After experiencing seven consecutive days of decline, CBOT corn and soybeans achieved double-digit gains yesterday due to short fund recovery.

Advance Trading analyst John Payne said that the market is oversold and it is time to make adjustments.

“I think this is a bearish response, although the US announced some sales of corn likely to be sold to Europe, strong weekly corn export data, and rumors about China buying American corn due to the current drought conditions in Southeast Asia, these can all be seen as some bullish factors. China may of course be facing weather problems. I found it difficult to trade based on China's weather news, but if that would drive up the market, I think this is the case,” he said.

Payne said the US is also becoming more competitive in terms of corn because Spain buys corn from Ukraine at a higher price of $225 per metric ton.

However, he is worried that when the July contract enters the delivery period, there will be many sales.

As Brazil announced a 20% tax on many agricultural products, which could be beneficial to the US, soybeans and their products have also risen. “These farmers are on the brink of production costs. So if you raise taxes in Brazil, you'll slow growth,” he said.