In Rural America where some farmers have already started Spring planting, more than a few were studying the USDA's Supply- Demand report to discern market direction.
USDA raised corn ending stocks by 25-million bushels from last month, thanks to an equivalent drop in feed usage. And though stocks are 130-million bushels below last year, the projected 2002 harvest of 10-billion bushels hangs over the corn market.
The soybean carryout remains the same as last month at 265-million bushels. A slight decrease in supply was offset by an equivalent drop in usage.
Wheat ending stocks were increased by 32-million bushels, again thanks to a drop in feed usage.
And the cotton carryout was reduced to 8.3 million bales due to greater domestic mill use and increased exports.