USDA Supply Demand Report Friday at 11:00 AM

Friday morning at 11:00 am the USDA will release the May Supply Demand Report. There will be three sets of numbers of special interest. The projected carryover for the 2013-14 crop and this will be the first estimate for the 2014-15 crop. Also of interest will be how many beans we will import from South America this year. In last months report the USDA was already estimating we would import over 65 million bushels of beans before this fall. That will keep out soybean stocks at "pipeline levels of around 135 million bushels. The corn carryover number will likely be around 1.3 billion bushel. It was just 3 or 4 months ago the bears were calling for corn carryover over 2.2 billion bushel. As far as new crop, most traders are expecting pretty bearish numbers with next years carryover for beans increasing to 300 million bushels and corn at 1.6 billion bushels. The USDA report tomorrow has kept the grain trading more subdued today. Beans are higher today after being lower the last couple days and corn is not far from unchanged. It looks like a little position squaring before the report.