Quick Overview

• The Bank of Japan kept the interest rate unchanged at 0.50%.
  

• Nickel prices broke through the $50,000 mark for the first time on Tuesday, leading a surge in base metals prices as traders returned to their desks following the Easter break.
  

• The USDA's 2006-2007 U.S. ending stocks estimate for:
  Corn was increased from 752 to 877 million bushels.
  Soybeans were increased from 595 to 615 million bushels.
  Wheat was reduced from 472 to 422 million bushels.
  Sugar was increased from 1.686 to 1.743 million tons.
  Cotton was increased from 8.80 to 9.20 million bales.
  

• The USDA's 2006-2007 world ending stocks estimate for:
  Corn was increased from 88 to 92 million tons.
  Soybeans were increased from 57 to 61 million tons.
  Wheat was kept at 121 million tons.
  Cotton was increased from 52.4 to 52.6 million bales.
  

• The estimated soybean production in Argentina was increased from 44.0 to 45.5 million tons.
  

• The estimate for Brazil was increased from 57.0 to 58.8 million tons.
  

• Brazil expects the 2007-2008 coffee crop at 37.5 million (60-kg) bags, more than expected.
  
  

• The USDA reduced its estimate of the Florida orange crop from 132 to 131 million boxes, but increased the juice yield from 1.62 to 1.65 gallons a box.