*Significant changes are highlighted ’15/’16 Corn • Exports were revised higher by 75 million offsetting a 50 million bushel decline in feed usage. • Ending stocks came in at 1.7 billion which was well below expectations. ’16/’17 Corn • Production was revised 110 million bushels higher based on the June acreage survey. • Exports were projected 100 million higher on tightening world supplies with the Brazilian drought. • Feed and residual usage declined 50 million led by higher feed wheat usage. • Ending stocks at 2.081 billion bushels or 53.5 days of use was below private estimates. ’15/’16 Soybeans • Exports were increased 35 million offsetting 20 million bushel reduction in residual usage. • Ending stocks came in near expectations at 350 million bushels. ’16/’17 Soybeans • Production was revised 80 million bushels higher based on the June acreage survey. • Exports are projected 20 million and crush 10 million bushels higher. • Ending stocks at 290 million bushels or 26.6 days of use was in line with private estimates. ’15/’16 Wheat • No significant changes. ’16/’17 Wheat • Production was estimated sharply higher on record winter wheat yields and more planted acres. • Feed and residual usage was increased 100 million and exports 25 million. • Ending stocks at 1,105 million bushels was in line with private estimates. World Estimates • Brazilian corn production was revised lower by about 295 million bushels for their current crop. • World wheat for feed usage was increased by an astounding 400 million bushels or about 8%. Click below for a download of the report. July ’16 USDA World Agriculture Supply and Demand Estimates