Due to the drought in the USA, Europe and Russia, world and US corn stocks are smaller than traders expected. US corn stocks are the lowest in 17 years, equaling a 3-week supply. USDA has cut Australia's wheat crop estimate by 12 pct and Russia's by 3 pct.
Corn futures were up 3.6 pct, soy up 2 pct on USDA data.
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