Refinitiv Commodities Research revised downwards its US 2023-24 corn production forecast by a further 11.0Mt, to 364.0Mt (387.7Mt USDA), noting that despite recent and anticipated rains across the Corn Belt, crop conditions have worsened markedly. Its 2023-24 soybean production forecast was cut by 4.0Mt, to 115.0Mt (122.7Mt USDA). It reflects a recent deterioration of crop conditions in core growing areas of the Midwest.  

According to the IGC’s June Grain Market Report 2023-24 world canola production expectations have been scaled back slightly, to 85.9Mt, reflecting concerns about the impact of hot, dry weather on yields in the EU and Canada. However at this volume, production would only be 1pc below the previous year’s record and almost 10Mt above average. World wheat production is tipped to be larger than average in 2023-24, albeit smaller year on year. World corn output, despite ongoing weather threats, is seen 5pc higher year on year.
 Refinitiv Commodities Research revised its China corn production forecast down by 0.3Mt to 278.2Mt (277.2Mt previous year) reflecting moisture deficits in some areas of northern China.
 In Argentina dry conditions continued to impact winter crop sowing with the Buenos Aires Grains Exchange cutting wheat area planted by another 0.1 million hectares (Mha) to 6Mha.
 US weekly export sales were below expectations again. Wheat 2023-24 sales were 155kt (225kt expected), corn 2022-23 sales were 140kt (200kt expected) and soybean 2022-23 sales were 227kt, down 50pc from the previous week and 28pc from the prior 4-week average.

European Commission import data show that for the week ending 25 June, soybean imports were 12.8Mt (-11pc on previous year), soymeal 15.3Mt (-5pc), canola 7.3Mt (+34pc), sunflowerseed 2.2Mt (+116pc), and palm oil 3.9Mt (-19pc).
At a recent 55,000t feed wheat tender into Thailand importers reportedly made no purchase  due to high prices. The lowest offer was understood to be US$275 c&f for Sep shipment. 

Australia

Local markets continued quiet, year-end activities taking traders’ and growers’ attention. Current crop and new crop wheat bids were down $8-10/t. Barley followed wheat slightly lower. SA barley nearby track was bid around $270-275/t. Canola remained quiet. Northern feed markets remained supported but with a good rain forecast we may see it ease amid further grower selling in July through the northern region.

Minister for Agriculture Murray Watt in Rome reportedly bluntly told the European Union that, unless the free trade agreement market access offer improved, Australia would not sign.