USDA Report Bearish Corn and Wheat, Slightly Bullish for Soybeans on Lower Ending Stocks

USDA’s March Supply and Demand report was mostly bearish, except for U.S. ending stocks on beans.  USDA increased U.S. ending stocks for corn and wheat and increased world carryout for all crops.  Jonah Ford with CeresHedge.com says the U.S. wheat carryout was the most negative pushing above 1 billion bushels for the first time in 22 years.

Ford says U.S. corn ending stocks were also raised, even though USDA lowered corn production slightly after the resurveying of key corn belt states.

Soybean ending stocks were lowered domestically to 190 million bushels, but USDA increased Brazilian soybean production to 67 million metric tons and also raised world ending stocks.