World Agricultural Supply and Demand Estimates: Coarse Grains

June 10, 2010 03:05 AM
 

(scroll down for all coarse grain charts)

Projected U.S. feed grain production for 2010/11 is unchanged, but smaller carryin for corn, sorghum, and barley is expected to reduce domestic feed grain supplies.  Corn food, seed, and industrial (FSI) use is projected 110 million bushels higher for 2010/11, mostly in line with higher projected corn use for ethanol, sweeteners, and starch for 2009/10.  Higher use, combined with lower beginning stocks, drops projected 2010/11 corn ending stocks 245 million bushels to 1,573 million.  The season-average farm price for corn is projected 10 cents higher on both ends of the range to $3.30 to $3.90 per bushel.  Projected 2010/11 farm prices for the other feed grains are also raised.

U.S. corn use for 2009/10 is projected 135 million bushels higher as increased FSI use more than offsets a reduction in expected feed and residual use.  Corn use for ethanol is raised 150 million bushels reflecting the continued record pace of ethanol production and usage through March based on the latest data from the Energy Information Administration (EIA).  Higher ethanol production is also supported by record production of gasoline blends with ethanol as indicated by weekly data from EIA through May and forecasts for rising gasoline demand during the summer driving season.  Corn use is raised 5 million bushels each for starch and glucose/dextrose as the gradual economic recovery spurs production of these products.  Feed and residual use is lowered 25 million bushels with increased availability of distillers' grains.

U.S. corn ending stocks for 2009/10 are projected 135 million bushels lower.  At 1,603 million bushels, this year's ending stocks would be down 70 million from 2008/09.  The projected 2009/10 farm price for corn is lowered 5 cents on both ends of the range to $3.45 to $3.65 per bushel based on prices reported to date.  Other 2009/10 feed grain changes include a 10-million-bushel increase in projected sorghum exports, a 3-million-bushel reduction in barley imports, and a 3-million-bushel increase in oats imports.  The 2009/10 sorghum farm price is lowered in line with that for corn.

Global coarse grain supplies for 2010/11 are projected 5.3 million tons lower with the largest share of the decline resulting from lower expected corn carryin in the United States.  Global coarse grain production for 2010/11 is
lowered 1.4 million tons as higher corn production is more than offset by reductions in barley, oats, rye, and mixed grains mostly reflecting reduced crop prospects in EU-27.  Flooding in eastern Europe and dryness during April and May in France have reduced expected coarse grains yields in these regions.  Global corn production is raised 0.7 million tons as a 1.5-million-ton increase for Ukraine, based on higher reported area, is only partly offset by reductions for Mexico and EU-27.  Production is lowered 0.5 million tons for Mexico as dryness has persisted in eastern and central growing areas during May.  EU-27 corn production is lowered 0.3 million tons as heavy May rains have delayed field work, reducing expected area and yields in eastern Europe.

Major global corn production changes for 2009/10 this month include a 1.5-million-ton increase for Argentina, which is nearly offset by reductions for the Philippines and Brazil.  Argentina production is raised on higher reported area.  The Philippines production is lowered 0.8 million tons based on government reports that indicate lower harvested area and yields.  Production for Brazil is lowered 0.5 million tons as the early end to central Brazil's rainy season reduces second season corn yields.

Global corn trade is raised for both 2009/10 and 2010/11.  Higher corn trade for 2009/10 reflects increased imports by China and Vietnam and higher exports by Argentina.  Higher corn trade for 2010/11 is based on higher expected imports by Mexico, Vietnam, and the Philippines.  Exports for 2010/11 are raised for Argentina and Ukraine.  Global corn consumption is raised 4 million tons for 2010/11 mostly reflecting higher use in the United States.  Corn feeding is also raised for Ukraine and Vietnam.  With reduced carryin and increased consumption, global corn ending stocks are projected down 6.9 million tons.  At 147.3 million tons, stocks are up 3.9 million tons from 2009/10, but just below those for 2008/09.

RICE:  U.S. rice supplies in 2010/11 are lowered 3.0 million cwt as beginning stocks are reduced 2.0 million and imports lowered by 1.0 million.  Two changes in the 2009/10 supply and use forecasts resulted in a change in 2010/11 beginning stocks.  First, imports in 2009/10 are lowered by 1.0 million cwt due to a slower-than-expected pace based on U.S. Census Bureau data through March.  And second, domestic and residual use for 2009/10 is raised by 1.0 million cwt based largely on weekly millings data through mid-May reported by the USA Rice Federation.  Imports for 2010/11 are projected at 21.0 million cwt, down 1.0 million from last month based mostly on the downward adjustment for 2009/10.  The U.S. 2010/11 rice production projection is unchanged at a record 244.0 million cwt.

Total use for 2010/11 is raised 3.0 million cwt to a record 248.0 million due to increases in both domestic and residual use and exports.  Domestic and residual use is raised 1.0 million cwt to a record 139.0 million based in part on the increase made for 2009/10.  Projected 2010/11 exports are raised 2.0 million cwt—all in long-grain rice—to 109.0 million. The upward revision is partly based on larger expected exports to Western Hemisphere markets.  The rough rice export projection is raised to a record 45.0 million cwt, while combined milled and brown rice (on a rough-equivalent basis) is unchanged at 64.0 million cwt.  Ending stocks for 2010/11 are projected at 45.4 million cwt, down 6 million or 12 percent from a month ago, but up 17 million or 60 percent from 2009/10.

The 2010/11 long-grain U.S. season-average farm price is projected at $9.75 to $10.75 per cwt, down 25 cents per cwt on each end of the range.  The combined medium- and short-grain price is projected at $14.50 to $15.50 per cwt, unchanged from a month ago.  The 2010/11 all rice price is projected at $10.95 to $11.95 per cwt, down 20 cents per cwt on each end of the range.  Prices for both classes of rice are projected to be well below 2009/10 levels, mainly due to large domestic and global supplies and lower Asian prices.

Global 2010/11 rice supply and use is nearly unchanged from a month ago.  Global production is projected at a record 459.4 million tons, down 0.3 million, primarily due to a decrease for Colombia. The global trade forecast is nearly unchanged from a month ago.  Global consumption is projected at a record 452.8 million tons, down 0.6 million, due mostly to declines in Bangladesh, Colombia, and the Philippines.  Ending stocks for 2010/11 are projected at 96.3 million tons, down 0.4 million, but up 6.6 million or about 7 percent from 2009/10.


 

 

                                                                                
                                 WASDE-483-8                    June 2010
 
                 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/       :
      2008/09         :  2,240.79   2,609.43     285.59    2,159.72    449.71
      2009/10 (Est.)  :  2,224.31   2,674.02     270.53    2,198.65    475.38
      2010/11 (Proj.) :
               May    :  2,261.69   2,742.08     273.43    2,245.86    496.22
              June    :  2,256.33   2,731.70     277.07    2,249.58    482.13
Wheat                 :
      2008/09         :    683.15     807.57     143.42      642.52    165.05
      2009/10 (Est.)  :    680.04     845.08     128.88      652.18    192.90
      2010/11 (Proj.) :
               May    :    672.18     865.55     129.18      667.46    198.09
              June    :    668.52     861.42     131.36      667.49    193.93
Coarse grains 4/      :
      2008/09         :  1,109.68   1,273.41     113.24    1,079.55    193.85
      2009/10 (Est.)  :  1,103.71   1,297.56     111.98    1,104.70    192.86
      2010/11 (Proj.) :
               May    :  1,129.77   1,326.47     112.83    1,124.96    201.50
              June    :  1,128.36   1,321.22     114.23    1,129.30    191.93
Rice, milled          :
      2008/09         :    447.96     528.45      28.93      437.64     90.81
      2009/10 (Est.)  :    440.57     531.38      29.67      441.76     89.62
      2010/11 (Proj.) :
               May    :    459.74     550.06      31.42      453.44     96.62
              June    :    459.44     549.06      31.49      452.79     96.27
                      :
                      :                     United States
Total grains 3/       :
      2008/09         :    400.28     461.70      81.82      314.00     65.89
      2009/10 (Est.)  :    416.45     488.54      81.40      335.65     71.49
      2010/11 (Proj.) :
               May    :    417.48     499.51      82.46      337.66     79.39
              June    :    418.13     495.81      82.53      340.63     72.66
Wheat                 :
      2008/09         :     68.02      79.80      27.64       34.29     17.87
      2009/10 (Est.)  :     60.31      81.31      24.09       31.93     25.30
      2010/11 (Proj.) :
               May    :     55.61      84.45      24.49       32.82     27.13
              June    :     56.26      84.56      24.49       33.10     26.97
Coarse grains 4/      :
      2008/09         :    325.87     373.98      51.17      275.75     47.06
      2009/10 (Est.)  :    349.22     398.72      54.01      299.41     45.29
      2010/11 (Proj.) :
               May    :    354.25     405.79      54.63      300.51     50.65
              June    :    354.25     402.08      54.63      303.18     44.27
Rice, milled          :
      2008/09         :      6.40       7.93       3.01        3.96      0.96
      2009/10 (Est.)  :      6.92       8.51       3.30        4.32      0.89
      2010/11 (Proj.) :
               May    :      7.62       9.28       3.34        4.33      1.61
              June    :      7.62       9.18       3.41        4.36      1.42
===============================================================================
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-483-9                    June 2010
 
              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/       :
      2008/09         :  1,840.51   2,147.73     203.77    1,845.72    383.82
      2009/10 (Est.)  :  1,807.87   2,185.48     189.13    1,862.99    403.89
      2010/11 (Proj.) :
               May    :  1,844.21   2,242.57     190.96    1,908.20    416.83
              June    :  1,838.20   2,235.89     194.54    1,908.94    409.47
Wheat                 :
      2008/09         :    615.14     727.77     115.78      608.23    147.18
      2009/10 (Est.)  :    619.72     763.77     104.79      620.26    167.60
      2010/11 (Proj.) :
               May    :    616.57     781.10     104.68      634.64    170.96
              June    :    612.26     776.87     106.86      634.39    166.97
Coarse grains 5/      :
      2008/09         :    783.81     899.43      62.07      803.81    146.79
      2009/10 (Est.)  :    754.49     898.84      57.97      805.29    147.56
      2010/11 (Proj.) :
               May    :    775.52     920.68      58.20      824.45    150.85
              June    :    774.12     919.14      59.60      826.12    147.65
Rice, milled          :
      2008/09         :    441.56     520.52      25.92      433.69     89.85
      2009/10 (Est.)  :    433.65     522.87      26.37      437.45     88.73
      2010/11 (Proj.) :
               May    :    452.12     540.79      28.08      449.11     95.02
              June    :    451.82     539.88      28.08      448.43     94.85
===============================================================================
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.






                                 WASDE-483-20                    June 2010
 
                      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:
===============================================================================
                      :
                      :                      2008/09
                      :
World 3/              :  163.73 1109.68  110.41  646.39 1079.55  113.24  193.85
United States         :   45.06  325.87    3.05  141.50  275.75   51.17   47.06
Total foreign         :  118.67  783.81  107.35  504.89  803.81   62.07  146.79
  Major exporters 4/  :   13.21   71.67    2.10   32.77   49.44   22.48   15.07
   Argentina          :    3.27   19.13    0.04    5.79    8.75   12.45    1.24
   Australia          :    2.67   12.27    0.00    5.89    7.25    4.41    3.29
   Canada             :    4.01   27.18    1.90   16.63   22.87    3.87    6.36
  Major importers 5/  :   35.05  244.05   82.52  234.41  311.37    6.72   43.54
   EU-27 6/           :   12.77  161.57    3.41  114.05  151.80    5.55   20.40
   Japan              :    1.71    0.22   19.61   15.05   19.97    0.00    1.57
   Mexico             :    4.74   32.25   10.47   25.24   42.06    0.16    5.24
   N. Afr & Mideast 7/:    6.97   24.70   23.22   39.59   46.92    0.23    7.75
   Saudi Arabia       :    2.81    0.27    8.69    9.13    9.35    0.01    2.41
   Southeast Asia 8/  :    3.19   24.63    5.21   20.36   28.27    0.77    4.00
   South Korea        :    2.12    0.36    7.25    6.41    8.21    0.00    1.52
  Selected other      :
   Brazil             :   12.87   53.62    1.60   40.75   48.53    7.15   12.41
   China              :   40.43  172.66    1.65  107.83  160.32    0.22   54.19
   FSU-12             :    4.44   78.46    0.65   41.20   57.84   17.10    8.61
    Russia            :    1.59   40.70    0.11   21.90   32.80    4.79    4.80
    Ukraine           :    1.59   26.22    0.02   10.33   13.70   11.88    2.25
                      :
                      :                 2009/10 (Estimated)
                      :
World 3/              :  193.85 1103.71  107.05  648.02 1104.70  111.98  192.86
United States         :   47.06  349.22    2.44  142.34  299.41   54.01   45.29
Total foreign         :  146.79  754.49  104.61  505.68  805.29   57.97  147.56
  Major exporters 4/  :   15.07   76.74    2.25   34.93   52.37   25.16   16.54
   Argentina          :    1.24   28.28    0.03    7.91   10.97   14.81    3.77
   Australia          :    3.29   11.57    0.00    5.64    7.11    4.39    3.36
   Canada             :    6.36   22.37    2.07   16.31   22.67    3.43    4.70
  Major importers 5/  :   43.54  236.20   79.47  231.36  308.92    5.17   45.12
   EU-27 6/           :   20.40  151.36    2.69  110.58  148.28    2.51   23.66
   Japan              :    1.57    0.18   19.58   14.86   19.78    0.00    1.56
   Mexico             :    5.24   28.45   10.75   24.93   41.70    0.15    2.59
   N. Afr & Mideast 7/:    7.75   31.48   20.15   40.64   48.33    1.23    9.82
   Saudi Arabia       :    2.41    0.27    9.11    9.13    9.33    0.00    2.46
   Southeast Asia 8/  :    4.00   24.08    4.61   20.44   28.44    1.29    2.95
   South Korea        :    1.52    0.34    7.84    6.14    8.19    0.00    1.50
  Selected other      :
   Brazil             :   12.41   55.51    0.81   41.78   49.40    7.53   11.79
   China              :   54.19  161.35    2.66  109.65  164.25    0.22   53.73
   FSU-12             :    8.61   67.86    0.51   39.78   55.82   13.99    7.18
    Russia            :    4.80   31.82    0.20   20.72   31.19    2.42    3.21
    Ukraine           :    2.25   24.12    0.02   10.10   13.27   11.02    2.10
===============================================================================
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-483-21                    June 2010
 
                  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:
===============================================================================
                      :
                      :                 2010/11 (Projected)
World 3/              :
             May      :  196.70 1129.77  109.79  657.58 1124.96  112.83  201.50
            June      :  192.86 1128.36  110.79  658.92 1129.30  114.23  191.93
United States         :
             May      :   49.00  354.25    2.54  141.90  300.51   54.63   50.65
            June      :   45.29  354.25    2.54  141.78  303.18   54.63   44.27
Total foreign         :
             May      :  147.70  775.52  107.25  515.68  824.45   58.20  150.85
            June      :  147.56  774.12  108.25  517.15  826.12   59.60  147.65
  Major exporters 4/  :
             May      :   15.78   75.18    2.73   35.04   52.89   25.38   15.41
            June      :   16.54   75.18    2.73   35.04   52.89   26.38   15.17
   Argentina      May :    3.31   27.08    0.03    8.02   11.18   15.21    4.03
                  Jun :    3.77   27.08    0.03    8.02   11.18   16.21    3.49
   Australia      May :    3.36   10.97    0.00    5.64    7.17    4.16    3.00
                  Jun :    3.36   10.97    0.00    5.64    7.17    4.16    3.00
   Canada         May :    4.70   24.11    2.57   16.32   22.90    3.48    4.99
                  Jun :    4.70   24.11    2.57   16.32   22.90    3.48    4.99
  Major importers 5/  :
             May      :   45.28  238.72   82.61  237.37  316.35    5.41   44.86
            June      :   45.12  236.20   83.61  238.47  317.45    5.41   42.07
   EU-27 6/       May :   23.66  149.79    2.72  111.65  150.16    3.71   22.31
                  Jun :   23.66  147.57    2.72  112.55  151.05    3.71   19.19
   Japan          May :    1.56    0.18   19.38   14.66   19.58    0.00    1.54
                  Jun :    1.56    0.18   19.38   14.66   19.58    0.00    1.54
   Mexico         May :    2.59   32.43   11.75   25.43   42.40    0.15    4.22
                  Jun :    2.59   31.93   12.25   25.43   42.40    0.15    4.22
   N Afr/M.East 7/May :    9.82   30.86   20.58   42.88   50.77    0.77    9.72
                  Jun :    9.82   31.06   20.58   42.88   50.77    0.77    9.92
   Saudi Arabia   May :    2.46    0.27    9.21    9.33    9.53    0.00    2.41
                  Jun :    2.46    0.27    9.21    9.33    9.53    0.00    2.41
   S.-east Asia 8/May :    3.12   24.77    5.51   21.84   29.94    0.79    2.66
                  Jun :    2.95   24.77    6.01   22.04   30.14    0.79    2.80
   South Korea    May :    1.50    0.34    8.64    6.84    9.02    0.00    1.46
                  Jun :    1.50    0.34    8.64    6.84    9.02    0.00    1.46
  Selected other      :
   Brazil         May :   12.29   53.73    1.31   43.58   51.20    7.03    9.09
                  Jun :   11.79   53.73    1.31   43.58   51.20    7.03    8.59
   China          May :   54.03  173.00    1.65  110.58  167.38    0.27   61.03
                  Jun :   53.73  173.00    1.65  110.58  167.38    0.27   60.73
   FSU-12         May :    7.13   65.80    0.46   38.64   54.51   12.76    6.13
                  Jun :    7.18   66.90    0.46   38.94   54.61   13.26    6.68
    Russia        May :    3.16   30.50    0.15   19.40   29.80    2.02    2.00
                  Jun :    3.21   30.10    0.15   19.20   29.40    2.02    2.05
    Ukraine       May :    2.10   23.45    0.02   10.43   13.50   10.21    1.86
                  Jun :    2.10   24.95    0.02   10.93   14.00   10.71    2.36
===============================================================================
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-483-35                    June 2010
 
Note: Tables on pages 35-37 present a 29-year record of the differences between
the June projection and the final estimate. Using world wheat production as an 
example, changes between the June projection and the final estimate have
averaged 15.3 million tons (2.8%) ranging from -32.2 to 29.6 million tons. The 
June projection has been below the estimate 18 times and above 11 times.
 
                            Reliability of June Projections
===============================================================================
                 :Differences between proj. & final estimate,1981/82-2009/10 1/
  Commodity and  :=============================================================
      region     :  Avg. :  Avg. :    Difference    : Below final : Above final
===============================================================================
WHEAT            :Percent      Million metric tons            Number of years
   Production    :
       World     :   2.8    15.3     -32.2    29.6             18          11
       U.S.      :   4.6     2.8      -7.4     8.4             16          13
       Foreign   :   2.9    14.1     -28.8    28.2             17          12
   Exports       :
       World     :   4.4     5.1     -16.6    12.3             19           9
       U.S.      :   8.3     2.7     -10.0     7.8             18          11
       Foreign   :   4.8     4.1     -11.6     6.5             21           8
   Domestic use  :
       World     :   1.7     9.2     -27.5    19.6             18          11
       U.S.      :   6.0     1.9      -6.4     4.8             16          13
       Foreign   :   1.7     8.6     -24.2    18.1             19          10
   Ending stocks :
       World     :   9.8    13.0     -35.0    29.7             19          10
       U.S.      :  16.7     3.5      -9.6    14.9             16          13
       Foreign   :  10.0    10.7     -30.0    14.9             18          11
                 :
COARSE GRAINS 2/ :
   Production    :
       World     :   2.8    24.2     -77.0    76.0             16          13
       U.S.      :   8.8    19.1     -35.9    70.3             15          14
       Foreign   :   2.2    13.5     -41.6    39.5             13          16
   Exports       :
       World     :   6.4     6.8     -17.8    16.5             19          10
       U.S.      :  14.8     7.9     -22.8    15.3             12          17
       Foreign   :  12.1     6.3     -19.1    14.2             17          12
   Domestic use  :
       World     :   1.5    12.5     -22.4    33.2             13          16
       U.S.      :   3.9     7.5     -16.6    33.0             18          11
       Foreign   :   1.5     9.5     -13.7    33.5             13          16
   Ending stocks :
       World     :  16.2    22.7     -69.9    48.0             19          10
       U.S.      :  35.4    17.4     -57.6    43.9             15          14
       Foreign   :  14.2    12.0     -30.5    14.0             21           8
                 :
RICE, milled     :
   Production    :
       World     :   2.1     7.5     -21.8    15.2             20           9
       U.S.      :   5.5     0.3      -1.1     0.5             17          12
       Foreign   :   2.1     7.4     -21.9    15.3             19          10
   Exports       :
       World     :   7.8     1.6      -7.5     1.1             21           8
       U.S.      :   8.4     0.2      -1.0     0.7             15          11
       Foreign   :   8.5     1.5      -7.1     0.9             21           8
   Domestic use  :
       World     :   1.5     5.4     -20.3     5.8             21           8
       U.S.      :   6.8     0.2      -0.5     0.5             13          16
       Foreign   :   1.6     5.4     -20.8     5.6             22           7
   Ending stocks :
       World     :  12.0     6.1     -15.7     8.2             19          10
       U.S.      :  27.2     0.3      -0.9     0.9             16          11
       Foreign   :  12.5     6.0     -15.3     8.3             20           9
===============================================================================
1/ Footnotes at end of table.                                        CONTINUED

    

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