Mike Pearson takes a look at what the WASDE report released by the USDA had to say about corn and soybeans this past week.
As of March 5, almost 50 percent of the harvest in Brazil was complete and traders were anxious to see how the hot and dry conditions at the beginning of the season impacted the harvest.
Traders were disappointed by the results.
The harvest estimates only dropped 1 million metric ton for soybeans. The harvest in Brazil should conclude with 155 million metric tons.
However, the soybean prices rallied. The report from the USDA showed that China is going to need to more…
