*Note: Amanda is out of the office today and will return Monday, May 15*

May WASDE Report

The May World Agriculture Supply and Demand Estimates (WASDE) released by the USDA failed to move the needle appreciably on most commodity prices. Corn and soybean planting estimates matched the planting surveys done back in March. 

Soybean acreage of 87.5 million acres is largely unchanged from last season.  Record high soybean plantings are expected to be seen in Illinois, Nebraska, New York, Ohio, and Wisconsin, according to the National Agricultural Statistics Service (NASS).

Corn acreage of 92 million is four percent above 88.6 million acres planted for the 2022/23 crop season. The largest increase is expected in North Dakota, where producers intend to plant 800,000 more acres than in 2022, according to NASS. Also of note is the planted area of corn in Arizona and Idaho, which will be the largest on record if planting…