :
        December      :    3.88   28.50    0.20   10.60   17.10   13.00    2.48
         January      :    3.88   27.00    0.20   10.60   17.10   11.50    2.48
   Argentina      Dec :    0.56   18.00    0.00    5.60    7.50   10.50    0.56
                  Jan :    0.56   16.50    0.00    5.60    7.50    9.00    0.56
   South Africa   Dec :    3.33   10.50    0.20    5.00    9.60    2.50    1.93
                  Jan :    3.33   10.50    0.20    5.00    9.60    2.50    1.93
  Major importers 5/  :
        December      :   14.66  109.77   47.00  108.40  153.57    2.64   15.22
         January      :   14.72  111.05   45.40  107.80  152.98    2.64   15.57
   Egypt          Dec :    0.85    6.18    4.30    8.30   10.60    0.00    0.72
                  Jan :    0.85    6.18    4.00    8.00   10.30    0.00    0.72
   EU-27 6/       Dec :    4.90   60.92    2.00   46.50   60.50    2.00    5.32
                  Jan :    4.97   61.20    2.00   46.50   60.50    2.00    5.67
   Japan          Dec :    1.26    0.00   16.50   11.70   16.50    0.00    1.27
                  Jan :    1.26    0.00   16.50   11.70   16.50    0.00    1.27
   Mexico         Dec :    3.19   24.00    9.00   16.50   32.50    0.10    3.59
                  Jan :    3.18   25.00    8.00   16.50   32.50    0.10    3.58
   S.-east Asia 7/Dec :    1.72   18.45    3.80   15.90   21.88    0.54    1.56
                  Jan :    1.72   18.45    3.70   15.80   21.78    0.54    1.56
   South Korea    Dec :    2.11    0.08    7.20    5.40    7.30    0.00    2.09
                  Jan :    2.11    0.08    7.20    5.40    7.30    0.00    2.09
  Selected other      :
   Brazil         Dec :   13.24   53.50    0.50   40.00   47.50    9.50   10.24
                  Jan :   13.24   51.50    0.50   40.00   47.50    9.50    8.24
   Canada         Dec :    1.42   10.60    1.60    7.50   11.50    0.50    1.62
                  Jan :    1.46   10.60    1.60    7.50   11.50    0.50    1.66
   China          Dec :   39.39  160.00    0.10  111.00  158.00    0.50   40.99
                  Jan :   39.39  165.50    0.10  111.00  158.00    0.50   46.49
   FSU-12         Dec :    1.18   19.82    0.33   12.93   14.76    3.83    2.73
                  Jan :    1.17   20.12    0.28   12.93   14.76    3.83    2.97
    Ukraine       Dec :    0.72   10.00    0.03    5.20    5.90    3.50    1.34
                  Jan :    0.72   10.00    0.03    5.20    5.90    3.50    1.34
===============================================================================
1/ Aggregate of local marketing years. 2/ Total foreign and world use adjusted
to reflect the differences in world imports and exports. 3/ World imports and 
exports may not balance due to differences in marketing years, grain in
transit, and reporting discrepancies in some countries. 4/ Argentina and South
Africa. 5/ Egypt, the EU-27, Mexico, Japan, South Korea, Taiwan, and Southeast
Asia. 6/ Trade excludes intra-trade. 7/ Indonesia, Malaysia, Philippines,
Thailand, and Vietnam.
                                 WASDE-466-24
 
                   World Rice Supply and Use (Milled Basis) 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :        Use        :
                      :=========================:===================: Ending
        Region        :         :       :       :         :         : stocks
                      :Beginning:Produc-:       : Total 2/:         :
                      :  stocks : tion  :Imports: Domestic: Exports :
===============================================================================
                      :
                      :                      2006/07
World 3/              :   75.68  420.63   28.72    420.92    31.35    75.39
United States         :    1.37    6.27    0.65      4.10     2.92     1.27
Total foreign         :   74.31  414.37   28.07    416.82    28.42    74.12
  Major exporters 4/  :   15.73  139.97    0.46    117.70    22.42    16.03
   India              :   10.52   93.35    0.00     86.94     5.50    11.43
   Pakistan           :    0.30    5.45    0.00      2.21     2.84     0.70
   Thailand           :    3.59   18.25    0.01      9.78     9.56     2.51
   Vietnam            :    1.32   22.92    0.45     18.78     4.52     1.39
  Major importers 5/  :   12.80   60.07   12.05     70.34     0.44    14.13
   Brazil             :    0.90    7.70    0.73      7.93     0.24     1.16
   EU-27 6/           :    1.18    1.69    1.34      2.92     0.15     1.14
   Indonesia          :    3.21   35.30    2.00     35.90     0.00     4.61
   Nigeria            :    0.55    2.90    1.60      4.45     0.00     0.60
   Philippines        :    5.29    9.78    1.80     12.00     0.00     4.87
   Sel. Mideast 7/    :    1.51    2.13    3.21      5.20     0.05     1.60
  Selected other      :
   Burma              :    0.70   10.60    0.00     10.67     0.03     0.60
   C. Amer & Carib 8/ :    0.19    0.06    0.37      0.48     0.00     0.14
   China              :   36.78  127.20    0.47    127.20     1.34    35.92
   Egypt              :    0.36    4.38    0.10      3.27     1.21     0.37
   Japan              :    2.40    7.79    0.68      8.25     0.20     2.41
   Mexico             :    0.16    0.18    0.59      0.79     0.00     0.15
   South Korea        :    0.82    4.68    0.26      4.89     0.16     0.70
                      :
                      :                 2007/08 (Estimated)
World 3/              :   75.39  431.31   27.41    428.01    30.42    78.69
United States         :    1.27    6.34    0.76      3.97     3.45     0.94
Total foreign         :   74.12  424.97   26.65    424.04    26.97    77.74
  Major exporters 4/  :   16.03  145.80    0.41    122.32    21.75    18.18
   India              :   11.43   96.43    0.00     90.76     4.10    13.00
   Pakistan           :    0.70    5.70    0.00      2.45     3.00     0.95
   Thailand           :    2.51   19.30    0.01      9.60    10.00     2.22
   Vietnam            :    1.39   24.38    0.40     19.51     4.65     2.01
  Major importers 5/  :   14.13   61.74   11.03     73.05     0.62    13.22
   Brazil             :    1.16    8.20    0.40      8.40     0.45     0.90
   EU-27 6/           :    1.14    1.68    1.57      3.11     0.15     1.12
   Indonesia          :    4.61   35.80    0.50     36.55     0.00     4.36
   Nigeria            :    0.60    3.00    1.55      4.65     0.00     0.50
   Philippines        :    4.87   10.08    2.70     13.10     0.00     4.55
   Sel. Mideast 7/    :    1.60    2.38    3.03      5.30     0.02     1.69
  Selected other      :
   Burma              :    0.60   10.73    0.05     10.30     0.45     0.63
   C. Amer & Carib 8/ :    0.14    0.06    0.43      0.55     0.00     0.08
   China              :   35.92  130.22    0.25    127.45     1.00    37.94
   Egypt              :    0.37    4.39    0.02      3.66     0.45     0.67
   Japan              :    2.41    7.93    0.70      8.15     0.20     2.69
   Mexico             :    0.15    0.20    0.60      0.76     0.01     0.17
   South Korea        :    0.70    4.41    0.25      4.68     0.00     0.68
===============================================================================
1/ Aggregate of local marketing years.  2/ Total foreign and world use
adjusted to reflect the differences in world imports and exports. Total
domestic includes both domestic use and unreported disappearance.  3/ World
imports and exports may not balance due to differences in some countries.   
4/ India, Pakistan, Thailand, and Vietnam.  5/ Brazil,  Indonesia, Hong Kong, 
Cote d'Ivoire, Nigeria, Philippines, selected Middle East, and the EU-27. 6/
Trade excludes intra-trade.  7/ Selected Middle East includes Iran, Iraq, and 
Saudi Arabia. 8/ Central American and Caribbean countries.
                                 WASDE-466-25
 
                   World Rice Supply and Use (Milled Basis) 1/ (Cont'd.)
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :        Use        :
                      :=========================:===================: Ending
        Region        :         :       :       :         :         : stocks
                      :Beginning:Produc-:       : Total 2/:         :
                      :  stocks : tion  :Imports: Domestic: Exports :
===============================================================================
                      :
                      :                 2008/09 (Projected)
World 3/              :
        December      :   78.59  434.59   27.37    432.33    29.88    80.85
         January      :   78.69  439.08   27.08    435.11    29.77    82.66
United States         :
        December      :    0.94    6.51    0.71      4.02     3.39     0.75
         January      :    0.94    6.52    0.57      4.06     3.23     0.74
Total foreign         :
        December      :   77.65  428.08   26.66    428.30    26.49    80.10
         January      :   77.74  432.57   26.51    431.05    26.54    81.92
  Major exporters 4/  :
        December      :   18.08  146.80    0.31    124.74    21.20    19.25
         January      :   18.18  146.80    0.31    124.74    21.20    19.35
   India          Dec :   13.00   97.50    0.00     93.50     2.50    14.50
                  Jan :   13.00   97.50    0.00     93.50     2.50    14.50
   Pakistan       Dec :    0.95    6.30    0.00      2.70     4.00     0.55
                  Jan :    0.95    6.30    0.00      2.70     4.00     0.55
   Thailand       Dec :    2.22   19.50    0.01      9.50     9.50     2.73
                  Jan :    2.22   19.50    0.01      9.50     9.50     2.73
   Vietnam        Dec :    1.91   23.50    0.30     19.04     5.20     1.47
                  Jan :    2.01   23.50    0.30     19.04     5.20     1.57
  Major importers 5/  :
        December      :   13.22   61.88   11.19     73.50     0.47    12.33
         January      :   13.22   61.84   11.09     73.50     0.47    12.19
   Brazil         Dec :    1.00    8.30    0.60      8.71     0.30     0.89
                  Jan :    0.90    8.30    0.50      8.71     0.30     0.69
   EU-27 6/       Dec :    1.02    1.63    1.20      2.75     0.15     0.95
                  Jan :    1.12    1.59    1.20      2.75     0.15     1.01
   Indonesia      Dec :    4.36   36.25    0.80     36.85     0.00     4.56
                  Jan :    4.36   36.25    0.80     36.85     0.00     4.56
   Nigeria        Dec :    0.50    3.30    1.60      4.80     0.00     0.60
                  Jan :    0.50    3.30    1.60      4.80     0.00     0.60
   Philippines    Dec :    4.55   10.20    2.50     13.20     0.00     4.05
                  Jan :    4.55   10.20    2.50     13.20     0.00     4.05
   Sel. Mideast 7/Dec :    1.69    1.59    3.42      5.44     0.02     1.23
                  Jan :    1.69    1.59    3.42      5.44     0.02     1.23
  Selected other      :
   Burma          Dec :    0.63    9.80    0.03     10.00     0.20     0.26
                  Jan :    0.63    9.80    0.03     10.00     0.20     0.26
   C. Am & Car. 8/Dec :    0.05    0.05    0.39      0.47     0.00     0.02
                  Jan :    0.08    0.05    0.39      0.47     0.00     0.05
   China          Dec :   37.94  130.90    0.33    128.00     1.30    39.87
                  Jan :   37.94  135.10    0.33    130.50     1.30    41.57
   Egypt          Dec :    0.67    4.39    0.02      3.63     0.80     0.65
                  Jan :    0.67    4.39    0.02      3.63     0.80     0.65
   Japan          Dec :    2.69    8.00    0.70      8.23     0.20     2.96
                  Jan :    2.69    8.00    0.70      8.23     0.20     2.96
   Mexico         Dec :    0.17    0.21    0.60      0.83     0.01     0.14
                  Jan :    0.17    0.21    0.60      0.83     0.01     0.14
   South Korea    Dec :    0.71    4.84    0.29      4.78     0.00     1.06
                  Jan :    0.68    4.84    0.28      4.66     0.00     1.15
===============================================================================
1/ Aggregate of local marketing years.  2/ Total foreign and world use
adjusted to reflect the differences in world imports and exports. Total
domestic includes both domestic use and unreported disappearance.  3/ World
imports and exports may not balance due to differences in some countries.   
4/ India, Pakistan, Thailand, and Vietnam.  5/ Brazil,  Indonesia, Hong Kong, 
Cote d'Ivoire, Nigeria, Philippines, selected Middle East, the EU-27. 6/ Trade
excludes intra-trade.  7/ Selected Middle East includes Iran, Iraq, and Saudi 
Arabia. 8/ Central American and Caribbean countries.
                                 WASDE-466-26
 
                         World Cotton Supply and Use 1/
                             (Million 480-pound bales)
===============================================================================
                      :          Supply         :       Use      :      :
        Region        :=========================:================: Loss :Ending
                      :Beginning:Produc-:Imports:Domestic:Exports:  2/  :stocks
                      :  stocks : tion  :       :        :       :      :
===============================================================================
                      :
                      :                      2006/07
                      :
World                 :   62.21  121.99    37.43  123.45    37.10  -1.72  62.81
United States         :    6.07   21.59     0.02    4.94    13.01   0.25   9.48
Total foreign         :   56.14  100.40    37.41  118.51    24.09  -1.97  53.33
  Major exporters 4/  :   19.72   45.69     2.22   27.42    20.24  -0.16  20.14
   Central Asia 5/    :    2.21    8.19     0.31    1.51     6.93   0.00   2.27
   Afr. Fr. Zone 6/   :    1.48    3.64       3/    0.19     3.81   0.00   1.13
   S. Hemis. 7/       :    6.55    9.86     0.95    5.78     4.09  -0.18   7.67
    Australia         :    1.94    1.35       3/    0.06     2.13  -0.05   1.15
   Brazil             :    3.62    7.00     0.52    4.57     1.30  -0.15   5.41
   India              :    8.06   21.80     0.47   18.10     4.57   0.00   7.66
  Major importers 8/  :   34.20   51.62    32.44   86.44     2.47  -1.81  31.15
   Mexico             :    1.32    0.65     1.35    2.10     0.18   0.03   1.03
   China              :   22.54   35.50    10.59   50.00     0.09  -2.00  20.54
   EU-27 9/           :    1.18    1.61     2.02    2.36     1.58   0.06   0.83
   Russia             :    0.22      3/     1.40    1.40     0.00   0.00   0.22
   Turkey             :    1.73    3.80     4.03    7.30     0.30   0.00   1.95
   Pakistan           :    4.91    9.90     2.31   12.50     0.22   0.03   4.38
   Indonesia          :    0.37    0.03     2.20    2.18     0.02   0.05   0.35
   Thailand           :    0.41    0.02     1.91    1.95     0.00   0.03   0.35
   Bangladesh         :    0.46    0.06     2.48    2.48     0.00   0.01   0.51
                      :
                      :                 2007/08 (Estimated)
                      :
World                 :   62.81  120.54    38.04  122.69    38.44  -2.06  62.31
United States         :    9.48   19.21     0.01    4.61    13.65   0.39  10.04
Total foreign         :   53.33  101.33    38.03  118.08    24.79  -2.45  52.27
  Major exporters 4/  :   20.14   47.18     1.47   27.79    21.29  -0.14  19.85
   Central Asia 5/    :    2.27    8.35     0.04    1.63     6.53   0.00   2.50
   Afr. Fr. Zone 6/   :    1.13    2.46       3/    0.19     2.56   0.00   0.84
   S. Hemis. 7/       :    7.67    9.30     0.53    5.83     3.94  -0.15   7.88
    Australia         :    1.15    0.62       3/    0.05     1.22  -0.02   0.53
   Brazil             :    5.41    7.36     0.16    4.60     2.23  -0.15   6.25
   India              :    7.66   24.60     0.45   18.30     7.03   0.00   7.38
  Major importers 8/  :   31.15   51.24    33.91   85.72     2.40  -2.31  30.50
   Mexico             :    1.03    0.62     1.53    2.00     0.22   0.03   0.93
   China              :   20.54   37.00    11.53   51.50     0.06  -2.50  20.00
   EU-27 9/           :    0.83    1.51     1.58    1.81     1.36   0.05   0.70
   Russia             :    0.22      3/     1.20    1.23     0.00   0.00   0.20
   Turkey             :    1.95    3.10     3.27    6.00     0.37   0.00   1.95
   Pakistan           :    4.38    8.90     3.90   12.40     0.27   0.03   4.48
   Indonesia          :    0.35    0.03     2.30    2.23     0.02   0.05   0.39
   Thailand           :    0.35    0.02     1.93    1.95     0.00   0.03   0.32
   Bangladesh         :    0.51    0.04     2.80    2.75     0.00   0.01   0.58
===============================================================================
1/ Marketing year beginning August 1.   Totals may not add exactly and trade
may not balance due to rounding and other factors.   2/ Generally reflects
cotton lost or destroyed in the marketing channel; for Australia, Brazil,
China, and the United States, reflects the difference between implicit stocks 
based on supply less total use and indicated ending stocks.  3/ Less than
5,000 bales.  4/ Includes Egypt and Syria in addition to the countries and
regions listed.  5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, and Uzbekistan.  6/ Benin, Burkino Faso, Cameroon, Central
African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo.  7/
Argentina, Australia, Brazil, Paraguay, South Africa, and Zimbabwe.  8/ In
addition to the countries and regions listed, includes Hong Kong, Japan, South
Korea, Taiwan, and Vietnam. 9/ Includes intra-EU trade.

                                 WASDE-466-27
 
                         World Cotton Supply and Use 1/
                             (Million 480-pound bales)
================================================================================
                      :          Supply         :       Use      :      :
        Region        :=========================:================: Loss : Ending
                      :Beginning:Produc-:Imports:Domestic:Exports:  2/  : stocks
                      :  stocks : tion  :       :        :       :      :
================================================================================
                      :
                      :                 2008/09 (Projected)
World                 :
        December      :   61.35  111.56    32.80  116.59    32.80  -2.46  58.77
         January      :   62.31  109.84    31.08  115.24    31.07  -2.48  59.40
United States         :
        December      :   10.04   13.61     0.01    4.30    12.25   0.02   7.10
         January      :   10.04   13.04     0.01    4.20    12.00  -0.01   6.90
Total foreign         :
        December      :   51.31   97.94    32.79  112.29    20.55  -2.47  51.67
         January      :   52.27   96.80    31.07  111.04    19.07  -2.47  52.50
  Major exporters 4/  :
        December      :   19.48   44.55     1.46   26.65    17.57  -0.16  21.43
         January      :   19.85   43.45     1.54   26.45    16.15  -0.16  22.40
   Central Asia 5/Dec :    2.50    7.42     0.05    1.68     5.55   0.00   2.74
                  Jan :    2.50    7.42     0.05    1.68     5.29   0.00   3.01
   Afr. Fr. Zn. 6/Dec :    0.84    2.53       3/    0.19     2.37   0.00   0.81
                  Jan :    0.84    2.53       3/    0.19     2.26   0.00   0.92
   S. Hemis 7/    Dec :    7.88    8.56     0.46    5.58     3.86  -0.18   7.64
                  Jan :    7.88    8.46     0.54    5.58     3.83  -0.18   7.64
    Australia     Dec :    0.53    1.30       3/    0.05     0.95  -0.05   0.88
                  Jan :    0.53    1.35       3/    0.05     1.05  -0.05   0.83
   Brazil         Dec :    6.25    5.80     0.20    4.40     2.40  -0.15   5.60
                  Jan :    6.25    5.80     0.20    4.40     2.35  -0.15   5.65
   India          Dec :    7.01   24.00     0.50   17.50     5.00   0.00   9.01
                  Jan :    7.38   23.00     0.50   17.30     4.00   0.00   9.58
  Major importers 8/  :
        December      :   29.90   50.23    28.84   81.18     1.84  -2.31  28.27
         January      :   30.50   50.19    27.05   80.13     1.80  -2.31  28.12
   Mexico         Dec :    0.93    0.68     1.30    1.85     0.18   0.03   0.86
                  Jan :    0.93    0.65     1.30    1.85     0.15   0.03   0.86
   China          Dec :   19.50   36.50     9.00   49.50     0.08  -2.50  17.93
                  Jan :   20.00   36.50     7.50   48.50     0.08  -2.50  17.93
   EU-27 9/       Dec :    0.70    1.22     1.38    1.57     0.97   0.05   0.70
                  Jan :    0.70    1.20     1.39    1.57     0.93   0.05   0.74
   Russia         Dec :    0.20      3/     1.10    1.10     0.00   0.00   0.20
                  Jan :    0.20      3/     1.10    1.10     0.00   0.00   0.20
   Turkey         Dec :    1.86    2.30     2.60    5.00     0.20   0.00   1.56
                  Jan :    1.95    2.30     2.50    5.00     0.20   0.00   1.55
   Pakistan       Dec :    4.48    9.40     3.00   11.80     0.30   0.03   4.76
                  Jan :    4.48    9.40     2.85   11.70     0.38   0.03   4.63
   Indonesia      Dec :    0.39    0.03     2.20    2.15     0.02   0.05   0.40
                  Jan :    0.39    0.03     2.10    2.10     0.02   0.05   0.35
   Thailand       Dec :    0.32    0.02     1.70    1.70     0.00   0.03   0.30
                  Jan :    0.32    0.02     1.80    1.80     0.00   0.03   0.30
   Bangladesh     Dec :    0.58    0.06     2.85    2.85     0.00   0.01   0.63
                  Jan :    0.58    0.06     2.85    2.85     0.00   0.01   0.63
================================================================================
1/ Marketing year beginning August 1.   Totals may not add exactly and trade
may not balance due to rounding and other factors.   2/ Generally reflects
cotton lost or destroyed in the marketing channel; for Australia, Brazil, and 
the United States, reflects the difference between implicit stocks based on
supply less total use and indicated ending stocks. 3/ Less than 5,000 bales.  
4/ Includes Egypt and Syria in addition to the countries and regions listed.  
5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and
Uzbekistan.  6/ Benin, Burkino Faso, Cameroon, Central African Republic, Chad,
Cote d'Ivoire, Mali, Niger, Senegal, and Togo.   7/ Argentina, Australia,
Brazil, Paraguay, South Africa, and Zimbabwe.  8/ In addition to the countries
and regions listed, includes Hong Kong, Japan, South Korea, Taiwan, and
Vietnam. 9/ Includes intra-EU trade.

                                 WASDE-466-28
 
                       World Soybean Supply and Use 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :           Use         :
                      :=========================:=======================:Ending
     Region           :         :       :       :               :       :stocks
                      :Beginning:Produc-:       :    Domestic   :       :
                      :  stocks : tion  :Imports: Crush : Total :Exports:
===============================================================================
                      :
                      :                      2006/07
World 2/              :   53.09  237.55   69.05  195.90  225.51   71.50   62.68
United States         :   12.23   87.00    0.25   49.20   53.47   30.39   15.62
Total foreign         :   40.86  150.54   68.81  146.70  172.04   41.12   47.06
  Major exporters 3/  :   33.27  114.00    2.05   66.24   70.80   37.54   40.98
   Argentina          :   16.47   48.80    1.99   33.59   35.09    9.56   22.61
   Brazil             :   16.64   59.00    0.05   31.11   34.02   23.49   18.19
  Major importers 4/  :    5.82   18.53   55.41   59.33   74.89    0.52    4.35
   China              :    4.57   15.97   28.73   35.97   46.12    0.45    2.70
   EU-27              :    0.73    1.23   15.29   14.67   16.09    0.05    1.12
   Japan              :    0.26    0.23    4.09    2.93    4.31    0.00    0.27
   Mexico             :    0.04    0.08    3.84    3.90    3.93    0.00    0.04
                      :
                      :                 2007/08 (Estimated)
World 2/              :   62.68  220.89   78.64  201.71  229.62   79.48   53.10
United States         :   15.62   72.86    0.27   49.02   51.57   31.60    5.58
Total foreign         :   47.06  148.03   78.37  152.68  178.05   47.88   47.52
  Major exporters 3/  :   40.98  114.00    3.11   68.08   72.73   44.27   41.08
   Argentina          :   22.61   46.20    2.95   34.61   36.16   13.83   21.77
   Brazil             :   18.19   61.00    0.15   31.86   34.82   25.36   19.16
  Major importers 4/  :    4.35   16.02   64.12   62.88   78.46    0.53    5.51
   China              :    2.70   14.00   37.82   39.52   49.82    0.45    4.25
   EU-27              :    1.12    0.73   15.15   14.87   16.14    0.04    0.82
   Japan              :    0.27    0.23    4.01    2.89    4.22    0.00    0.29
   Mexico             :    0.04    0.08    3.65    3.70    3.74    0.00    0.03
                      :
                      :                 2008/09 (Projected)
World 2/              :
        December      :   53.10  234.65   76.10  202.20  232.58   77.08   54.19
         January      :   53.10  233.20   75.94  200.71  231.11   77.19   53.94
United States         :
        December      :    5.58   79.49    0.19   46.68   51.10   28.58    5.58
         January      :    5.58   80.54    0.25   45.86   50.31   29.94    6.12
Total foreign         :
        December      :   47.52  155.17   75.91  155.53  181.49   48.50   48.60
         January      :   47.52  152.67   75.69  154.85  180.81   47.25   47.82
  Major exporters 3/  :
        December      :   41.08  116.00    2.82   69.05   73.80   44.65   41.45
         January      :   41.08  114.10    2.60   68.67   73.42   43.65   40.72
   Argentina      Dec :   21.77   50.50    2.70   35.90   37.49   14.70   22.78
                  Jan :   21.77   49.50    2.54   35.62   37.21   14.40   22.19
   Brazil         Dec :   19.16   59.00    0.10   31.50   34.51   25.25   18.50
                  Jan :   19.16   59.00    0.05   31.50   34.51   25.25   18.45
  Major importers 4/  :
        December      :    5.49   18.92   61.33   63.48   79.23    0.52    5.98
         January      :    5.51   18.92   61.33   63.48   79.25    0.52    5.99
   China          Dec :    4.25   16.80   36.00   41.47   51.87    0.45    4.72
                  Jan :    4.25   16.80   36.00   41.47   51.87    0.45    4.72
   EU-27          Dec :    0.80    0.75   14.15   13.65   14.86    0.03    0.81
                  Jan :    0.82    0.75   14.15   13.65   14.88    0.03    0.81
   Japan          Dec :    0.29    0.23    4.00    2.84    4.26    0.00    0.26
                  Jan :    0.29    0.23    4.00    2.84    4.26    0.00    0.26
   Mexico         Dec :    0.03    0.16    3.59    3.70    3.74    0.00    0.04
                  Jan :    0.03    0.16    3.59    3.70    3.74    0.00    0.04
===============================================================================
1/ Data based on local marketing years except Argentina and Brazil which are
adjusted to an October-September year.  2/ World imports and exports may not
balance due to differences in local marketing years and to time lags between
reported exports and imports.  Therefore, world supply may not equal world
use.  3/ Argentina, Brazil and Paraguay.  4/ Japan, China, and EU, Mexico, and
Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand).
                                 WASDE-466-29
 
                     World Soybean Meal Supply and Use 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :        Use        :
                      :=========================:===================: Ending
        Region        :         :       :       :         :         : stocks
                      :Beginning:Produc-:       : Total   :         :
                      :  stocks : tion  :Imports: Domestic: Exports :
===============================================================================
                      :
                      :                      2006/07
World 2/              :    6.10  154.16   52.53    152.23    54.27     6.28
United States         :    0.29   39.06    0.14     31.18     7.99     0.31
Total foreign         :    5.82  115.10   52.39    121.05    46.29     5.97
  Major exporters 3/  :    3.60   55.45    0.17     13.56    41.80     3.86
   Argentina          :    1.67   26.06    0.00      0.59    25.63     1.52
   Brazil             :    1.47   24.11    0.17     11.12    12.72     1.91
   India              :    0.46    5.28    0.00      1.85     3.46     0.43
  Major importers 4/  :    1.14   41.33   28.72     68.64     1.43     1.13
   EU-27              :    0.87   11.55   22.21     33.23     0.55     0.86
   China              :    0.00   28.47    0.03     27.63     0.87     0.00
                      :
                      :                 2007/08 (Estimated)
World 2/              :    6.28  158.44   54.86    157.71    55.69     6.18
United States         :    0.31   38.32    0.13     30.08     8.42     0.27
Total foreign         :    5.97  120.12   54.73    127.63    47.27     5.92
  Major exporters 3/  :    3.86   58.15    0.18     14.59    43.73     3.86
   Argentina          :    1.52   27.07    0.00      0.62    26.80     1.17
   Brazil             :    1.91   24.69    0.17     12.05    12.14     2.59
   India              :    0.43    6.39    0.00      1.92     4.79     0.11
  Major importers 4/  :    1.13   44.37   30.65     73.88     1.06     1.22
   EU-27              :    0.86   11.72   24.07     35.17     0.41     1.07
   China              :    0.00   31.28    0.20     30.85     0.63     0.00
                      :
                      :                 2008/09 (Projected)
World 2/              :
        December      :    6.19  158.99   55.02    158.34    55.98     5.88
         January      :    6.18  158.03   55.00    157.94    55.61     5.65
United States         :
        December      :    0.27   36.96    0.15     29.48     7.62     0.27
         January      :    0.27   36.14    0.15     28.67     7.62     0.27
Total foreign         :
        December      :    5.93  122.03   54.87    128.86    48.36     5.61
         January      :    5.92  121.89   54.85    129.28    47.99     5.38
  Major exporters 3/  :
        December      :    3.86   59.17    0.18     14.98    44.62     3.61
         January      :    3.86   58.92    0.16     14.98    44.57     3.39
   Argentina      Dec :    1.17   28.10    0.00      0.65    27.42     1.20
                  Jan :    1.17   27.86    0.00      0.65    27.37     1.01
   Brazil         Dec :    2.59   24.41    0.18     12.49    12.40     2.28
                  Jan :    2.59   24.41    0.16     12.49    12.40     2.26
   India          Dec :    0.11    6.66    0.00      1.84     4.80     0.12
                  Jan :    0.11    6.66    0.00      1.84     4.80     0.12
  Major importers 4/  :
        December      :    1.22   44.45   29.78     73.38     0.96     1.10
         January      :    1.22   44.89   29.78     73.82     0.96     1.10
   EU-27          Dec :    1.07   10.75   22.80     33.32     0.35     0.95
                  Jan :    1.07   10.75   22.80     33.32     0.35     0.95
   China          Dec :    0.00   32.39    0.20     31.99     0.60     0.00
                  Jan :    0.00   32.83    0.20     32.43     0.60     0.00
===============================================================================
1/ Data based on local marketing years except for Argentina and Brazil which
are adjusted to an October-September year.  2/ World imports and exports may
not balance due to differences in local marketing years and to time lags
between reported exports and imports.  Therefore, world supply may not equal
world use.  3/ Argentina, Brazil, and India.  4/ Eastern Europe, China, EU,
and Southeast Asia (includes Indonesia, Malaysia, Philippines, and Thailand).
                                 WASDE-466-30
 
                     World Soybean Oil Supply and Use 1/
                             (Million Metric Tons)
===============================================================================
                      :          Supply         :        Use        :
                      :=========================:===================: Ending
        Region        :         :       :       :         :         : stocks
                      :Beginning:Produc-:       : Total   :         :
                      :  stocks : tion  :Imports: Domestic: Exports :
===============================================================================
                      :
                      :                      2006/07
World 2/              :    3.37   36.39    9.78     35.74    10.57     3.22
United States         :    1.37    9.29    0.02      8.43     0.85     1.40
Total foreign         :    2.00   27.09    9.76     27.31     9.72     1.82
  Major exporters 3/  :    1.00   15.03    0.98      7.45     8.68     0.89
   Argentina          :    0.49    6.42    0.00      0.57     5.97     0.38
   Brazil             :    0.31    5.97    0.00      3.51     2.46     0.32
   EU-27              :    0.19    2.64    0.98      3.37     0.24     0.20
  Major importers 4/  :    0.43    7.60    3.84     11.30     0.10     0.46
   China              :    0.20    6.41    2.40      8.67     0.09     0.25
   India              :    0.23    1.18    1.40      2.60     0.01     0.21
   Pakistan           :    0.00    0.01    0.03      0.03     0.00     0.00
                      :
                      :                 2007/08 (Estimated)
World 2/              :    3.22   37.54   10.36     37.54    10.83     2.75
United States         :    1.40    9.33    0.03      8.31     1.32     1.13
Total foreign         :    1.82   28.21   10.33     29.23     9.51     1.62
  Major exporters 3/  :    0.89   15.40    1.10      8.16     8.49     0.75
   Argentina          :    0.38    6.63    0.00      0.98     5.77     0.25
   Brazil             :    0.32    6.11    0.07      3.80     2.39     0.30
   EU-27              :    0.20    2.67    1.03      3.38     0.33     0.19
  Major importers 4/  :    0.46    8.48    3.51     12.02     0.11     0.32
   China              :    0.25    7.05    2.73      9.69     0.10     0.23
   India              :    0.21    1.43    0.73      2.27     0.01     0.09
   Pakistan           :    0.00    0.01    0.05      0.06     0.00     0.00
                      :
                      :                 2008/09 (Projected)
World 2/              :
        December      :    2.73   37.55    9.55     37.36    10.00     2.48
         January      :    2.75   37.32    9.43     37.18     9.77     2.55
United States         :
        December      :    1.13    8.87    0.02      8.17     0.93     0.92
         January      :    1.13    8.71    0.02      8.10     0.79     0.97
Total foreign         :
        December      :    1.60   28.69    9.53     29.19     9.07     1.56
         January      :    1.62   28.60    9.41     29.08     8.98     1.58
  Major exporters 3/  :
        December      :    0.75   15.37    0.69      7.98     8.09     0.74
         January      :    0.75   15.31    0.67      7.97     8.04     0.71
   Argentina      Dec :    0.25    6.87    0.00      1.15     5.70     0.27
                  Jan :    0.25    6.81    0.00      1.15     5.65     0.27
   Brazil         Dec :    0.30    6.04    0.07      3.96     2.14     0.31
                  Jan :    0.30    6.04    0.05      3.96     2.14     0.29
   EU-27          Dec :    0.19    2.46    0.62      2.86     0.25     0.15
                  Jan :    0.19    2.46    0.62      2.86     0.25     0.15
  Major importers 4/  :
        December      :    0.32    8.85    3.17     11.87     0.08     0.40
         January      :    0.32    8.90    3.07     11.77     0.08     0.45
   China          Dec :    0.23    7.36    2.37      9.58     0.07     0.31
                  Jan :    0.23    7.41    2.37      9.58     0.07     0.36
   India          Dec :    0.09    1.49    0.75      2.23     0.01     0.09
                  Jan :    0.09    1.49    0.65      2.13     0.01     0.09
   Pakistan       Dec :    0.00    0.01    0.05      0.06     0.00     0.00
                  Jan :    0.00    0.01    0.05      0.06     0.00     0.00
===============================================================================
1/ Data based on local marketing years except for Argentina and Brazil which
are adjusted to an October-September year.  2/ World imports and exports may
not balance due to differences in local marketing years and to time lags
between reported exports and imports.  Therefore, world supply may not equal
world use.  3/ Argentina, Brazil and EU.  4/ India, China and Pakistan.

                          WASDE-466-31
                 U.S. Quarterly Animal Product Production 1/
===============================================================================
   Year  :      :      :  Red :       :      :  Total:   Red  :       :       :
   and   :      :      : meat :       :      :poultry: meat & :       :       :
quarter  : Beef : Pork :  2/  :Broiler:Turkey:    3/ : poultry:  Egg  :  Milk :
===============================================================================
         :                   Million pounds                    Mil doz  Bil lbs
    2007 :
 Annual  :  26421  21943  48683   36126   5958    42582   91265    7547   185.6
         :
    2008 :
      I  :   6371   6023  12474    9108   1541    10784   23258    1870    47.5
     II  :   6897   5593  12568    9432   1565    11144   23712    1860    48.7
    III  :   6911   5633  12621    9455   1571    11175   23796    1874    46.8
     IV  :   6380   6110  12569    8900   1575    10605   23174    1895    46.6
 Annual  :
Dec Proj :  26589  23419  50321   36995   6252    43813   94134    7504   189.7
Jan Est  :  26559  23359  50232   36895   6252    43708   93940    7499   189.6
         :
    2009 :
     I*  :   6260   5915  12253    8750   1495    10375   22628    1845    47.6
    II*  :   6770   5465  12314    9200   1510    10840   23154    1850    49.0
   III*  :   6970   5550  12596    9225   1510    10870   23466    1885    47.1
    IV*  :   6540   6105  12723    9150   1555    10835   23558    1925    46.8
 Annual  :
Dec Proj :  26540  23125  49976   36525   6070    43125   93101    7515   191.4
Jan Proj :  26540  23035  49886   36325   6070    42920   92806    7505   190.5
===============================================================================
* Projection.
1/ Commercial production for red meats; federally inspected for poultry meats.
2/ Beef, pork, veal and lamb & mutton. 3/ Broilers, turkeys and mature chicken.

                     U.S. Quarterly Prices for Animal Products 1/
===============================================================================
   Year  :  Choice  : Barrows  :          :          :           :            :
   and   :  steers  :and gilts : Broilers :  Turkeys :    Eggs   :     Milk   :
 quarter :     2/   :     3/   :    4/    :     5/   :      6/   :       7/   :
===============================================================================
         : Dol./cwt   Dol./cwt   Cents/lb.  Cents/lb.  Cents/doz.   Dol./cwt
    2007 :
 Annual  :      91.82      47.09       76.4       82.1       114.4        19.13
         :
    2008 :
      I  :      89.59      39.64       78.1       77.4       158.8        19.23
     II  :      92.82      52.51       80.6       88.9       117.3        18.57
    III  :      98.45      57.27       80.6       96.5       114.5        18.67
     IV  :      88.22      41.92       79.4       87.3       120.5        16.90
 Annual  :
Dec Proj :      92.59      47.73       79.7       87.8       127.8  18.30-18.40
Jan Est  :      92.27      47.84       79.7       87.5       127.8        18.34
         :
    2009 :
     I*  :      89-93      46-48      81-85      74-78     124-130  11.75-12.15
    II*  :      92-98      48-52      82-88      81-87     115-123  10.80-11.50
   III*  :      90-98      50-54      83-89      88-96     111-121  11.50-12.50
    IV*  :      91-99      45-49      80-86      86-94     123-133  13.15-14.15
 Annual  :
Dec Proj :      92-99      48-52      81-87      85-91     119-127  14.95-15.75
Jan Proj :      91-97      47-51      81-87      83-88     118-127  11.80-12.60
===============================================================================
*Projection.
1/ Simple average of months. 2/ Nebraska, Direct, 1100-1300 lbs. 3/ National
Base, Live equiv 51-52% lean. 4/ Wholesale, 12-city average. 5/ 8-12 lbs, hens
Eastern Region. 6/ Grade A large, New York, volume buyers. 7/ Prices
received by farmers for all milk.
                                      WASDE-466-32
                               U.S. Meats Supply and Use
===============================================================================
                   :         Supply             :        Use
                   :-----------------------------------------------------------
                   :      :        :     :        :      :      : Disappearance
                   :      :   Pro- :     :        :      :      :--------------
                   : Beg- :   duc- :     :        :      : End- :      :  Per
     Item          :inning:   tion : Im- :  Total :  Ex- : ing  :      :capita
                   :stocks:    1/  :ports:  supply: ports:stocks:Total : 2/  3/
===============================================================================
                   :                      Million pounds 4/
BEEF               :
 2007              :    630    26523  3052    30205   1434    630  28141   65.2
 2008 Est.     Dec :    630    26691  2452    29773   1860    595  27318   62.7
               Jan :    630    26661  2482    29773   1875    605  27293   62.6
 2009 Proj.    Dec :    595    26642  2595    29832   1920    595  27317   62.1
               Jan :    605    26642  2680    29927   1920    595  27412   62.3
                   :
PORK               :
 2007              :    514    21962   968    23444   3141    536  19767   50.8
 2008 Est.     Dec :    536    23438   813    24787   4769    640  19378   49.3
               Jan :    536    23378   813    24727   4769    640  19318   49.2
 2009 Proj.    Dec :    640    23144   850    24634   4100    640  19894   50.2
               Jan :    640    23054   850    24544   4100    640  19804   49.9
                   :
TOTAL RED MEAT 5/  :
 2007              :   1166    48817  4223    54206   4585   1186  48436  117.5
 2008 Est.     Dec :   1186    50455  3451    55092   6639   1262  47191  113.4
               Jan :   1186    50366  3477    55029   6655   1274  47100  113.2
 2009 Proj.    Dec :   1262    50110  3626    54998   6032   1260  47706  113.7
               Jan :   1274    50020  3711    55005   6032   1260  47713  113.7
                   :
BROILERS           :
 2007              :    732    35739    61    36532   5904    719  29909   85.0
 2008 Est.     Dec :    719    36599    77    37395   6731    700  29964   84.4
               Jan :    719    36500    77    37296   6731    810  29755   83.8
 2009 Proj.    Dec :    700    36134    80    36914   6150    690  30074   83.9
               Jan :    810    35936    80    36826   6150    690  29986   83.7
                   :
TURKEYS            :
 2007              :    218     5880    10     6108    547    261   5300   17.5
 2008 Est.     Dec :    261     6170    10     6440    654    350   5436   17.8
               Jan :    261     6170    10     6440    654    350   5436   17.8
 2009 Proj.    Dec :    350     5990    12     6352    605    285   5462   17.7
               Jan :    350     5990    12     6352    605    285   5462   17.7
                   :
TOTAL POULTRY  6/  :
 2007              :    956    42117    75    43147   6618    982  35548  103.7
 2008 Est.     Dec :    982    43335    93    44409   7520   1055  35834  103.7
               Jan :    982    43231    93    44305   7520   1165  35620  103.0
 2009 Proj.    Dec :   1055    42654   100    43809   6905    979  35925  102.9
               Jan :   1165    42451   100    43716   6905    979  35832  102.7
                   :
RED MEAT & POULTRY :
 2007              :   2122    90934  4298    97354  11202   2168  83984  221.2
 2008 Est.     Dec :   2168    93790  3544    99501  14159   2317  83025  217.1
               Jan :   2168    93597  3570    99334  14175   2439  82720  216.3
 2009 Proj.    Dec :   2317    92764  3726    98807  12937   2239  83631  216.6
               Jan :   2439    92471  3811    98721  12937   2239  83545  216.4
===============================================================================
1/ Total including farm production for red meats and, for poultry,
federally inspected plus non-federally inspected, less condemnations.
2/ Pounds, retail-weight basis. 3/ Population source: Dept. of Commerce,
Census Bureau. 4/ Carcass weight for red meats and certified
ready-to-cook weight for poultry. 5/ Beef, pork, veal, lamb and mutton.
6/ Broilers, turkeys and mature chicken.

                                    WASDE-466-33
                               U.S. Egg Supply and Use
===============================================================================
                           :       :       :  2008 Estimated :  2009 Projected
                           :       :       :-----------------:-----------------
         Commodity         :  2006 :  2007 :   Dec  :   Jan  :   Dec  :   Jan
===============================================================================
EGGS                       :                   Million dozen
 Supply                    :
   Beginning stocks        :    16.0    12.5    11.1     11.1     16.0     16.0
   Production              :  7610.0  7547.0  7504.0   7499.0   7515.0   7505.0
   Imports                 :     8.6    13.6    15.4     15.4     14.0     14.0
     Total supply          :  7634.6  7573.1  7530.5   7525.5   7545.0   7535.0
                           :
  Use                      :
   Exports                 :   202.1   250.3   207.8    207.8    221.0    221.0
   Hatching use            :   992.2  1014.5   997.5    992.5   1006.0   1006.0
   Ending stocks           :    12.5    11.1    16.0     16.0     15.0     15.0
   Disappearance           :
     Total                 :  6427.8  6297.2  6309.2   6309.2   6303.0   6293.0
     Per capita (number)   :   257.8   250.1   248.3    248.3    245.7    245.3
===============================================================================

                               U.S. Milk Supply and Use
===============================================================================
                           :       :       :  2008 Estimated :  2009 Projected
         Commodity         :       :       :-----------------:-----------------
                           :  2006 :  2007 :   Dec  :   Jan  :   Dec  :   Jan
===============================================================================
                           :                   Billion pounds
Milk                       :
 Production                :   181.8   185.6   189.7    189.6    191.4    190.5
    Farm use               :     1.2     1.2     1.2      1.2      1.2      1.2
                           :
Fat Basis Supply           :
   Beg. commercial stocks  :     8.0     9.5    10.4     10.4      9.5     10.1
   Marketings              :   180.6   184.4   188.5    188.4    190.2    189.4
   Imports                 :     5.0     4.6     3.2      3.4      3.4      3.4
     Total cml. supply     :   193.6   198.6   202.1    202.2    203.1    202.8
                           :
Fat Basis Use              :
   Commercial Exports      :     3.4     5.7     9.1      9.1      6.7      6.7
   Ending commercial stks  :     9.5    10.4     9.5     10.1      9.1      9.5
   CCC net removals 1/     :     0.0     0.0     0.0      0.0      0.0      0.4
   Commercial use 2/       :   180.7   182.5   183.4    183.0    187.2    186.2
                           :
Skim-solids Basis Supply   :
   Beg. commercial stocks  :     9.0     9.1     9.9      9.9     10.2     10.5
   Marketings              :   180.6   184.4   188.5    188.4    190.2    189.4
   Imports                 :     4.8     4.4     3.4      3.6      3.4      3.4
     Total cml. supply     :   194.4   198.0   201.8    202.0    203.8    203.3
                           :
Skim-solids Basis Use      :
   Commercial Exports      :    23.6    24.5    26.5     26.5     23.5     23.5
   Ending commercial stks  :     9.1     9.9    10.2     10.5     10.0     10.2
   CCC net removals 1/     :     0.7     0.0     1.1      1.3      1.7      3.9
   Commercial use 2/       :   160.9   163.6   164.1    163.7    168.7    165.7
                           :
                           :                   Million pounds
CCC product net removals 1/:
    Butter                 :       0       0       0        0        0        5
    Cheese                 :       0       0       0        0        0       20
    Nonfat dry milk        :      64       0      95      115      150      320
    Dry whole milk         :       0       0       0        0        0        0
===============================================================================
Note:  Totals may not add due to rounding.
1/ Includes products exported under the Dairy Export Incentive Program.
2/ Domestic commercial use only.

                               WASDE-466-34
                            U.S. Dairy Prices
============================================================================
                      :       :       :  2008 Estimated  : 2009 Projected
                      :       :       : -----------------:------------------
      Commodity       :  2006 :  2007 :    Dec  :   Jan  :   Dec  :   Jan
============================================================================
                      :                   Dollars per pound
                      :
Product Prices 1/     :
 Cheese               : 1.2470  1.7380   1.890-    1.8954  1.655-   1.260-
                      :                    1.900             1.735     1.340
                      :
 Butter               : 1.2193  1.3441   1.420-    1.4356  1.265-   1.160-
                      :                    1.450             1.375     1.270
                      :
 Nonfat dry milk      : 0.8928  1.7083   1.215-    1.2256  0.875-   0.840-
                      :                    1.235             0.935     0.900
                      :
 Dry whey             : 0.3285  0.6004   0.245-    0.2504  0.190-   0.180-
                      :                    0.255             0.220     0.210
                      :
                      :                   Dollars per cwt
Milk Prices 2/        :
 Class III            :  11.89   18.04   17.40-     17.44  14.50-   10.60-
                      :                    17.50             15.30     11.40
                      :
 Class IV             :  11.06   18.36   14.55-     14.65  10.75-   10.00-
                      :                    14.75             11.65     10.90
                      :
 All milk 3/          :  12.88   19.13   18.30-     18.34  14.95-   11.80-
                      :                    18.40             15.75     12.60
                      :
============================================================================
1/ Simple average of monthly prices calculated by AMS from NASS weekly average
dairy product prices for class price computations.  Details may be found at
http://www.ams.usda.gov/dyfmos/mib/fedordprc_dscrp.htm.  2/ Annual Class III
and Class IV prices are the simple averages of monthly minimum Federal order
milk prices paid by regulated plants for milk used in the respective classes.
All milk price is the simple average of monthly prices received by farmers for
milk at average test.  3/ Does not reflect any deductions from producers as
authorized by legislation.

                                   WASDE-466-35
 
Note: Tables on pages 35-37 present a 27-year record of the differences between
the January projection and the final estimate. Using world wheat production as 
an example, changes between the January projection and the final estimate have 
averaged 3.3 million tons (0.6%) ranging from -8.3 to 6.4 million tons. The
January projection has been below the estimate 19 times and above 8 times.
 
                            Reliability of January Projections
===============================================================================
                 :Differences between proj. & final estimate,1981/82-2007/08 1/
  Commodity and  :=============================================================
      region     :  Avg. :  Avg. :    Difference    : Below final : Above final
===============================================================================
WHEAT            :Percent      Million metric tons          Number of years 2/
   Production    :
       World     :   0.6     3.3      -8.3     6.4             19           8
       U.S.      :   0.1     0.0      -0.2     0.1             11           6
       Foreign   :   0.7     3.3      -8.3     6.4             19           8
   Exports       :
       World     :   3.5     3.9     -14.0     5.2             19           8
       U.S.      :   4.2     1.4      -3.9     2.7             15          12
       Foreign   :   4.6     3.7     -12.6     5.6             21           6
   Domestic use  :
       World     :   0.9     4.6     -14.3    11.0             17          10
       U.S.      :   3.9     1.2      -2.6     3.0              9          18
       Foreign   :   0.9     4.5     -14.8     8.6             18           9
   Ending stocks :
       World     :   4.0     5.0     -11.5     8.1             19           8
       U.S.      :   7.8     1.6      -4.6     3.3             16          11
       Foreign   :   4.2     4.3     -10.3     9.8             19           8
                 :
COARSE GRAINS 3/ :
   Production    :
       World     :   1.1     9.5     -26.3     8.2             18           9
       U.S.      :   0.2     0.4      -4.6     1.3             12           6
       Foreign   :   1.5     9.2     -26.3     8.2             18           9
   Exports       :
       World     :   4.2     4.4     -10.8    13.3             19           8
       U.S.      :   8.8     4.5     -11.1    12.4             12          15
       Foreign   :   8.7     4.6     -14.0     8.0             16          11
   Domestic use  :
       World     :   0.9     7.9     -16.4    29.0             13          14
       U.S.      :   2.4     4.5     -18.8    11.5             13          14
       Foreign   :   1.1     7.0     -12.5    22.8             19           8
   Ending stocks :
       World     :   8.2    11.7     -31.8    17.6             21           6
       U.S.      :  11.2     6.0     -24.3    20.8             16          10
       Foreign   :  10.7     8.9     -29.6    10.8             22           5
                 :
RICE, milled     :
   Production    :
       World     :   1.4     5.0     -13.9     1.9             22           4
       U.S.      :   1.2     0.1      -0.3     0.2             11           4
       Foreign   :   1.4     4.9     -13.9     2.0             23           4
   Exports       :
       World     :   7.0     1.4      -5.4     1.0             21           6
       U.S.      :   6.2     0.2      -0.6     0.3             14          11
       Foreign   :   8.0     1.3      -5.2     1.0             20           7
   Domestic use  :
       World     :   1.0     3.5     -12.3     1.9             21           6
       U.S.      :   5.5     0.2      -0.4     0.5             12          15
       Foreign   :   1.0     3.5     -12.4     2.2             22           5
   Ending stocks :
       World     :   7.2     3.5     -14.5     3.9             21           6
       U.S.      :  17.5     0.2      -0.5     0.6             14          12
       Foreign   :   7.4     3.5     -13.9     3.8             21           6
===============================================================================
1/ Footnotes at end of table.                                        CONTINUED
                                   WASDE-466-36
 
                     Reliability of January Projections (Continued)
===============================================================================
                 :Differences between proj. & final estimate,1981/82-2007/08 1/
  Commodity and  :=============================================================
      region     :  Avg. :  Avg. :    Difference    : Below final : Above final
===============================================================================
SOYBEANS         :Percent      Million metric tons          Number of years 2/
   Production    :
       World     :   3.6     8.0      -8.9    17.4              2           2
       U.S.      :   1.2     0.9      -2.5     0.6              1           2
       Foreign   :   5.9     8.0      -8.9    17.0              1           3
   Exports       :
       World     :   3.3     2.3      -3.9     2.4              3           1
       U.S.      :   5.8     1.8      -4.5     0.1              2           2
       Foreign   :   2.2     0.9      -0.5     2.3              1           3
   Domestic use  :
       World     :   1.2     2.7      -2.2     5.3              1           3
       U.S.      :   2.8     1.5      -1.9     2.8              3           1
       Foreign   :   1.6     2.6      -2.0     4.1              1           3
   Ending stocks :
       World     :  17.2     8.1      -6.8    18.7              2           2
       U.S.      :  24.5     1.8      -0.8     4.9              1           3
       Foreign   :  16.5     6.6      -6.0    13.8              3           1
                 :
COTTON           :        Million 480-pound bales
   Production    :
       World     :   2.0     1.9      -5.4     3.6             19           7
       U.S.      :   0.6     0.1      -0.2     0.3             11          15
       Foreign   :   2.5     1.9      -5.7     3.5             20           6
   Exports       :
       World     :   4.1     1.2      -3.9     2.7             14          13
       U.S.      :   8.8     0.7      -1.7     2.7             16          11
       Foreign   :   4.2     0.8      -3.4     1.0             16          11
   Mill use      :
       World     :   2.0     1.8      -6.3     4.7             15          12
       U.S.      :   3.5     0.3      -0.9     0.9             17           9
       Foreign   :   2.1     1.7      -5.8     4.7             16          11
   Ending stocks :
       World     :   8.6     3.3      -8.6     8.1             17          10
       U.S.      :  17.3     0.9      -2.4     2.2              8          19
       Foreign   :   9.1     3.1      -6.3     7.6             18           9
===============================================================================
1/ Final estimate for 1981/82-2007/08 is defined as the first November estimate
following the marketing year.  2/ May not total 27 if projection was the same
as final estimate. 3/ Includes corn, sorghum, barley, oats, rye, millet, and
mixed grain.
                                   WASDE-466-37
 
                   Reliability of United States January Projections 1/
===============================================================================
                 :Differences between proj. & final estimate,1981/82-2007/08 2/
  Commodity and  :=============================================================
      region     :  Avg. :  Avg. :    Difference    : Below final : Above final
===============================================================================
CORN             :Percent        Million bushels           Number of years 3/
   Production    :   0.2      13      -148      38              4           1
   Exports       :   9.1     161      -379     384             11          16
   Domestic use  :   2.5     163      -574     424             13          14
   Ending stocks :  12.9     239      -986     838             17          10
                 :
SORGHUM          :
   Production    :   0.3       3       -53      14              1           3
   Exports       :  12.3      29       -90      97             17           9
   Domestic use  :   9.0      39      -148     127             11          16
   Ending stocks :  28.6      27       -78      98             11          16
                 :
BARLEY           :
   Production    :   0.3       1        -3      11             11           4
   Exports       :  16.9       9       -37      23              9          16
   Domestic use  :   4.9      18       -43      70             12          13
   Ending stocks :   8.6      12       -52      18             18           9
                 :
OATS             :
   Production    :   0.1       0        -2       1              4           3
   Exports       :  40.5       1        -1       7              7           7
   Domestic use  :   3.2      12       -39      36             15          12
   Ending stocks :  11.5      13       -47      34             15          12
                 :
                 :           Thousand short tons
SOYBEAN MEAL     :
   Production    :   2.4     803     -2728    1242             18           9
   Exports       :   8.4     593     -2050    1050             18           9
   Domestic use  :   2.3     619     -1256    2066             15          12
   Ending stocks :  28.3      69      -214     188             11          15
                 :
                 :              Million pounds
SOYBEAN OIL      :
   Production    :   2.4     368     -1418     575             19           8
   Exports       :  17.7     293     -1325     839             13          12
   Domestic use  :   2.4     342      -885    1628             18           9
   Ending stocks :  15.2     243      -583     538             17          10
-------------------------------------------------------------------------------
                 :
ANIMAL PROD. 4/  :              Million pounds
   Beef          :   3.2     793     -1342    2111             17           8
   Pork          :   2.5     432     -1240    1717             16           9
   Broilers      :   1.5     354      -937     512             16           9
   Turkeys       :   2.0      95      -226     181             15          10
                 :
                 :              Million dozen
   Eggs          :   1.3      81      -127     175             14          10
                 :
                 :              Billion pounds
   Milk          :   1.3     2.0      -5.7     5.7             13          12
===============================================================================
1/ See pages 35 and 36 for record of reliability for U.S. wheat, rice,
soybeans, and cotton. 2/ Final estimate for 1981/82-2007/08 is defined as the
first November estimate following the marketing year.  3/ May not total 27 for 
crops and 25 for animal production if projection was the same as the final
estimate. 4/ Calendar years 1983 thru 2007 for meats, eggs, and milk. Final for
animal products is defined as latest annual production estimate published by
NASS.

                 ----------  End of File ----------------