Simple USDA Report Summary
Mar 09, 2012
**Corn: USDA leaves domestic balance sheet totally unchanged from Feb; World carryout down to 124.53mmt vs. 125.35/Feb, analysts expected 123.46mmt; Argentina production left unchanged at 22.0mmt, Brazil production increased to 62.0mmt from 61.0/Feb
-Corn neutral to slightly bearish
**Soybeans: USDA leaves domestic balance sheet totally unchanged from Feb; World carryout down to 57.3mmt from 60.28/Feb, analysts expected 57.76mmt; Argentina production lowered to 46.5mmt from 48.0/Feb; Brazil production lowered to 68.5mmt from 72.0/Feb
-Neutral to slightly friendly
**Wheat: USDA lowering domestic carryout to 825mil/bu from 845/Feb; 25mil/bu increase in exports and 5mil/bu reduction in food usage; World wheat carryout dropping to 209.58mmt from 213.10/Feb, analysts expected 212.6mmt
-Slightly friendly on reductions in both world and domestic carryout, both of which were below analysts expectations
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