Soybeans were lower on profit taking and spillover from the outside markets with the dollar higher and Dow and crude oil down sharply. However, USDA did lower domestic ending stocks to 250 million bushels and made larger than expected cuts to South American production estimates. Brazil’s government crop group CONAB sees 2011/12 soybeans at 65.6 million tons, compared to USDA’s new estimate of 66 million. Also, ahead of the open, China bought another 165,000 tons of new crop U.S. soybeans. China’s General Administration of Customs states March soybean imports were up 26% on the month and 38% on the year at 4.83 million tons. From January to March 2012, Beijing has purchased 13.33 million tons of soybeans, up 22% from the same time frame last year. Soybean meal was mixed and oil was up following the USDA numbers.

Corn was lower on profit taking and outside market pressure. USDA didn’t make any changes to the domestic balance sheet but did lower the world figure and Argentina’s production guess. In any event, ending stocks are still well below a year ago and the trade’s watching planting progress very closely. Ethanol futures were lower. Brazil’s CONAB projects Brazil’s corn crop at a record 65.14 million tons, above USDA’s most recent guess of 62 million tons. According to China’s General Administration of Customs, March corn exports were 2,334 tons, up on the month but down on the year, with year to date sales trailing 2011 by 51% at 5,045 tons.

The wheat complex was lower on profit taking, fund selling, and outside market direction. USDA made a larger than anticipated reduction to U.S. ending stocks on expectations for better feed demand. Still, the near term fundamentals for the complex remain bearish. European wheat was lower on profit taking post-USDA reports. Japan issued a tender for 145,123 tons of wheat (60,497 tons U.S. dark northern spring, 30,314 tons Australian standard white, 28,212 tons Canadian western red spring, 16,250 tons U.S. hard red winter, and 9,850 tons U.S. western white) and DTN reports Jordan is in the market for 100,000 tons of wheat, adding Algeria bought “at least” 125,000 tons of optional origin durum while tendering for another 50,000 tons of optional origin milling wheat.