The Chinese crop is down 1 million bales from last year, or 2.8%, but that is not very likely to result in increased imports. A U.S. crop failure — while, still a possibility — may not mean what it once did.
Oil supply plunged last week by a whopping 6.3 million barrels last week. That drop was dramatic but we still are ending the month of May with supplies at a 10-year high -- as opposed to the 81-year high last week.
On Friday prices tumbled sharply on nearby contracts particularly Corn as the quarterly stocks report showed more grain in storage than anticipated indicating poor export demand over the last few months.