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Corn and Soybeans Surge: Was it Technical, China News or Brazil's Proposed Export Tax?

Corn and soybeans see double-digit gains on fund short covering after seven down days. John Payne, Advance Trading, says the markets were oversold and due for a correction.

"I would consider it short covering, although there are some bullish tailwinds as we announced some corn sales this morning, likely to Europe, strong weekly corn exports, and rumors of China buying U.S. corn or beans with dry conditions in Southeast Asia right now.  The Chinese could certainly be having weather problems.  I find it difficult to trade on Chinese weather news, but if that's going to rip the market higher, I think that's the case," he says.

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