In a somewhat surprising move, the U.S. Department of Agriculture left carryout estimates of corn, soybeans and wheat unchanged from last month in the March World Agricultural Supply and Demand Estimates (WASDE) report. 

This kept ending stocks at 1.502 billion bushels for corn, 120 million bushels for soybeans and 836 million bushels for wheat. The only change to balance sheets was a 1 million bushel increase in soybean seed demand, which was offset by a 1 million bushel decrease in residual usage. The average cash...