March WASDE was pretty ho hum but overall supportive

USDA March WASDE did not give us any surprises. They cut exports for Russian and Ukraine and bumped the world wheat carryouts. They trimmed the US balance sheets for corn and soybeans raising exports for both. Overall we look at the report as supportive. The Black Sea disrupts will ripple thru the export market for at least rest of the year. Conab cut Brazil’s soybean production 2.7 MMT to 122.8 and left their corn number unchanged at 112.3 MMT. Weekly exports were huge for corn and soybeans totaling 2.166 MMT for corn and 3.099 MMT for soybeans. Corn and soybean fundamentals remain favorable but how much is priced in. We don’t know if there is a lot of upside left in the old crop but right now pullbacks should be muted. New crop has room to run in both corn and soybeans as we move towards acre intentions at the end of the month. NFC Grain Comments 3.10.22 (1)