The USDA released its April WASDE report Friday morning.

Dan Basse is president of AgResource Company in Chicago.

"As you look at the numbers, pretty tame in terms of what was expected and what occurred. U.S. corn end stocks total was dropped 150 million bushels to 1.35 billion bushels, largely in line with what was expected. U.S. corn exports were increased 75 million bushels, residual and ethanol were adjusted upwards by that same 75 million bushel amount. Looking at the world numbers, Brazil's corn crop was left at 109 million metric tons, that's a record. They also left their soybean crop in Brazil at a record at 136 million metric tons."

Basse gave a rundown of the wheat markets.

"They did increase U.S. wheat end stocks to 852 million bushels, that's up 16. They cut feed residual by 25 and then dropped imports from Canada by 10 million bushels...As you stand back from the report, not a lot of fanfare and the market attention will now squarely by placed on South American weather, by that I'm saying the winter corn crop and then the growing seasons that are to come across much of the northern hemisphere."