*Significant changes are highlighted ’14/’15 Corn o Feed, ethanol, exports, and overall supply and demand were adjusted based on data leaving ending stocks at 1.73 billion or a solid 46 days of use. ’15/’16 Corn o Area planted/harvested and yield were reduced but less than expected leaving production down 30 million bushels. o Ending stocks were projected at 1.56 billion bushels or 41.4 days of use and near private estimates. ’14/’15 Soybeans o Production was revised lower through less acreage and yield stemming from the September stocks report leaving ending stocks at a modest 191 million or 18 days of use. ’15/’16 Soybeans o Yield was increased 0.1 bushels per acre to 47.2 but acreage was reduced a considerable 1.1 million acres leaving production down 46 million bushels from last month’s estimates. o Crush was increased 10 million bushels to another record level following last years. o Exports were reduced a significant 50 million bushels reflecting current sales pace and prospects of another large South American crop. o Ending stocks of 425 million bushels or 42.1 days of use and were in line with trade estimates. Other Markets o Global wheat production is projected at a third consecutive record in 2015/2016 with revisions higher in Australian, Canadian, and EU production. o US beef output revised higher on greater cattle finish weights and marketing numbers. o Global rice production is estimated lower leaving ending stocks at 8 year lows of 66 days of use. Click below for a downloadable pdf. October ’15 USDA World Agriculture Supply and Demand Estimates