The April USDA Supply and Demand and WASDE Report showed only slight changes in domestic ending stocks, but there was an increase in South American and world stocks. Brazil soybean production was raised to 111 million metric tons and Argentina was also increased to 56 mmt. Randy Martinson with Martinson Ag of Fargo says this bumped up the world stocks by 4.6 mmt.

U.S. ending stocks for soybeans were raised slightly to 445 million bushels. Martinson says the biggest surprise was USDA left exports unchanged.

Domestic corn stocks were left unchanged at 2.32 billion bushels, with supply left unchanged and only some minor changes in usage.

The bigger changes came in South American production with an increase in Brazilian corn output to 93.5 mmt and Argentina was raised to 38.5 mmt. That raised world stocks to 223 mmt up 2.3 mmt from last month.

Wheat ending stocks were raised slightly to 1.159 billion bushels, which Martinson viewed as slightly bearish.

World stocks were increased from 250 mmt last month to 252.3 mmt this month.