Overview
- In mid‑June Chicago soybean July futures dropped to about US$409 per tonne and corn hit roughly eight‑month lows as traders recalibrated supply expectations.
- The USDA and Brazil’s Conab raised South American output estimates while the USDA boosted its global corn stock outlook, reinforcing a bearish supply picture for markets.
- Large speculative funds sharply reduced long positions in soy, corn and wheat, amplifying price moves beyond what fundamentals alone would suggest.
- Argentine producers accelerated soybean sales in May to roughly 4.63 million tonnes but then pulled back in early June after the price collapse, creating a pause in farmer selling.
- Domestic Rosario cash soybean prices have shown localized firmness tied to currency and buyer behavior, which may limit immediate exports and keep local selling decisions disconnected from Chicago levels.