US corn futures dropped for a sixth consecutive trading day on Wednesday June 26 while rain continued to fall in growing areas of the Midwest, with market participants positioning before a USDA acreage report to be released on Friday.

Updated forecast by trade association Cocereal pegs 2024 wheat crop slightly higher than previous projections

A report by the USDA forecasts an increase in US ending stocks for 2024/25 to 769 million bushels, alongside a slight decrease in global stockpile estimates.

The Ukrainian Grain Association estimated the 2024/25 crop of oilseeds and grains in Ukraine at 74.6 million tonnes, down by 2% from the initial forecast of 76.1 million tonnes in March.

Morocco and Algeria faced challenges with wheat and barley production due to drought conditions, leading to below-average forecasts

Brazil's agricultural exports soared in the first week of March, which underscores the country's pivotal role in global food supply

The boost to the outlook is due to higher than expected yields and larger planted areas, compared to the drought-affected 2022/23 year

Brazil's customs data revealed that soybean exports for the first two weeks of January 2024 has already surpassed the figure for all of January 2023

The latest Wasde report by the USDA tightened its view of US wheat balances but compensated for the trim with a significant upswing in global supply and stock figures

Export flows of French wheat faced stiff competition through 2023 as resurgent Russian wheat production and aggressive marketing forced traders to look beyond their usual markets