In the Grain Stocks report, corn and soybean stocks were both estimated to be up 10 and 7 percent from 2015, respectively.
Also released today were the Winter Wheat and Canola Seedings and Grain Stocks reports. The Winter Wheat Seedings report is the first indicator of this year's winter wheat acreage.
The Grain Stocks Report
from the USDA's National Agricultural Statistics Service was overshadowed when it was released on March 31, the same day that the highly anticipated report on how much acreage farmers are expecting to devote to each crop was released.
December corn continues to chop sideways ahead of this week's grain stocks report
and is now more than $1.00 off its contract highs from early August.
The nine market-sensitive reports that are drawing the greatest attention from USDA officials are the monthly crop production report, world agricultural supply and demand estimates report, and cattle on feed report; the quarterly hogs and pigs report and grain stocks report
; the semi-annual cattle report; and the annual acreage report, prospective plantings report, and small grain summary report.
The soybean market continued its trend lower on heavy fund liquidation ahead of this Friday's Grain Stocks report
. Reports of better than expected soybean yields continue to weigh on prices and negative outside market influences have added to the downside momentum.
On the agriculture front, key reports ahead that will be monitored closely by Washington officials will be the planting intentions and grain stocks reports
(to be issued March 31), as well as growing conditions both in the United States and the world for the crop year ahead.