WASDE Recap May 12, 2020

Sillouette Landus Cooperative Silo Sunrise Landus Cooperative

The major change today was a significant increase in ending stocks for U.S. soybeans this year. The USDA increased from 480 million bushels in the last report to 580 million bushels in this report, with an average trade estimate of around 500 million. Interesting that their first estimate for the ‘20/21 carry out for soybeans at 405 million bushels fell below the average trade estimate of 440 million bushels. 

Worldwide ending stocks for corn and beans both increased for the 2019/2020 crop year

Details below:

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U.S. Ending Stocks  USDA Average
2019/2020 USDA - MAY  Previous Estimate
CORN 2.098 2.092 2.26 Billion Bushels
SOYBEANS 580 480 497 Million Bushels
USDA Average
2020/2021 USDA - MAY  Previous Estimate
CORN 3.32 N/A 3.42 Billion Bushels
SOYBEANS 405 N/A 440 Million Bushels
World Ending Stocks  USDA Average
2019/2020 USDA - MAY  Previous Estimate
CORN 314.7 303.2 306.5 Million Metric Tons 
SOYBEANS 100.3 100.5 99.8 Million Metric Tons 
USDA Average
2020/2021 USDA - MAY  Previous Estimate
CORN 339.6 N/A 317.2 Million Metric Tons 
SOYBEANS 98.4 N/A 104.2 Million Metric Tons 

As of about 11:20, July corn is about unchanged, December corn is down 1. July soybeans are off about 2 and November beans are down 1.