USDA’s May WASDE numbers were bearish in both old and new crop categories. Old crop ending stocks for corn were projected at 2.95 billion bushel, with new crop at 2.485 billion.

Soybean ending stocks for 18/19 were raised to 995 million bushel up 100 million bushel from April, with new crop carryout was pegged at 970 million.

And wheat ending stocks were raised for the old crop to 1.127 billion bushel, with new crop at 1.141 billion bushel.