Monday July 6, 2020

  • Less acres than expected last week followed by a hot dry stretch with the potential to affect corn and soy yields continues to rally the market as funds dig themselves out of their short positions
  • Russian consultancy SovEcon reduced their estimates for the Russian wheat crop from 82.7 MMT to 80.9 MMT as early yields from the south come in lower 
  • Rumblings of more Chinese purchases of new crop soybeans and corn also helping to add encouragement to the rally, as well as confirmed corn sales to Mexico