*Significant changes are highlighted ’15/’16 Corn • Increase in exports was a significant 100 million bushels leaving ending stocks below expectations. ’16/’17 Corn • Exports are projected 50 million higher than last month for the next marketing year. • Ending stocks at 2.008 billion bushels or 51.7 days of use was slightly below private estimates. ’15/’16 Soybeans • Exports were increased 20 million and crush 10 million bushels leaving ending stocks below estimates. ’16/’17 Soybeans • Exports are projected 15 million bushels higher than last year at record levels. • Ending stocks at 260 million bushels or 24.1 days of use was below private estimates. ’15/’16 Wheat • No significant changes. ’16/’17 Wheat • Production was estimated sharply higher on better yields leaving production above expecations. • Feed and residual usage was increased 30 million and exports 25 million offsetting increased production. • Ending stocks at 1,050 million bushels was slightly above private estimates. World Estimates • EU wheat and barley production are estimated higher mostly offsetting lower Brazilian corn production. • Brazilian soybean production was revised lower about 75 million bushels for their current crop. Click below for a downloadable pdf. June ’16 USDA World Agriculture Supply and Demand Estimates