This paper provides USDA’s current 2011/12 supply and demand outlook for wheat, corn, rice, and soybeans and products. Projections presented in this paper are based on analysis by members of USDA’s Interagency Commodity Estimates Committees for Wheat, Feed Grains, Rice, and Oilseeds, and include implications of the January 2011 Winter Wheat Seedings report. Projections assume normal weather conditions for spring planting and summer crop development. These projections will be updated in the May 11 World Agricultural Supply and Demand Estimates (WASDE) report. The May WASDE will incorporate survey-based forecasts for U.S. planted area and winter wheat production, as well as global, country-by-country supply and demand projections.