The USDA released its May WASDE report Tuesday morning.
Neil Townsend is the Chief Market Analyst with FarmLink Marketing Solutions.
"Some of the numbers that the market was watching were U.S. corn numbers," he said. "They're planting a huge crop and they did deliver a very big crop, almost 16 billion bushels but they were pretty optimistic on the exports and the recovery in the ethanol demand for next year. The ending stocks...are estimated at 3.3 billion bushels."
New-crop wheat ending stocks came in at 909 million bushels while soybeans were at 405 million.
Townsend notes seeding is progressing very well in the U.S.
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