The long-awaited May supply and demand report was released last week with mostly as expected crop numbers for the United States. 

On the domestic side, ending stocks for old-crop corn was unchanged at 2.09 billion bushels. Soybean ending stocks for the 2019-20 marketing year jumped 100 million bushels to 580 million bushels due to an expected drop in exports. Wheat ending stocks for the old-crop year increased a minimal 8 million bushels to 978 million bushels. 

The initial balance sheet projections for the 2020-21 marketing year were also released with few surprises. Average corn yield this year is pegged at 178.5 bushels per acre, a 10.5 bushel per acre increase from last year. 

This is expected to give us a crop size of 15.99 billion bushels and ending stocks of 3.31 billion bushels. The average soybean yield is estimated at 49.8 bushels per acre for a 4.125 billion bushel crop. However, new-crop ending stocks on soybeans are projected at 408 million bushels as exports next year will increase,...