International prices of wheat, maize and soybeans firmed in recent weeks as supply prospects for 2019/20 dampened somewhat. The increase was particularly pronounced for maize where markets received strong support from reduced opening stocks in the US. Wheat prices rose following a downgrading of production prospects in a number of major exporting countries. Soybean prices also firmed significantly, mostly due to a provisional resumption of Chinese purchases of US cargoes that added upward pressure. By contrast, harvest pressure, slow demand and prospects of world supplies remaining ample kept rice prices in check.

• Wheat 2019 production forecast lowered, reflecting smaller harvests in Kazakhstan and deteriorating prospects in Australia and Argentina. 
• Utilization in 2019/20 reduced on expectation of less robust feed use demand for wheat.
• Trade in 2019/20 (July/June) trimmed, largely reflecting smaller purchases in Asia, in particular by Afghanistan.
• Stocks (ending 2020) lifted, primarily on higher build-ups in the EU more than offsetting a drop in the size of Russian Federation inventories.

• Maize 2019 production forecast lowered following a downward revision in Mexico, but global production is still set to reach its second highest level on record. 
• Utilization in 2019/20 remains flat with food use rising but feed demand falling especially in the US. 
• Trade in 2019/20 (July/June) revised slightly up but still pointing to a 1.5 percent contraction from the previous season’s record volume. 
• Stocks (ending in 2020) to decline more significantly than expected earlier, down 1.8 percent m/m, primarily because of a cut in US ending stocks.

• Rice production barely changed, as improved prospects mainly for Bangladesh, India and Viet Nam offset downward adjustments for Indonesia, Japan and Thailand.
• Utilization in 2019/20 trimmed, on lower anticipated non-food uses in the Far East.
• Trade in 2020 raised fractionally, largely due to more buoyant import expectations for the EU.
• Stocks (2019/20 carry-out) upgraded once again and now seen just 1.2 percent below their all-time record. Upward adjustments since last month concerned inventories held by exporters (India in particular), but also stocks held by Bangladesh and the Philippines.

• Soybean 2019/20 production lowered further on reduced crop estimates for the US, India and the Russian Federation, confirming a 5 percent y/y drop from the revised 2018/19 level. 
• Utilization in 2019/20 adjusted downward, mainly reflecting lower than earlier anticipated crushings in Argentina, Brazil, China and India.
• 2019/20 trade forecast virtually unchanged, confirming a modest y/y recovery in Chinese import demand. 
• Stocks (2019/20 carry-outs) scaled down, as further downward adjustments for the US – stemming from both lower carry-in stocks and reduced production – are only partly offset by higher forecasts elsewhere.