The USDA's World Agricultural Supply and Demand Estimates (WASDE) report for June was generally bullish, with declines in U.S. corn, soybean and wheat end stocks.

That according to Dan Basse, president of Ag Resource Company in Chicago, who says the market has started to recover following a decline due to fear of possible Chinese trade tariffs.

He commented on the current mood surrounding trade.

"We needed the Chinese and the North Korean summit in Singapore and they did come through...Our secretary of state will be heading over there in the next couple of days. We don't have any meetings planned for them, but we think if we're going to march the North Korean issue down the tracks, we'll need the Chinese and that will be helpful," said Basse. "In terms of NAFTA, our president has promised not to blow up the accord. Whether it's bilateral or whether its trilateral is a question we're all thinking about. Hopefully we can still move NAFTA ahead and get some solution. The rhetoric following the G7 meeting wasn't good for either the United States or Canada."

He notes the U.S. growing season has started on a positive note, with corn and soybeans looking generally good.

Basse says July will be a key month for the crops.

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