Very few changes were made to domestic corn inventories in the February World Supply and Demand Estimates (WASDE) report. Ethanol demand was elevated by 50 million bushels, but an equal decrease was made to exports. This left carryout unchanged at 1.89 billion bushels. 

Soybean ending stocks decreased by 50 million bushels as a 50 million bushel increase in exports was forecast. This will give the U.S. a projected 425 million bushel carryout. 

The USDA is expecting corn to...