USDA May S&D Numbers 5/12/25

The numbers were:

• Friendly to Bullish Corn

• Friendly Soybeans

• Negative U.S. Wheat 

40 Minutes After the Report:

• July Corn +4

• Dec corn +3

• July beans +19

• Nov beans +20

• July CBOT wheat unchanged

• July KC wheat +1

• Sept Spring wheat -1

Here are the most important numbers:

Old crop corn carryover: 1,415 mil bu vs 1,444 expected

New crop corn carryover: 1,800 mil bu vs 2,044 expected

Old crop bean carryover: 350 mil bu. vs 370 expected

New crop bean carryover: 295 mil bu vs 351 expected

Old crop wheat carryover: 841 mil bu vs 845 expected

New crop wheat carryover: 923 mil bu vs 848 expected

World new crop corn carryover: 277.84 mil. mts. vs 296.0 expected

World new crop soybean carryover: 124.33 mil. mts. vs 125.3 expected

World new crop wheat carryover: 265.73 mil. mts vs 259.9 expected

Nothing in this report changes our marketing recommendations.