Your Pro Farmer newsletter (March 15) is now available

USDA made modest changes to its U.S. ending stocks forecasts despite including a note that said current trade policies in place at the time of the WASDE Report were factored into the balance sheets. In fact, USDA kept ending stocks for both corn and soybeans unchanged for a second straight month. It raised wheat ending stocks and kept cotton carryover unchanged. There were many changes to the global wheat balance sheets, including forecasts for production, exports and imports for key countries. Much of the market attention remains on the ever-changing trade policies under President Trump. China, Canada and the European Union have taken aggressive actions with retaliation, while Mexico has taken a wait-and-see approach. As the U.S. growing season draws closer, there will be more focus on weather. The latest government forecast continues to call for ENSO-neutral conditions through the U.S. growing season. We cover all of these items and much more in this week’s newsletter, which you can download here.