Drought

Due to the drought in the USA, Europe and Russia, world and US corn stocks are smaller than traders expected. US corn stocks are the lowest in 17 years, equaling a 3-week supply. USDA has cut Australia’s wheat crop estimate by 12 pct and Russia’s by 3 pct.

Corn futures were up 3.6 pct, soy up 2 pct on USDA data.

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