The May USDA Crop Production and WASDE reports, giving us the first glimpse of U.S. wheat production and row-crop balance sheets for the 2024-25 crop year, showed few major surprises in wheat or soybeans. But a reduction in ending stocks for corn in both crop years sent that market to solid gains. All-wheat production was modestly bullish with the production estimate falling 40 million bushels below trade expectations.