*Significant changes are highlighted ’14/’15 Corn o No change ’15/’16 Corn o Yield and production came in below expectations down 54 million bushels from last month. o Exports were reduced by another 50 million bushels on slow sales. o Ending stocks were projected at 1.8 billion bushels or 48.5 days of use and near private estimates. ’14/’15 Soybeans o No change ’15/’16 Soybeans o Yield and production came in below expectations down 52 million bushels from last month. o Exports were reduced by another 25 million bushels on slow sales. o Ending stocks of 440 million bushels or 43.2 days of use were below with private estimates. Other Markets o US Winter Wheat plantings were down a considerable 2.85 million acres from last year. o South African corn production was reduced by 1/3rd or 4 million mTs on an intense drought. o US 2016 milk production is reduced due mainly from milk cow number reductions in Texas and New Mexico following the recent blizzard. Click below for a downloadable pdf. January ’16 USDA World Agriculture Supply and Demand Estimates