The most active-wheat contract on the Chicago Board of Trade is down about 3% this week, the biggest weekly slump since early September. An easing of global supply worries put an end to the recent surge in wheat prices that was being driven by potential new export restrictions from Russia and the risk of rain damage to the Australian crop. However, signs of stabilizing US crop and Australia’s record forecast estimate for 2021/22 at 34.4 MMT calmed the markets which is now poised to fall even further according to market participants.

Soybean contracts are down 0.2% this week as China’s imports from the US in 2021/22 are expected to fall sharply from last season after loading delays following Hurricane Ida. Analysts indicate that total imports of US soybeans for the marketing year that started on Sept. 1 may drop by as much as 20% to less than 30 MMT, when farmers have just gathered their second largest soybean crop in history – typically exporting 45-50% of the output.

Argentine farmers are set to plant an estimated 7.3 mill. hectares of corn in the 2021/22 season. The Buenos Aires grains exchange hiked its estimate from a previous forecast of 7.1 mill. hectares. Corn prices have fallen by 2% w/w.