The WASDE is out, just quickly looking at wheat, we see the world 20-21 production estimate increased from 773.44mt to 776.78mt. An increase in usage takes care of the increase in production, resulting in a net carry out of 301.19mt, down from 304.22mt. Still a healthy amount but a declining number is always better than an increasing number. S:U still at +38%, too high.
Looking through some of the adjustments we see world ending stocks excluding China actually increased to 150.76mt (149.29LM). US production was left unchanged, a dubious choice, Australian production was increased 3mt to 33mt. There were small increases to both Russian and Indian production. The biggest change was to the demand side from the major importers, increasing just over 5mt. You guessed it, China. If you want to change or blame something on someone or you need a scape goat, China is the go to at the moment.

Further deterioration in the winter wheat condition for Kansas was also considered bullish. Just 36% of the HRW crop there is now rated as Good / Excellent and 27% is rated Poor / Very Poor. With 47% of Kansas with a top soil moisture rating short / very short and a sub soil rating of 48% short / very short there will be plenty of pressure put on spring conditions to pull this crop out of the lower end of production estimates.
Weekly USDA winter wheat crop condition reports will begin as of April 5th. Further south in Oklahoma wheat has just started jointing. The condition rating for wheat there is a little better, with around 52% of the crop rated as Good / Excellent and only 10% < Poor .