Such changes as were made in yesterday’s April WASDE were uniformly bearish – lower use, larger stocks, bigger South American production, more competition for U.S. grain and soy exports, etc. However, the report contained little that was not expected. Grain and soy markets hardly reacted to the new USDA estimates because they had largely been priced in already. Today’s market action was equally placid. KC wheat, Chicago wheat and soybean futures all traded ranges of about 6 cents today. The best Chicago May corn could manage was a 2.5 cent daily trading range. The April WASDE put numbers around a trend, which has been developing during the last few months, toward a regrowth of U.S. and world stocks that may well be acerba...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, Biofuels, Equities, Energy