Buenos Aires Grain Exchange announced they are expecting to see Argentine soybean production estimates reduced a little after flooding hit northern Buenos Aires late last week. A quick look at WorldAgWeather.com shows falls of 100-125mm in the region over the last 7 days. Rainfall was generally restricted to BA and the central cropping region towards the north. The wheat belt their saw some good falls, but with much lower amounts falling across central Cordoba and hardly any rain falling towards the western edge of the wheat belt. The forecast shows light showers are possible next week, but again generally across the far east of the Argentine cropping regions, east of the Parana R, and across Uruguay.

US corn futures found support from the forecast of a hot, dry June (the forecast is always hotter and drier lately, who predicts this stuff Gretta Thunberg) but found resistance from a weekly export sales number 14% below the 4 week average. At 55.5 million bushels, that’s 1.4 million tonnes, it wasn’t exactly a poor result though. The support in corn was restricted to the nearby contract though. Outer month futures shed a little value, possibly weighing on wheat futures in the process.
The fall in Chicago wheat was a little unexpected though, possibly getting caught up in further technical trade. Weekly US export sales were good, as they should be, US wheat continues to be very cheap into most international markets. With sales at 882,202t it was also a marketing year high for the 2025/26 crop. Asian buyers featured strongly in the consumer list.
US sorghum sales were back a little on the previous week at just 32.8kt, Mexico picking up 30.4kt and Japan and Taiwan picking up the balance. No mention of China on either the sales or loadings report. China continues to see very hot weather across the winter wheat regions, Henan has been 5C to 10C above average, with little rain. The sorghum belt to the north has seen heavy rain, sorghum sowing now usually nearing completion.