March WASDE 

The latest USDA WASDE release was largely free from drama. Corn and wheat saw minor adjustments to their supply and demand balance sheets.  Changes in corn assumptions were mostly cosmetic and did not flow into ending stocks.  50 million bushels of corn was removed from food and residual and transferred to ethanol use.  Wheat saw projected imports decline by 10 million bushels, this translated to a 10-million-bushel reduction to…