USDA’s March World Agricultural Supply and Demand Estimates report delivered few surprises for the grain markets, leaving traders with little new fundamental information to trade. “No changes at all to the corn balance sheet,” said Joe Camp, market analyst, Comstock Investments. “We had soybean ending stocks unchanged. That was an offset of five million bushels coming up on the imports, but also usage for processing coming up by that amount.” With little movement in the domestic numbers, Camp says the market’s focus quickly shifts to outside influences. “Instead, that’ll wait for the big reports at the end of the month that include the prospective planting survey.”
