Corn futures continue to drift lower at midday, pulled down by improved weather forecasts which are calling for rainfall.
FAO-AMIS expects global corn production to increase by 3.8% to a record 1.26 billion tons during the 2025/26 season.
The Rosario Grain Exchange reported that Argentina could lose export business to the US if a trade agreement is made between the US, China and Vietnam.
Soybeans remain weaker at midday as weather patterns remain bearish this week.
The US and China are having trade talks in London today. An announcement on those discussions is expected later today or tomorrow.
According to China’s General Administration of Customs website, year-to-date Chinese soybean imports have fallen 0.7% to 37.108 mmt.
Brazil’s 2024/25 soy sales have reached 64% complete, down from 71.8% last year and below the 5-year average of 76.9% sold, according to Safras & Mercado.
All three wheat classes are trading lower at midday, pressured by weather forecasts showing rainfall moving back into the northern Plains.
The UN-FAO has lowered their global wheat stocks estimate by 6.8 mmt, to 310 mmt. If realized, this would be the lowest stockpile in the last 4 years.
SovEcon expects Russia’s wheat exports for the month of June to be down from 1.9 mmt last year to 1.7 mmt this year.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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