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 20/21Avg EstMay 19/20Avg EstApr 19-20
Corn3.3183.4032.0982.2252.092
Soybeans0.4050.4520.5800.5010.480
Wheat0.9090.8210.9780.9720.970
World Carryout (in million tonnes)
May 20/21Avg EstMay 19/20Avg EstApr 19-20
Corn339.620319.56314.73305.74303.17
Soybeans98.390104.04100.27099.73100.450
Wheat310.120292.52295.12292.33292.780
South American Production (in million tonnes)
May 19/20Avg EstApr 19-20
Argentina Corn50.049.5450.0
Argentina Soy51.051.3652.0
Brazil Corn101.099.28101.0
Brazil Soy124.0123.13124.5
2020 U.S. Wheat Production (in billion bushels)
May-20Avg Est2019
All Wheat1.8661.8591.920
Winter1.2551.2551.304
Hard Red0.7330.7540.833
Soft Red0.2980.2710.239
White0.2440.2270.232