*Significant changes are highlighted ’13/’14 Corn o No significant changes. ’14/’15 Corn o Feed and residual usage was reduced while ethanol grind increased netting overall usage increase of 50 million bushels. o Ending stocks were projected at 1.827 billion bushels or 48.9 days of use which was a little below private estimates. ’13/’14 Soybeans o No significant changes. ’14/’15 Soybeans o Exports and crush were increased by 20 and 15 million bushels respectively. o Ending stocks were projected unchanged at 385 million bushels or 38.0 days of use. This was a little below average private estimates. Other Markets o Global oilseed production reduced slightly from last month but still a record 532.1 million tons with 89.26 million tons of carry-out (3.28 billion bushels). o Global course grain production is projected higher by 3.15 million tons and near equal to last year’s record output. o Beef, pork, and poultry production for 2015 are all revised higher on greater numbers which are only modestly offset by expected smaller finish weights. o Milk production is revised slightly lower for 2014 and 2015 on less than expected milk per cow. Click below for a downloadable pdf file. February ’15 USDA World Agriculture Supply and Demand Estimates