The USDA June Acreage Report was a surprise with soybean and corn acres very different from market expectations, with prices reacting accordingly. Soybeans area was 4.1 million acres below what the market expected and corn was 2.3 million acres above. Wheat acreage was close to what was expected. The stocks numbers all came in slightly below expectations .

The Buenos Aires Grain Exchange reported that for the week ending 28 June, Argentina’s maize harvest was 47pc complete (58pc five-year avg), with conditions rated at 49pc fair/excellent (47pc previous week, 74pc previous year). Soybean harvest was largely complete, with production estimated at 21.0Mt (43.3Mt previous year) with average yields at a decade-low of 1.5t/ha (2.8t/ha). 2023-24 wheat planting was 72pc complete (78pc five-year ave.).

The Saskatchewan Crop Report, for the week ending 26 June noted that while some areas received heavy showers, most parts of the province remained dry, aiding rapid crop development. 2023-24 winter wheat condition rated at 64pc good/excellent (69pc fortnight ago), spring wheat at 70pc (81pc), barley at 63pc (82pc) and canola at 66pc (77pc). Provincial topsoil moisture conditions for cropland rated at 54pc surplus/adequate (73pc week ago, 76pc year ago) and 46pc short/very short (28pc, 24pc). The report also noted crop damage over the past week was largely linked to hot, dry weather, grasshoppers, gophers, flooding and hail. 

According to FranceAgriMer, as at 26 June the 2023-24 common wheat crop was rated at 81pc good/excellent (83pc previous week, 64pc previous year), winter barley at 82pc (84pc, 62pc), spring barley at 77pc (78pc, 52pc) and maize at 86pc (85pc, 83pc). 2023-24 common wheat harvest at 1pc complete (5pc previous year), winter barley at 31pc (41pc) and spring barley at 5pc (5pc). Maize planting was at 99pc complete (100pc).

US private exporters reported sales of 132,000 tonnes of soybeans for delivery to China during the 2023-24 marketing year.

Australia

Locally the market steadied heading into the weekend after a wild week in offshore markets. The eve of the USDA Stocks and Acreage reports proved to be enough to steady the ship, for now. Patchy rain throughout NSW was welcomed but more is needed this week to keep crops moving forward.

The forecast is still looking good for Qld with most cropping regions expected to get 15-50mm. The rainfall totals expected in NSW have been pared back a bit with 10-25mm on the forecast which will be good to top up the patchy totals received last week. Vic is expecting another 15-50mm and SA can expect 5-25mm in most regions with heavier totals of 15-50mm in the southeast. WA is looking at 5-15mm in the southern regions but relatively dry elsewhere.