The USDA released its April World Agricultural Supply and Demand Estimates (WASDE) Report on Tuesday.

The big change, according to Dan Basse of Ag Resource Company, was the USDA dropping their estimate of the Argentinean soybean crop to 40 million metric tons.

Argentine corn production also dropped to 33 million metric tons.

Basse notes the USDA did raise their feed residual numbers on wheat, which provided a larger end stock total in the U.S. approaching 1.1 billion bushels.

The USDA lowered U.S. corn feed and residual use by 50 million bushels, which led to an increase in corn ending stocks for an estimate of 2.182 billion bushels.