March WASDE Report Recap

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The USDA issued its monthly WASDE report today. 

There were no changes to the U.S. ending stocks for corn, soybeans or wheat. 

World ending stocks changed a little: 

CORN is now estimated at 297.34 Million Metric Tons (MMT), vs. 296.84 in February. 

SOYBEANS are now estimated at 102.44 MMT vs. 98.86 previously. 

WHEAT is now estimated at 287.14 MMT vs. 288.03 a month ago. 

They increased soybean crop estimates in both Argentina and Brazil by 1 MMT each, with no changes to the corn production numbers for either country. 

As of Noon, corn is up about 4 cents and beans are up 8 to 9, both very similar to where they were prior to the 11 AM report. 

Next up: March 31st Prospective Planting and Quarterly Stocks reports.