The ag markets were mostly higher heading into the February WASDE on hopes of bullish adjustments to U.S. exports and smaller ending stocks, as well as cuts to South American production prospects. Traders received about half of what they wished for, with USDA indeed cutting the South American outlook but leaving the U.S. commodity balance sheets largely unchanged. That left the markets to selloff and drift lower with funds seeing little reason to chase the rally if the export outlook remains somewhat bearish. Despite the market’s turn lower, WPI continues to see bullish undertones in the corn and wheat balance sheets as world and major exporters’ ending stocks remain historically tight.  WPI readers are likely already famil...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, North America, South America