’13/’14 Corn o Reduction in feed use left ending stocks at about 1.2 billion bushels per September stocks report. ’14/’15 Corn o Planted and harvested acreage was reduced while yield increase netting an additional 80 million bushels production. o Feed and residual usage was increased 50 million bushels. o Ending stocks were projected at 2.08 billion bushels or 55.6 days of use which was slightly below private estimates. ’13/’14 Soybeans o Production was increased on higher area and production but was offset through greater residual usage. o Ending stocks were projected at 92 million bushels or 9.7 days of use per September stocks report. ’14/’15 Soybeans o Planted and harvested acreage was reduced while yield increase netting an additional 14 million bushels production which was below expectations. o Usage was left unchanged. o Ending stocks were projected at 450 million bushels or 45.8 days of use. This was on the low end of private estimates. Other Markets o Forecasts on total meat production were revised higher on greater beef, pork, and poultry output in 2015 on greater weights and numbers. o World grain and oilseed production and stocks were nearly unchanged with modest production increases in the EU offset by greater feed usage. Overall near private estimates.