CORN

• 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

• 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.

WHEAT

• 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.

Author

Tanner Wilson