*Significant changes are highlighted ’15/’16 Corn • Exports were revised higher by 25 million offsetting a 25 million bushel decline in ethanol usage. • Ending stocks came in at 1.706 billion which was in line with expectations. ’16/’17 Corn • Production was revised 613 million bushels higher based on a forecasted record yield of 175.1 bushels per acre that was well above expectations. • Exports were projected 125 million higher on a very robust early season sales pace. • Feed and residual usage increase 175 million as a larger crop is expected to increase the residual. • Ending stocks at 2.409 billion bushels or 60.6 days of use was above private estimates and highest in almost 30 years. ’15/’16 Soybeans • Exports were increased 85 million and crush by 10 million leaving demand much higher than expected. • Ending stocks came in well below expectations at 255 million bushels or 24 days of use. ’16/’17 Soybeans • Production was revised 180 million bushels higher based on record yields above expectations. • Higher production offset lower beginning stocks and higher crush and exports by 15 and 30 million bu. • Ending stocks at 330 million bushels or 30.0 days of use was in line with private estimates. ’15/’16 Wheat • No significant changes. ’16/’17 Wheat • Production was slightly higher on increasing yields offsetting greater feed and export usage. • Ending stocks at 1,100 million bushels was slightly below trade estimates. World Estimates • World coarse grain production is forecasted to rebound back to record highs in 16/17 after the Brazil drought driven declines in the current production season leaving world ending stocks sharply higher. • Wheat production increases in Russia and Ukraine offset lower EU output leaving world production up. Click below to download the report. August ’16 USDA World Agriculture Supply and Demand Estimates