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...