*Significant changes are highlighted ’14/’15 Corn o Mostly unchanged and near expectations ’15/’16 Corn o Yield was increased 2.0 bushels per acre to 168.8 versus an average 164 private estimate o Usage for ethanol and feed were increased 25 million bushels each. o Ending stocks were projected at 1.713 billion bushels or 45.4 days of use and well above private estimates. ’14/’15 Soybeans o Crush was revised higher by an additional 15 million bushels leaving ending stocks at 240 million near private estimates. ’15/’16 Soybeans o Yield was increased 0.9 bushels per acre to 46.9 versus an average 44.7 private estimate o Total production was nearly 200 million bushels above the average private estimate. o Ending stocks of 470 million bushels were substantially higher than the 300 million of private estimates. Other Markets o Brazil corn production for the next crop cycle was estimated lower as planted area moves towards soybeans. o Foreign corn production is reduced 5.5 million tons on lower output in China and the EU. o 2016 domestic milk production estimates are lowered as lower exports increase inventories and reduce domestic prices Click below for a downloadable PDF. August ’15 USDA World Agriculture Supply and Demand Estimates