’13/’14 Corn o No changes ’14/’15 Corn o Yield was revised sharply higher by 4.3 bu/acre netting an additional 363 million bushels projected production. o Feed and residual usage was increased 75 million bushels presumably on a large crop leading to higher residual loss. Ethanol, exports, and industrial use were all revised between 50, 25, and 20 million bushels higher respectively. o Ending stocks were projected at 2.0 billion bushels or 53.7 days of use which was near private estimates. ’13/’14 Soybeans o Crush and exports were increased by 5 million bushels each. o Ending stocks were projected at 130 million bushels or 14.0 days of use. ’14/’15 Soybeans o Yield was increased by 1.2 bushels per acre netting an additional 97 million bushels of production. o Crush and exports were increased by 14 and 25 million bushels respectively. o Ending stocks were projected at 475 million bushels or 48.4 days of use. This was on the high side of private estimates and would be the second highest total ever just behind the 2006 crop. Other Markets o Foreign corn and grain production was projected lower in China and Argentina offsetting about half of the increase roughly the same increase in foreign feed wheat supplies. This left foreign course grain supplies roughly unchanged. o Foreign soybean production is estimated 3.33 million tons higher on larger Brazil production this coming 2015 crop. World ending stocks are estimated to balloon to a record 115 days of use from just 75 days three years ago. The previous record was 2006 at 102 days of use.