USDA’s February Supply and Demand Report made only slight adjustments to U.S. balance sheets. Corn carryout was pegged at 2.32 billion bushel, down slightly from January and wheat stocks were also down slightly at 1.139 billion bushel. USDA left soybean ending stocks unchanged at 420 million bushel.

World ending stocks were lowered in all three categories. Corn carryout was projected at 217.6 million metric tons which is down 3.4 mmt from January. Soybean stocks were lowered 2.0 mmt to 80.4 mmt and wheat at 248.6 mmt was down 4.7 mmt from last month.

The WASDE projections for South America were unchanged except for Argentina soybean production which was estimated at 55.5 mmt, down 1.5mmt from January.