USDA Disappoints in its February Report with Limited Export Demand Increase; South American Weather and Crop Size in Focus into March

The USDA statistically plodded in the February WASDE and decided not to make any big changes. This produced a negative reaction in the CBOT as the bulls exit market length and argue against USDA’s slow nature in making upward revisions to US 2020/21 corn and soybean exports. The USDA report did not feed the bulls…