Thursday May 12, 2022

• Markets mixed coming out of the overnights as we approach the May USDA report out at noon today
• The report has eclipsed any other market news this morning and likely will continue to be the story of the day – maybe even the rest of the week but it wont be long until the numbers released are digested into the market and the focus turns back to the U.S. planting campaign 
• USDA estimates
  • Expecting overall decrease in 2021/22 carryout compared to last month
  • Expecting a tighter than comfortable initial 2022/23 carryout projection for corn – the tightest since 2011 predicted
  • Still watching for decreases in South American productions 
• Weekly U.S. export numbers were also released this morning all coming in either below or on the disappointing end of expectations