The May USDA Supply Demand Report the USDA left old crop soybean carryover unchanged and tightened it just a little bit in corn. The numbers were pretty close to what the market expected. In fact most of the report came in pretty much as expected. Maybe one surprise was the USDA cut the Brazil corn crop to about 103 million metric ton. Many private forecasts in Brazil are at 95 or lower million metric ton of corn.

The other sort of surprise (maybe not) was the USDA cut the U.S. corn exports by 300 million bushel and that helped keep all the corn numbers about unchanged. really when you think about it in a nutshell the USDA cut our corn exports and then was able to "punt" until next month when we will know more about Brazil's second corn crop and our corn crop here that was just planted? Click on the link and listen to Gordy discuss the USDA May Supply Demand Report about 15 minutes after it was released.