*Significant changes are highlighted ’15/’16 Corn • Exports were revised lower by 10 million leaving ending stocks at 1.706 billion or in line with estimates. ’16/’17 Corn • Production was revised 60 million bushels lower based on a forecasted record yield of 174.4 bushels. • Feed and residual usage decreased 50 million. • Ending stocks at 2.384 billion bushels or 60.1 days of use was slightly above private estimates. ’15/’16 Soybeans • Exports were increased another 60 million bushels to a record 1.94 billion total. • Ending stocks came in below expectations at 195 million bushels or 18.1 days of use. ’16/’17 Soybeans • Production was revised up an additional 141 million bushels on record yields and well above estiamtes. • Higher production offset lower beginning stocks and higher crush and exports by 10 and 35 million bu. • Ending stocks at 365 million bushels or 32.8 days of use was slightly above private estimates. ’15/’16 Wheat • No significant changes. ’16/’17 Wheat • No significant changes. • Ending stocks at 1,100 million bushels was in line with estimates. World Estimates • South American corn production for the next production season was revised higher on increased acreage while soybean output was lowered on declining acres. • Chinese corn production was lowered slightly and imports increased on less acreage due to greater switching to soybean plantings last spring. • US beef, pork, and poultry output were all modestly lowered on smaller numbers and finish weights. Click below to download the report. September 16 USDA World Agriculture Supply and Demand Estimates