May WASDE 2025
May 12, 2025
5-12-25
May WASDE 2025
Corn
Old crop carry-in came in at 1.415 bil bu, lower than the average trade guess by 28 mil bu. New crop carryout for the 25/26 MY was pegged at 1.8 bil bu. Brazilian corn production raised 4 mmt, no changes to Argentine production.
Soybeans
24/25 MY carryout pegged at 350 mln bu, lower than the April WASDE by 25 mil bu. 25/26 MY carryout came in at 295 mil bu. No changes to South American production.
Wheat
24/25 MY All wheat carryout down slightly to 841 mil bu. The 25/26 MY All wheat carryout came in at 923 mil bu, larger than the average trade guess by 60 mil bu. World wheat carryout for the 25/26 MY up 4.5 mmt as well.
Bottom Line
The wheat balance sheet looks ugly both here and abroad. We need demand to show up in a big way. The carryout projections for the 25/26 Marketing Year on corn and soybeans both tighter than expected. Adverse weather could lead to some exciting price action in the coming months.
May WASDE 2025
Corn
Old crop carry-in came in at 1.415 bil bu, lower than the average trade guess by 28 mil bu. New crop carryout for the 25/26 MY was pegged at 1.8 bil bu. Brazilian corn production raised 4 mmt, no changes to Argentine production.
Soybeans
24/25 MY carryout pegged at 350 mln bu, lower than the April WASDE by 25 mil bu. 25/26 MY carryout came in at 295 mil bu. No changes to South American production.
Wheat
24/25 MY All wheat carryout down slightly to 841 mil bu. The 25/26 MY All wheat carryout came in at 923 mil bu, larger than the average trade guess by 60 mil bu. World wheat carryout for the 25/26 MY up 4.5 mmt as well.
Bottom Line
The wheat balance sheet looks ugly both here and abroad. We need demand to show up in a big way. The carryout projections for the 25/26 Marketing Year on corn and soybeans both tighter than expected. Adverse weather could lead to some exciting price action in the coming months.