With the exception of SRW, markets generally closed above overnight levels as short-covering progressed ahead of tomorrow’s USDA March WASDE. There was solid volume pushing corn, soybeans, and soyoil higher, but there was also high volume selling SRW. 

Tomorrow will see the release of USDA’s March WASDE report. The trade generally believes that the agency will slightly lower Brazil’s corn and soybean output, the latter current estimate already obviously too high. 

Solid exports and higher ethanol grind inform the view that USDA will slightly lower U.S. corn carryover, but weak soybean exports mean a potentially higher inventory, while wheat is expected to be left unchanged.

And at the global level, the m...