Spring wheat, corn, and soybeans all recovered from early weakness to close in the green. Chicago and KC winter wheat contracts closed lower, following world wheat prices after the Russian government announced it would not restrict grain exports for the rest of 2020. This will force Russian farmers and exporters to push grain out of the door, front-loading exports in the first half of the marketing year. Spring wheat is pricing in some risk premium as 30-day dryness expands to about 50% of US and Canadian spring wheat area. Managed futures funds have been carrying a historically large net short position in Minneapolis futures for about a year now. Corn and soybeans rebounded on rumors of Chinese export interest. Funds are building a large net short position in corn but midwest weather remains benign, increasing production prospects.