Market Report: It Could Have Been Worse

Corn closed today about a penny lower. The March USDA Supply Demand report was a bit friendly for corn. Projected carryover for the United States was cut slightly from 1.822 billion bushels to 1.777 billion bushels. World carryover was more friendly as it dropped from 189.64 MMT to 185.28MMT. A 4 MMT drop in corn carryover in the world is a pretty big drop, but still corn could not get any traction. One of the reasons was the dollar index was quite a bit higher. It probably did not help that the stock market was down more than 300 points.

It was another tough day for soybeans, closing 8-9 cents lower. The USDA Supply Demand Report left the carryover in the United States unchanged at 385 million bushels. Traders expected a drop of about 20 million bushels that we didn't get. The carryover here is the largest in eight years. World carryover increased slightly to 89.53 MMT from 89.3MMT. With a record harvest moving along in South America, there is just a lot of negative sentiment that is hard to overcome.