USDA’s March World Agriculture Supply and Demand Estimate contained no corn or soybean surprises. 2021/22 U.S. corn ending stocks are estimated at 1.44 billion bushels, down from 1.54 billion in February and in-line with trade estimates. Soybean ending stocks are estimated at 285 million bushels, down from 325 million in February. In the middle of pre-report trade estimates. U.S. wheat ending stocks of 653 million bushels did surprise traders and are 5 million bushels more than February’s estimate of 648 million bushels.
