Grains prices were lower overnight along with gold. Crude prices rallied after trading as low as $47 last Thursday.
Moscow and Beijing will sign a large contract on Russian wheat supplied to China and the construction of a new grain terminal in Siberia. The MARS service estimates EU soft wheat yields to be 3.4% below last year’s yield. However, this is still 4.1% above the five-year average.
USDA crop report is expected to shed fresh light on crop conditions this week.
Rain is looking promising to catch nearly half of the midwest this week with Iowa and Ohio looking the most likely to receive this rain. The heat is forecasted to be the most severe west of the corn belt. Missouri, Kansas and Nebraska will be prone to consecutive days in the nineties.
Crude Oil prices rally after Brexit concerns begin to subside. Prices are nearing the $51 highs set early this month..
Gold sunk the most it has in a month, about 1.6 percent. This is the biggest drop report since May 24th.
Feeder cattle hit a three year low following the steady increase of corn prices.
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