*Significant changes are highlighted. ’13/’14 Corn o Production was reduced but was offset through lower feed and residual usage leaving ending stocks essentially unchanged. ’14/’15 Corn o Production was reduced primarily on lower yield and was below expectations. o Feed and residual usage was reduced while ethanol grind increased netting overall usage reduction. ’13/’14 Soybeans o No significant changes. ’14/’15 Soybeans o Decline in acreage estimates were offset by higher yields leaving production slightly higher and above expectations. o Exports were increased by 10 million bushels. o Ending stocks were projected unchanged at 410 million bushels or 40.8 days of use. This was a little above average private estimates. Other Markets o Global oilseed production is projected at a record 532.4 million tons for the current market year which is up an additional 1.6 million tons from last month on higher domestic and foreign output. o Global course grain production is projected down 1.5 million tons and near equal to last year’s record output. Ending stocks are still estimated 18 million tons higher versus last market year. o Beef and pork production are revised higher on larger carcass weights and numbers respectively. Beef net trade is reduced on higher imports and lower exports. o Milk production is revised slightly lower for 2014 and 2015 on less than expected cow numbers. Click below for a downloadable pdf file. January ’15 USDA World Agriculture Supply and Demand Estimates