CBT Rallies on Strong Midwest Cash Basis; Fresh China Purchase of US New Crop Corn; Drier Central US Weather Forecast; Fall in Parana Corn Crop Ratings

All Members, Midday Commentary

CBT grain/soy futures are sharply higher with old crop corn/soybeans pacing the gain. Traders are certain that the old crop summer row crops have a bullish story on the tightness of nearby cash supply. WASDE is not expected to raise or lower their 2020/21 soybean stocks estimate of 120 Mil Bu – which is viewed…