Earlier this week, the United States Department of Agriculture (USDA) published its March World Agricultural Supply and Demand Estimates (WASDE) report. Speculative traders holding significant long positions in US grain futures were hoping for a helping hand to support their bullish view but were left disappointed.

It was expected that the USDA would lower its corn production estimates for Argentina and Brazil following dry weather in Argentina and excessive rainfall in Brazil. The wet conditions in Brazil have delayed soybean harvest and consequently delayed planting corn crops at the optimum time. However, the USDA made no changes to these estimates.

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