*Significant changes are highlighted ’14/’15 Corn o No change ’15/’16 Corn o Ethanol production was revised higher by 25 million bushels. o Exports were reduced by another 50 million bushels on slow sales. o Ending stocks were projected at 1.837 billion bushels or 49.5 days of use and slightly above private estimates. ’14/’15 Soybeans o No change ’15/’16 Soybeans o Crush was reduced by another 10 million bushels. o Ending stocks of 450 million bushels or 44.3 days of use were slightly above private estimates. Other Markets o Brazil and Argentina corn production was estimated over 4 million mTs higher on good weather and strong yield potential which was partially offset by a further 1 million mT drop in South Africa. o China and India wheat feed usage was reduced by about 7 million mTs leading to a projected record World wheat carryout. o US meat production is increased on increased cow slaughter, pork, and poultry production. This is in tandem with reductions in US poultry exports due to extensions of HPAI (avian flu) bans. Click below for a downloadable pdf. February ’16 USDA World Agriculture Supply and Demand Estimates