Mike Pearson takes a look at what the WASDE report released by the USDA had to say about corn and soybeans this past week.

As of March 5, almost 50 percent of the harvest in Brazil was complete and traders were anxious to see how the hot and dry conditions at the beginning of the season impacted the harvest.

Traders were disappointed by the results.

The harvest estimates only dropped 1 million metric ton for soybeans. The harvest in Brazil should conclude with 155 million metric tons.

However, the soybean prices rallied. The report from the USDA showed that China is going to need to more soybeans than in the past. China is expected to import 110 million metric tons.

Also, soybean processors have been able to increase the amount of soybean meal crushed from each bushel domestically and that number will end up being higher.

There were no changes to corn domestically. The corn estimates were around 2.172 million bushels of corn with the price to remain around $4.75 a bushel.

The corn production in Brazil also went unchanged and is expected to produce 124 million metric tons.

The global supply estimates corn, soybeans and wheat decreased in February.

However, the report was friendly for beef and pork which are expected to increase in 2024.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.