The USDA will release its May crop report tomorrow morning.

This table shows US ending stocks and what the trade is expecting for tomorrow’s report.

Th trade expects corn stocks to come in at 300.7, that’s down just fractionally from last month.

Bean stocks at 88.4, down 1.6mmt from last month.

Wheat stocks at 281.5 would be unchanged from a month ago.

Keep in mind that Russia’s war on Ukraine has not altered global production but it has certainly restricted the availability of stocks out of Ukraine.

The current crop year 2021-2022 began last summer on September 1^st and goes through October 31^st this year.

The trade is expecting corn stocks to come in at 1.4 billion bushels that would be down 40 million bushels from last month and above the year ago ending stocks at 1235.

The trade is expecting soybeans stocks to come in at 254 million bushels, that would be down 31 million bushels from last month and down just slightly from the year ago level of 257.

Wheat stocks ae expected to come in at 654 million bushels, virtually unchanged from the March report but down almost 200m million bushels from the year ago level.

We may not be at a point where we are running out of grains stocks based on these estimates but keep in mind that large exports and strong demand could continue to pull stocks lower in the May/June report.