The USDA aggressively cut the US Corn yield by 20 bu/ac from their June estimate, now figuring 146 bu/ac.  This drops production by 1.82 billion bushels.  Total usage was lowered by 1.055 billion bushels with ethanol grind lowered by 100 million bushels, exports down 300 million, and Feed/Residual lowered by 650 million.  This leaves the carryout for next September at 1.183 billion bushels, which is a little higher than where we expect to end up on September 1st this year (903 million bushels).

Bean yield was lowered 3.4 bu/ac to 40.5 nationwide.  This would drop production by 155 million bu from the June estimate, now showing a 3.05 billion bushel crop.  Total usage was down 150 million bushels as domestic crush was lowered by 35 million bushels and exports down by 115 million bushels.  Combining the drop in this years ending stocks of 5 million bushels with the difference in production and usage drop of another 5 million, we are left with ending stocks at 130 million bushels (down 10 from June report) and 40 million bu lower than this year's ending stock number.

Only real notable change in wheat is the 50 million bu increase in exports that lowered our ending stock number by 30 million bushels to 664.