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

