Corn is forecast higher than expected on new crop stocks, but beans did not see much change to bring on any major price direction. Wheat is still holding at pre-report losses, as the U.S. old crop stocks were bigger than expected. The weather, yields, and old crop tightness are going to be the biggest factors driving the market.
The next USDA report will be released on June 10th.
USDA report – May 12, 2021
| Ending Stocks (in billion bushels) | |||||
| USDA – 21/22 May | Avg Est | USDA – 20/21 May | Avg Est | USDA – 20/21 April | |
| Corn | 1.507 | 1.344 | 1.257 | 1.275 | 1.352 |
| Soybeans | 0.140 | 0.138 | 0.120 | 0.117 | 0.120 |
| Wheat | 0.774 | 0.730 | 0.872 | 0.846 | 0.852 |
| Production (in billion bushels) | |||
| USDA – 21/22 May | Avg Est | 2020 | |
| Corn | 14.990 | 15.071 | 14.182 |
| Soybeans | 4.405 | 4.441 | 4.135 |
| All Wheat Production | 1.872 | 1.877 | 1.826 |
| Winter Wheat | 1.283 | 1.259 | 1.171 |
| South American Production (in million tonnes) | |||
| USDA – May | Avg Est | USDA – April | |
| Brazil Corn | 102.0 | 103.1 | 109.0 |
| Brazil Soybeans | 136.0 | 136.1 | 136.0 |
| Argentina Corn | 47.0 | 46.9 | 47.0 |
| Argentina Soybeans | 47.0 | 46.9 | 47.5 |
