5/12/2026

Today was USDA report day.  Old crop corn carryout was pegged at 2.142 billion vs the average trade guess of 2.131 billion.  That is a 15 million bushel increase from the April report.  New crop 26/27 corn carryout was guessed at 1.957 billion vs an average trade guess of 1.933 billion.  The World old crop corn carryout was put at 296.95 million tonnes, vs an average trade guess of 296.33.  So overall, I would say corn was neutral and still managed to finish the day up 4 cents.  On the bean side of things old crop bean carryout was pegged at 340 million bushels vs the average guess of 345 million.  New crop 26/27 bean carryout was guessed at 310 million bushels, vs the average guess of 364 million.  The World old crop bean carryout was pegged at 125.13 million tonnes just slightly below the average guess of 125.31.  So overall, beans were slightly positive on the report and finished the day up 13 cents.  All the chatter is now shifting to the Xi and Trump meeting on Thursday.  That will likely dictate our direction from here.