Tomm Pfitzenmaier, Summit Commodity Brokerage, says the early new crop estimates for the May WASDE are larger than last year which could be potentially bearish.  However, these estimates are in line with the USDA Ag Outlook Forum which could produce a neutral reaction if the report comes close to those projections.  The other key will be whether or not USDA reconciles the South American crop and brings it closer to Conab's estimates as there is currently a big discrepency.  

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