USDA Report out this morning with minimal differences to what was expected. The one bright spot for corn would be that carryout was unchanged from last months 1.79 billion bu. Many traders thought and still think that number will approach 2.0 billion before Sept 1, 2009 rolls around. United States soybean carryout was down slightly to 210 million from last month's 225 with increased exports trumping decreased crush numbers. South America reports came in as expected with Argentina corn and soybean production hit much worse than Brazil. In the end, world corn stocks were virtually unchanged and soybeans were only down slightly as the decrease in demand has absorbed the lower South American production estimates. River basis a touch better today as warmer temps and lower board has created more empty barges and better navigation times. Crude up $2.00 in the a.m. to $41.80 only to fade and end down $1.50 for the day at 38.00. Dow Jones down 388 points to 7882 to add fuel to the already disappointing commodity markets today. On a bright spot, the temperatures today remind us that Spring is just around the corner and a new growing season awaits.
Scott Meyer
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