(WASHINGTON D.C.)– On Friday, USDA released the May WASDE report that could be construed as bearish for soybeans and neutral for corn and wheat.
On the report, USDA predicts a U.S. corn crop at 14.86 billion bushels and a U.S. soybean crop at 4.45 billion bushels. Corn yield estimates came in at 181 bushels per acre and soybean estimates at 52 bushels per acre. Winter wheat production in the U.S. was some 30 million bushels below trade expectations, coming in at 1.858 billion bushels on the May report.
Corn and wheat ending stocks came in below trade expectations while soybeans were moderately higher. 2024-2025 U.S. corn ending stocks were at 2.102 billion bushels, wheat at 766 million bushels and soybeans at 445 million bushels.
Other notes include that U.S. old crop corn exports and ethanol usage were both raised 50 million bushels. New crop soybean crush was up 125 million bushels on the report.
For South America, both Argentina and Brazilian corn production was down 2 million metric tons to 53 mmt for Argentina and 122 mmt for Brazil. Argentina soybean production was left unchanged while Brazil’s soybean production was down 1 mmt to 154 mmt.
View the WASDE from USDA here:
Hear Midday Commentary and WASDE analysis with Arlan Suderman from StoneX:
