USDA released their May WASDE report Tuesday.  This gave us our first look at 2015 balance sheet projections.  Most numbers were within trade expectations.  However, the 2015 soybean crop ending stocks increasing to 500 million bushels probably stands out the most.  This was accomplished using a 46 bu/acre yield on 84.6 million planted acres.

USDA is projecting smaller 2015 crop corn ending stocks at 1.746 billion bushels.  This was calculated using a 166.8 bu/acre yield on 89.2 million planted acres resulting in production of 13.63 billion bushels.  This is almost 600 million bushels below the 2014 record crop of 14.216 billion bushels.

2014 crop adjustments were minor with the corn carryout growing slightly and the soybean carryout shrinking slightly similar to trade expectations.

Read the full report here