*Significant changes are highlighted ’14/’15 Corn o No change ’15/’16 Corn o Yields were increased by slightly more than expected leaving production up 99 million bushels. o Demand for ethanol was unexpectedly reduced 75 million and exports dropped by 50 million bu. o Ending stocks were projected at 1.76 billion bushels or 47.1 days of use and well above private est. ’14/’15 Soybeans o No change ’15/’16 Soybeans o Yields were sharply increased 1.3 bushels per acre increasing production 94 million bushels and well above pre-report estimates. o Crush was increased 10 million bushels to another record level and exports bumped 40 million. o Ending stocks of 465 million bushels or 45.4 days of use were on the high side of private estimates. Other Markets o Global corn stocks were revised massively higher on recalculations of Chinese usage and inventories over the last few years. Chinese is estimated to now carry over half the world’s ending stocks. o US sorghum exports were projected 105 million bushels lower on Chinese restrictions resulting in higher usage domestically for ethanol and feed. o Global rice production is estimated lower leaving ending stocks at 8 year lows of 66 days of use. Click below for downloadable pdf. November ’15 USDA World Agriculture Supply and Demand Estimates