USDA’s February Supply and Demand Report was relatively neutral. U.S. ending stocks on corn came in at 1.837 billion bushels, up 35 million bushels from last month. Global ending stocks were virtually unchanged. Brian Basting with Advance Trading says the high carryout was a reflection of slower demand for exports.

Soybean ending stocks were raised 10 million bushels to 450 million bushels and global stocks were raised 1.1 million metric tons. South American production was upped just slightly.

Wheat ending stocks domestically were increased by 25 million bushels to 966 million bushels. However, global stocks were raised nearly 7 million metric tons.

Basting says without any major weather problems he sees the balance sheets staying pretty burdensome through spring.