The May USDA WASDE report was released Tuesday and did contain some large ending stocks numbers but not quite as big as some feared.  This report gives us the first official look at the 2020 corn and soybean balance sheets using the Prospective Planting acreage reported in March.

The 2019/20 corn ending stocks were increased slightly to 2.098 billion bushels through a combination of reduced production, reduced ethanol usage, and increased export and feed usage.

The 2020/21 corn balance sheet used the 97.0 million planted acres from March with a yield of 178.5 bpa for estimated production of 15.995 billion bushels.  They estimated usage at 14.8 billion bushels resulting in large ending stocks of 3.318 billion bushels.

2019/20 soybean ending stocks grew by 100 million bushels to 580 million bushels due to reduced exports by a like amount.

The first pass at the 2020/21 soybean balance sheet uses planted acreage of 83.5 million acres and a yield of 49.8 bpa resulting in production of 4.125 billion bushels.  Usage is estimated at 4.315 billion bushels resulting in ending stocks of 405 million bushels.

(click to enlarge)

For the complete May USDA WASDE report, click here

Graphic courtesy of Advance Trading, Inc.

Source:  USDA

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