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 values were also left unchanged at $4.30 on corn, $11.15 on soybeans and $5 on wheat. 

We did see slight changes to the global balance sheets, but surprisingly, they were upward on corn and soybean stocks. 

World corn ending stocks are now estimated at 287.7 million metric tons, compared to 286.5 million metric tons last month. Soybean ending stocks are now projected at 83.7 million metric tons, a slight increase from 83.4 million metric tons in February. The global wheat ending stocks are now forecast at 301.2 million metric tons, down...