The U.S. Department of Agriculture (USDA) left its 2021-2022 corn carryout unchanged in the May World Agriculture Supply and Demand Estimates (WASDE) report at 1.44 billion bushels. The 2022-23 initial national average corn yield was published at 177 bushel per acre, just under the average trade guess and 4 bushels below the USDA's estimate at the Agricultural Outlook Forum in February.

Total production was estimated at 14.46 billion bushels. Ending stocks for 2022-23 are estimated at 1.36 billion bushels, which was just above the average trade estimate. The average cash corn value for 2023 is estimated at $6.75 per bushel.

Soybean balance sheets were updated with a 25 million bushel reduction to the 2021-2022 carryout due to high exports, putting ending stocks at 235 million bushels. This was just over the average trade estimate. This year’s U.S. soybean yield was ...