From the GrainBoard desk
Our reading of grain and oilseed markets. Every figure comes from GrainBoard; every note is reviewed and signed.
Latest
US exporters reported their biggest week of the marketing year after a fall that outran Australia and Argentina, with most of it going to Asian buyers. The sales book is still light, but the USDA's programme is back within reach.
Conab's first 2026/27 balance adds 3.5 Mt to Brazil's corn crop and nearly twice that to domestic use, led by ethanol. Exports have stopped growing with the harvest, and this season's shipments already run well behind plan.
FranceAgriMer has halved the French corn crop and taken the lost grain out of exports, leaving domestic users almost untouched. The EU neighbours who buy most of France's corn will get about a third of last year's tonnage, and the price is already pointing them to imports.
After two months of falling crop ratings, the USDA lifted the US corn yield to 181.2 bushels an acre, against an average trade estimate of 177.7. The crop is now larger than the USDA's first projection in May, and the question has moved to who buys it.
US soybeans are a week behind and Saskatchewan canola two and a half, yet cash markets trade as if the harvest were on time. With bins this full, the delay postpones the selling rather than cancelling it.
