Review of Agricultural Commodity Prices - Jun 2024

Review of Agriculture Commodity Prices – June 2024
 

Corn

The price of corn fell 8.33% in June and is down 26% from June 30, 2023.

Highlights in the corn market in June

• The International Grains Council (IGC) raised its forecast for 2024/25 global corn production to 1.223 billion tons, up 3 million metric tons.[1]
• China reports that droughts is impacting the sowing and growth of new crops.[2]
• Ukraine reports that grain production to remain unprofitable in 2024.[3]
• Mexico says drought to impact the corn harvest.[4]

Soybeans

The price of soybeans fell 4.28% in June an dis down 23% from June 30, 2023.

Highlights in the soybean market in June;

• The U.S. soy crush rebounded in May from a sevenmonth low the prior month and topped most trade estimates as processors churned through more beans than any previous May on record – in total they crushed 183.625 million bushels of soybeans in May, up 8.4% from April crush of 169.438 million bushels.[5]
• China May imports of soybeans dopped 15 percent from May of last year but are up from April of this year.[6]

Wheat

The price of wheat fell 17.16% in June and is down 6% from Jun 30, 2023.

Highlights in the wheat market in June;

• The European Commission raised its forecast for the European Union's main wheat crop this year and lifted its forecasts of EU wheat exports both in the current and next season to 121.9 million metric tons up from 120.2 million metric tons.[7]
• The Rosario grains exchange said that the upcoming wheat harvest could be a record.[8]
• Australia raises wheat harvest estimates. [9]