The supply/demand estimates contained in USDA’s March WASDE released this week might have set a record for the fewest changes from the preceding month if such records were kept. This is to say that the March 2020 WASDE offered virtually nothing fundamentally new on which the grain and soy markets might trade. Of course, with the overhanging impact of the coronavirus and its economic impact plus the Saudi/Russian price war in the world crude oil market these days, grain and soy market fundamentals have taken a backseat to the volatility of each day’s macro influences. Yet, it is worthwhile, we think, to step back and take a look at the fundamental “big picture” that sooner or later will direct grain and soy market pr...