USDA's April WASDE report showed larger wheat and soybean ending stocks, but smaller ending stocks for corn. More surprising, still, was the lack of changes to South America's crop estimates.
Recent WASDE reports had assumed another record Brazilian soybean crop and Argentina returning to normal, but the El Niño weather pattern might have something to say about that.
A historic drought has severely cut the size of this year's crop in Argentina, especially soybeans. Processors will be forced to import soybeans just to stay in business.
The U.S. will shield a list of allies including Europe, Australia, South Korea, Argentina and Brazil from steel and aluminum tariffs that take effect on Friday, according to U.S. Trade Representative Robert Lighthizer.