Grain markets responded to the monthly USDA report, which provided a mix of data for domestic and global supplies. March Corn futures remained unchanged, settling at 428'6, despite U.S. ending stocks being reported at 2.127 billion bushels—roughly 100 million bushels below analyst estimates. March Soybean futures showed strength, gaining 11'6 to settle at 1122'4 as traders processed a steady domestic ending stocks figure of 350 million bushels. In South America, the USDA estimated Brazilian Corn production at 131 million metric tons, which was 1.58 million below expectations, while Brazilian Soybean production reached 180 million metric tons. Argentine production estimates for both commodities arrived slightly above analyst expectations. Oliver Sloup breaks down the latest supply and demand figures and their impact on price action.