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The crop report released today was widely anticipated for its inclusion of initial U.S. new-crop estimates as well as for its updated look at the South American production numbers. The outcome was decidedly more bullish for corn and wheat than it was for soybeans. For corn, the 2025 U.S. ending stocks estimate came in well below the average trade guess while the production estimates for Brazil also fell further than most had anticipated. It was the opposite for soybeans, with U.S. carryout rising by more than expected while numbers for South America were not lowered by as much as was thought to be necessary.   There were not many major surprises to come out of the U.S. supply and demand estimates. Sticking with convention, the USDA started by plugging in the trend yield estimates already published in February along with the acreage estimates from the March Prospective Plantings survey. Relative to the February Outlook Forum Estimates, the USDA turned a bit more optimistic about both corn exports and ethanol usage. What helped pad the soybean ending stocks for next year was that the government analysts were down 50 million bushels of soybean exports compared to what they previously predicted, which…

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