Grains are mixed after the noon report:

Corn + 1/4 cents/bu (May @ 5.80) ß Corn was initially up 15 cents after the report… talk about volatile

Soybeans -12 1/4 cents/bu (May @ 14.03)

Chi Wheat + 6 3/4 cents/bu (May @ 6.35 1/2)

Cdn $ +0.00180 (79.765 cents)

WTI Crude Oil -0.24/barrel (59.36)

And the USDA report results are in! Overall, the report was bullish for corn and wheat, and slightly bearish for soybeans. World and U.S. corn carryout was lower than expectations, while U.S. soybeans were a fraction higher, and the world soybean carryout was significantly higher. U.S. wheat was a touch above estimates, while world wheat was significantly below estimates. The USDA increased Brazil’s soybean production up 2 million tonnes to 136 million, but left the corn untouched. Argentina’s soybean production was production was untouched, while their corn production was decreased by 0.5 million mt.

U.S. corn carryout was decreased due to increases in ethanol production, exports, and feed use. U.S. soybean carryout was higher due to lower crush numbers, while U.S. wheat was higher due to feed use being decreased.

I saw an interesting observation on Twitter today that noted that the increased soybean carryout reflects that we are not short on soybean supply, but rather, the supply is just not where we need it (All the beans are in Brazil, not U.S) Just some food for thought.

The rest of the month will be focused on weather, weather, weather. As we move into the growing season, weather becomes significantly important in yields, and by extension the projected carryout’s for 2021/22.