Grain and oilseed markets dropped sharply after the release of the USDA's latest stocks report this morning (Thursday.)
The corn supply estimate as of March 1st was larger than expected, at 5.4 billion bushels, versus the average analyst guess of around 5 billion.
Soybean stocks were pegged at 1 billion bushels, which was also larger than expectations of around 950 million bushels.
Wheat supplies were estimated at 1.23 billion bushels.
The department's first planting intentions report, which was also released this morning, was more bullish.
Soybean acres were projected at 77.1 million, which was below the average pre-report estimate of around 78 million acres.
Corn acreage was in line with expectations at 97.3 million.
The USDA expects hard red spring wheat will be seeded to 12.1 million acres, which was also close to what traders were expecting