Good Morning,

Markets are starting the day lower with corn down 2 and soybeans down 1. USDA S&D numbers will be released at 11am this morning and estimates are for higher stocks in all three major commodities. (see estimates below) To see what the uphill climb prices face, we not only have to look at US stocks, but world stocks.

USDA 2018-19 ending stocks(billion bushels)
USDA April Average Est. USDA March
Corn 2.035 1.991 1.835
Soybeans .895 .898 .900
Wheat 1.087 1.072 1.055

USDA World ending stocks (Million Metric Ton)
USDA April Average Est. USDA March
Corn 314.01 311.16 308.53
Soybeans 107.36 108.04 107.17
Wheat 275.61 271.00 270.53

Last night’s Crop Progress report showed the US at 2% planted for corn. Leading the way was Texas with 53%, Tennessee with 8% and Missouri, Nebraska and Kentucky all at 2%.

Have a Safe Day!

Garry Gard