“AgRural reports Brazil’s second crop harvest has reached 79% vs. 88% YA. The Reuters poll shows traders expect U.S. production to slip 66 mil. bu. to 15.934 bil. Old crop stocks are expected to drop by 21 mil. to 1.999 bil. with new crop stocks down 65 mil. to 1.725 bil.,” Soderberg said. “Friday’s CFTC data showed MM’s were net buyers of 13.5k contracts extending their long position to 182k, while index funds were net sellers of 10k contracts. Export inspections at 68.5 mil. bu. above expectations and above the 39 mil. bu. needed per week to reach the USDA export forecast of 3.325 bil. bu. YTD inspections at 3.111 bil. are up 25% from YA vs. the USDA forecast of up 16%.”