The U.S. Department of Agriculture released the World Agriculture Supply and Demand Estimate.  The report provides USDA’s comprehensive forecasts of supply and demand for major U.S. and global crops and U.S. livestock.  The publication gathers information from a number of statistical reports published by USDA and other government agencies and provides a framework for additional USDA reports.
Jim Heminger with Top Third Ag Marketing says corn seemed to have the only surprise information in the release. He says trade was expecting around a 90 million bushel decrease in corn carryover but
Audio:  Jim Heminger
Heminger adds the modification of corn carryover may be due to livestock producers reining in on feed grains.
Audio:  Jim Heminger 2
The corn carryover was considered a little negative which caused corn to open lower but the pit turned higher by midmorning Friday.  As for soybeans, Heminger says the report was basically neutral but estimates the higher trade in the bean pit was due to concerns of corn taking over a chunk of soybean acreage this spring.