’13/’14 Corn o No changes ’14/’15 Corn o Yield was unexpectedly reduced resulting in production estimates 68 million bushels lower than last month and well below average estimates. o Ethanol use was increased 25 million bushels but was mostly offset by a 20 million reduction in other industrial use. o Ending stocks were projected at 2.01 billion bushels or 53.7 days of use which was below private estimate averages. ’13/’14 Soybeans o No changes ’14/’15 Soybeans o Yield increased netting an additional 31 million bushels production which was slightly below expectations. o Usage for crush and export were increased by 10 and 20 million respectively. o Ending stocks were projected unchanged at 450 million bushels or 45.4 days of use. This was inline with private estimates. Other Markets o Forecasts on total meat production were revised lower mainly on estimates lower weights for hogs and less numbers in cattle. o Modest adjustments to world grain and oilseed production and ending stocks with mainly increased output from the EU offsetting lower output in China.