USDA's April WASDE report showed larger wheat and soybean ending stocks, but smaller ending stocks for corn. The biggest surprise was the lack of changes to South America's crop estimates.

In the past 10 years May corn’s value at the end of April versus the beginning of the month has gone up three years, sideways three years and down four years. That doesn’t mean corn can’t rally, only that it might be difficult based on what we know today.

According to Joe Outlaw, co-director of the Agricultural & Food Policy Center at Texas A&M University, a glimpse of a new farm bill could happen soon, but that's just the first step in a long process. As a result, there’s growing doubt a farm bill will be passed in 2024.