USDA Releases March WASDE Report

The USDA released its March World Agricultural Supply and Demand Report (WASDE) Tuesday morning.

Dan Basse is president of AgResource Company in Chicago.

"The March reports tend to be sleepers," he said. "The USDA left the corn, soybean and wheat stocks unchanged from February...No changes for the U.S. balance sheet."

He touched on the soybean crop outside of the U.S.

"They did raise the Brazilian soybean crop by one [million tons], to a record large 126 million metric tons for soybeans out of Brazil. The Argentinian soybean crop was also raised one [million tons], to 54 million metric tons. This lifted world soybean production to 342 million metric ton and also increased stocks."

Basse says coronavirus was not evident in the report.

He notes the next big report is the stocks and seedings report on March 31.