Old crop corn stocks were left virtually unchanged from last month. This year’s corn yield was pegged at 178.5 to give us a 15.99 billion bushel crop and will give us a huge new corn carryout of 3.3 billion bushels.  Old crop soybean ending stocks increased 100 million bushels, due to cuts in exports. This year’s soybean yield was estimated at 49.8 for a 4.125 billion bushel crop and puts new crop bean stocks at 405 million, fairly neutral. Old crop wheat stocks were left basically unchanged, all wheat production in the U.S. for this year is estimated at 1.86 billion bushels which puts crop wheat ending stocks fairly large, at 909 million. 

USDA report – May 12, 2020

U.S. Carryout (in billion bushels)
May 20/21 Avg Est May 19/20 Avg Est Apr 19-20
Corn 3.318 3.403 2.098 2.225 2.092
Soybeans 0.405 0.452 0.580 0.501 0.480
Wheat 0.909 0.821 0.978 0.972 0.970
World Carryout (in million tonnes)
May 20/21 Avg Est May 19/20 Avg Est Apr 19-20
Corn 339.620 319.56 314.73 305.74 303.17
Soybeans 98.390 104.04 100.270 99.73 100.450
Wheat 310.120 292.52 295.12 292.33 292.780
South American Production (in million tonnes)
May 19/20 Avg Est Apr 19-20
Argentina Corn 50.0 49.54 50.0
Argentina Soy 51.0 51.36 52.0
Brazil Corn 101.0 99.28 101.0
Brazil Soy 124.0 123.13 124.5
2020 U.S. Wheat Production (in billion bushels)
May-20 Avg Est 2019
All Wheat 1.866 1.859 1.920
Winter 1.255 1.255 1.304
Hard Red 0.733 0.754 0.833
Soft Red 0.298 0.271 0.239
White 0.244 0.227 0.232