The World Trade Organization today sided with the U.S. in its complaint that China has not lived up to pledges it made nearly twenty years ago to buy billions of dollars of wheat, rice and corn through tariff rate quotas.

Traders saw very few if any surprises in USDA’s World Agriculture Supply and Demand Report released Friday and will eye weather as the next potential market mover.

The U.S. on Thursday won a key victory at the World Trade Organization to compel China to stop propping up its wheat and rice farmers by maintaining artificially high prices.

USDA economists expect farmers to increase plantings of corn this spring while reducing their soybean production as the Trump administration's ongoing trade war with China remains unsettled. Record amounts of meat and milk production are projected.

China is technically open to U.S. rice now – the Chinese ban was lifted Friday - but trade can’t begin flowing yet thanks to bureaucratic steps that remain unfinished, according to U.S. industry officials.