The February World Ag Supply and Demand Estimates call for minimal changes in corn projections and increased soybean exports. The 2019/2020 U.S. soybean outlook is for increased exports and lower ending stocks. Soybean exports are projected at 1.825 billion bushels, up 50 million from last month, partly reflecting more imports from China. Soybean crush is unchanged, which means ending stocks drop 50 million bushels. The season-average soybean price is forecast at $8.75 per bushel. This month’s corn outlook isn’t much different than last month, with offsetting changes to exports and corn used for ethanol. Exports are lowered by 50 million bushels this month, reflecting a slow shipment pace through January. The offset is a 50 million bushel increase in corn used for ethanol. The season-average corn price projection is unchanged at $3.85 per bushel. The wheat outlook for 2019/2020 is calling for stable supplies, increased exports, and decreased ending stocks. The only change in supply or use this month was a 25 million bushel increase in exports, reflecting growing competitiveness in the international marketplace. Ending stock were forecast at a five-year low of 940 million bushels.