The U.S. Department of Agriculture (USDA) released in September updated projections for the fall grain harvest. While anticipated corn production was revised downward from the prior month’s projection, the estimate for soybeans was upgraded on the basis of an improved outlook for yields. In addition, the USDA released projections on usage and ending stocks. These indicate that supplies and use for both corn and soybeans are expected to register year-over-year declines during the upcoming marketing year. However, it should be remembered that last year’s stellar harvest provided a powerful spur to domestic use and exports. The current projections appear more positive when viewed from a broader historical perspective. It should also be noted that the corn and soybean projections, coming early in the marketing year, must be viewed as highly tentative.