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Crude oil supplies were down 3.2 million barrels last week to 316.0 million barrels. 600,000 barrels of crude were also added to the Strategic Petroleum Reserve.

The USDA's estimate for 2007 2008 U.S. ending stocks of:

Corn was reduced from 1.438 to 1.283 billion bushels.

Soybeans was increased from 140 to 160 million bushels.

Wheat remained at 242 million bushels.

Sugar was reduced from 1.978 to 1.950 million tons.

Cotton was increased from 9.40 to 9.70 million bales.

The USDA's estimate for 2007 2008 world ending stocks of:

Corn was reduced from 104 to 103 million tons.

Soybeans was increased from 47.4 to 49.3 million tons.

Wheat was increased from 110.4 to 112.5 million tons.

Cotton was increased from 59.2 to 59.6 million bales.

July corn closed up 13.75 cents at a new contract high of $6.18, supported by today's report and ongoing concerns about a small planting this spring.

July soybeans closed up 61.25 cents at $13.30 with talk that Argentine farmers may go back on strike again. Farmers have been protesting the government's increase in export taxes.

May cotton closed up 1.91 cents at 73.85 with high expectations that cotton acres will be lost to corn and soybeans this spring.