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Corn Edged Up Slightly Overnight after Yesterday's Slide

In weather, parts of the Corn Belt are expecting rain today

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Corn edged up slightly overnight after it fell nearly 6 percent yesterday, the biggest 1 day slide in three years. July corn contracts were down 1 percent, the lowest they have been since May 24th. Both wheat and soybeans made a slight advances overnight.

In the weather, parts of the corn belt should be expecting rain today with temperatures still in the nineties. Extended forecasts and looking at rain and cooler temperatures throughout the week. Global La Niña conditions will continue into mid-July, continuing to elevate the risk of hot and dry weather across many crop production regions of the Northern Hemisphere

Chemical and seed companies DuPont and Bayer have launched a $15 million dollar accelerator fund. $6 million has been initially committed but the companies receiving the money were not identified.

Wheat firmed on concerns over possible quality damage to the Black Sea region crop. Extensive rains are threatening the Russia and Ukraine area with crop damage. Rain has reduced protein levels in Russian wheat and raised concerns over both disease in Ukraine Wheat

In exports, 132,000 tonnes of U.S. soybeans were sold to China. News states that there will be further soybean exports to ChIna because of strong demands.

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