Reports indicate that over 542,000 tons of old-crop corn were sold last week, which is below forecasts. New-crop sales increased compared to the previous week, reaching the highest level in 4 weeks at over 139,000 tons.

The Buenos Aires Grain Exchange estimates that Argentina’s corn harvest is now 55% complete.

The International Grains Council (IGC) has raised its global corn production forecast by 3 million tons to 281 million tons. Consumption has also increased similarly, so stocks remain unchanged.

The September Corn Contract continues to decrease, with the settlement price on June 27 at 422.5 cents/bushel, down 0.71% from the previous session.

The USDA reported a private export sale of 120,000 tons of new-crop soybeans to an unnamed destination. The soybean export report showed nearly 283,000 tons, lower than market estimates and the lowest in 3 weeks. New-crop orders align with market estimates, but China has not yet placed any orders.

The IGC also raised the global soybean production forecast by 1 million tons, with consumption unchanged, resulting in a 1 million-ton increase in stocks to 79 million tons.

The September Soybean Contract continues to decline, with the settlement price on June 27 at 1,103 cents/bushel, down 0.38% from the previous session.

Reports indicate that over 668,000 tons of U.S. wheat were sold last week, exceeding market estimates.

The EU Commission forecasts the EU’s ending wheat stocks for the 2024/25 season at 13.1 million tons, down from 13.5 million tons last month, mainly due to increased exports.

The IGC has raised its global wheat stock forecast by 1 million tons to 261 million tons, due to a greater reduction in use and trade compared to production declines.

The September Wheat Contract turned higher, with the settlement price on June 27 at 579.5 cents/bushel, up 3.39% from the previous session.