Pre-report estimates for the May USDA Supply and Demand report have ending stocks higher than where current commodity prices would indicate. “I don’t know if the trade is looking at that specifically, but I think the numbers coming in at 77 million bushels less than last month for U.S. corn ending stocks and two million bushels less for wheat and soybeans, I think the market is surprised by that,” said Mike Zuzolo, president, Global Commodity Analytics and Consulting. A survey of 20 analytical firms by the Wall Street Journal forecasts old crop ending stocks to be 1.26 billion bushels of corn and 118 million bushels of soybeans. The May WASDE report will be released on Wednesday.
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