*Significant changes are highlighted ’15/’16 Corn • Modest increase in exports left ending stocks slightly lower but near trade estimates. ’16/’17 Corn • Production was in line with expectations using March acreage estimates and trend yields. • Feed and residual is estimated 300 million higher versus current market year. The highest in nine years. • Exports are projected 175 million above the current marketing year. • Overall usage was considerably higher than private trade average estimates. • Ending stocks at 2.153 billion bushels or 55.6 days of use was below private estimates but a 29 year high. ’15/’16 Soybeans • Crush was increased 10 million bushels and exports 35 million leaving ending stocks 45 million lower and on the bottom end of trade estimates. ’16/’17 Soybeans • Production was again in line with expectations using March acreage and trend yields. • Crush is projected 35 million bushels higher versus the current marketing year and a record high. • Exports are projected 145 million bushels higher versus the current marketing year and also a record. • Overall usage and especially exports were well above private trade estimates. • Ending stocks at 305 million bushels or 28.3 days of use was well below the range of private estimates. ’15/’16 Wheat • No significant changes. ’16/’17 Wheat • Production was estimated only marginally lower than last year despite 10% less acres and was above private estimates based on near record yields. • Feed and residual usage was increased 30 million and exports 145 million bushels. • Ending stocks at 1,029 million bushels or 180.8 days of use slightly above private estimates. Click below for a downloadable pdf. May ’16 USDA World Agriculture Supply and Demand Estimates